Market Overview

Wall Street's M&A Chatter From May 18: B. Riley-Wunderlich, Lowe's-Maintenance Supply, Energy Transfer-PennTex Midstream Partners


The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday, May 18, 2017.

Energy Transfer Partners Makes Tender Offer To Purchase PennTex Midstream Partners for $20/Unit Cash

The Tender Offer:

Energy Transfer Partners LP (NYSE: ETP) announced a tender offer to purchase all of the outstanding common units representing limited partner interests in PennTex Midstream Partners, LP (NASDAQ: PTXP) not currently owned by ETP for $20.00 per common unit in cash. ETP currently owns approximately 32.4 percent of the outstanding PennTex common units. The tender offer will expire on June 19, 2017, unless the offer is extended in accordance with its terms.

There can be no assurance that the tender offer will be completed. The tender offer is subject ETP and its affiliates owning more than 80% of the outstanding PennTex common units following completion of the tender offer.

PennTex Midstream Partners closed at $16.65, and traded at $19.87 after-hours.

Lowe's to Acquire Maintenance Supply Headquarters for $512M

The Deal:

Lowe's Companies, Inc. (NYSE: LOW) announced it has agreed to acquire the distributor of MRO products to the multifamily housing industry, Maintenance Supply Headquarters, for $512 million. The acquisition is expected to be completed in Lowe's FY Q2, subject to regulatory approval.

Lowe's closed at $84.05, up $0.30.

B. Riley Financial to Acquire Wunderlich Securities for $67M

The Deal:

B. Riley Financial Inc (NASDAQ: RILY) has signed a definitive agreement to acquire Wunderlich Securities in a cash and stock deal valued at $67 million. The purchase price consists of $36 million in cash, 1.9 million shares of B. Riley Financial common stock, and warrants to purchase 0.82 million shares of B. Riley common stock.

The transaction is expected to close in June 2017.

B. Riley closed at $14.05, up $0.35.

Posted-In: News M&A


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