Market Overview

Wall Street's M&A Chatter From July 18: Hydro One-Avista, AT&T-JV Otter Media, ConAgra-Pinnacle Foods


The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday, July 19, 2017.

McCormick to Acquire Reckitt Benckiser's Food Division for $4.2B

The Deal:

McCormick & Company Inc. (NYSE: MKC) announced late Tuesday it signed a definitive agreement to acquire Reckitt Benckiser's Food Division (OTC: RBGLY) for $4.2 billion. The unit includes the Frank's RedHot Hot Sauce and French's Mustard brands.

The transaction is expected to be completed in the third or fourth quarter of McCormick's fiscal 2017

McCormick closed at $92.07 on Wednesday, down $5.07.

ConAgra Could Revisit Pinnacle Foods Bid

The Rumor:

Shares of Pinnacle Foods Inc (NYSE: PF) rose as high as $61.97 Wednesday on a report from DealReporter that ConAgra Brands Inc (NYSE: CAG) is once again considering a bid for the owner of the Bird's Eye Brand. CNBC's David Faber had reported on June 2 that talks between the companies had concluded, following a Reuters report the previous day that ConAgra had approached Pinnacle regarding a potential deal.

Pinnacle Foods closed at $61.28 on Wednesday, up $2.09.

AT&T in Talks to Acquire JV Otter Media

The Rumor:

AT&T Inc. (NYSE: T) is in talks to acquire its joint venture with Peter Chernin, Otter Media, according to sources reported by the NY Post late Tuesday. AT&T is attempting to clear out several JV deals ahead of closing on its acquisition of Time Warner Inc (NYSE: TWX), the sources said.

AT&T closed at $36.34, down 15 cents.

Hydro One to Acquire Avista for $53/Share in Cash

The Deal:

Hydro One Limited (OTC: HRNNF) and Avista Corp (NYSE: AVA) announced a definitive merger agreement under which Hydro One will acquire Avista for $50 per share in cash, in a transaction valued at $5.3 billion. The transaction was unanimously approved by the Boards of Directors of both companies and is expected to close in H2 of 2018, subject to Avista shareholder and regulatory approvals.

Avista closed at $43.33, up 59 cents.


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Posted-In: M&A News Rumors