Market Overview

Wall Street's M&A Chatter From July 12: Garmin, Qorvo, ABM Industries-GCA Services, China Commercial Credit-Sorghum


The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday, July 12, 2017.

ABM Industries to Acquire GCA Services Group for $1.25B in Cash, Stock

The Deal:

ABM Industries, Inc. (NYSE: ABM) has entered into a definitive agreement to acquire provider of facility services in the education and commercial industries, GCA Services Group for approximately $1.25 billion in cash and stock. Under the terms of the agreement, ABM will acquire GCA for $851 million in cash and $399 million in shares of ABM common stock subject to customary adjustments for working capital and net debt.

The transaction is expected to close by September 2017.

ABM Industries closed at $41.88, up $1.19.

China Commercial Credit Enters into Non-Binding LoI to Acquire Sorghum Investment Holdings

The LOI:

China Commercial Credit Inc (NASDAQ: CCCR) ahas entered into a non-binding Letter of Intent with the parent company of smart finance company Sorghum Investment Holdings Limited. Under the terms of the LoI, CCCR will acquire 100 percent of the outstanding shares of Sorghum.

Completion of the transaction is subject to due diligence by the relevant parties, the negotiation and execution of a definitive share exchange agreement, satisfaction of the conditions negotiated therein including the approval of the Company's Board of Directors and shareholders, approval by NASDAQ of the post-transaction entity's new listing application, and the satisfaction of other customary closing conditions.

China Commercial Credit closed at $3.10, and traded as high as $3.60 after-hours.

Takeover Chatter in Garmin

The Rumor:

Shares of Garmin Ltd. (NASDAQ: GRMN) traded as high as $50.81 Wednesday on unconfirmed market chatter. There was a 1.5 million share block trade in Garmin on Monday.

Garmin closed at $50.30, unchanged.

Traders Circulate Chatter of Texas Instruments Bid for Qorvo

The Rumor:

Shares of Qorvo Inc (NASDAQ: QRVO) spiked to a high of $67.81 Wednesday as traders circulated unconfirmed market chatter that Texas Instruments (NASDAQ: TXN) has made a firm offer to acquire the U.S. semiconductor company. "Sources" says Qorvo's Board is meeting Wednesday to discuss the rumored $13 billion offer.

Qorvo closed at $67.47, up $1.54.


Related Articles (ABM + CCCR)

View Comments and Join the Discussion!

Posted-In: M&A News Rumors