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Wall Street's M&A Chatter from May 31: Tesaro, Gener8 Maritime, Pinnacle Foods

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The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday May 31, 2017:

Tesaro Said to be Exploring Sale

The Rumor:
Tesaro Inc. (NASDAQ: TSRO) is said to be exploring a sale, according to sources as reported by the Wall Street Journal on Wednesday. The developer of cancer treatments is said to have asked for initial bids last week, the sources said, though interest has said to be "lukewarm."
matter, two months after the cancer-treatment developer won a key drug
approval.

Tesaro received FDA approval in March Of ZEJULA for women with recurrent ovarian cancer

Tesaro closed at $149.31 on Wednesday, up $5.88. Shares traded as high as $168.92 following the report.

Frontline in Talks to Acquire Gener8 Maritime

The Rumor:
Frontline Ltd (NYSE: FRO) is said to be in talks to acquire or merge with Gener8 Maritime Inc. (NYSE: GNRT), according to sources as reported by the Wall Street Journal on Wednesday. A deal would create the world's largest tanker fleet.

DHT (NYSE: DHT) rejected Frontline's $765 million offer earlier this month.

Gener8 Maritime closed at $5.30 on Wednesday, up $0.39.

Extreme Networks Wins Bid for Avaya's Networking Unit for ~$100M

The Winnign Bid:
Extreme Networks, Inc. (NASDAQ: EXTR) announced Wednesday, that it is the winning bidder to acquire Avaya's networking business for approximately $100 million, in accordance with the terms and conditions of the asset purchase agreement entered into March 7, 2017. The deal is expected to close on or shortly after July 1, 2017, subject to regulatory approvals.

Extreme Networks closed at $9.63 on Wednesday, up $.08.

Conagra Approaches Pinnacle Foods Regarding Acquisition

The Rumor:
Conagra Brands Inc (NYSE: CAG) is said to have made an approach to Pinnacle Foods Inc (NYSE: PF) regarding a potential acquisition, according to sources as reported by Reuters on Wednesday. The overture took place in the last few weeks, the sources said.

Conagra declined comment om the rumor, while Pinnacle Foods, did not immediately respond to a request for comment, according to Reuters.

Pinnacle Foods closed at $62.31 on Wednesday and traded as high as $67.77 after-hours.

Posted-In: News Rumors M&A Movers

 

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