Market Overview

Wall Street's M&A Chatter From July 26: Biomarin, Sigma Designs, Colgate-Palmolive, Markel-State National


The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday, July 26, 2017.

Sigma Designs Hires Financial Advisor to Explore Options For Enhancing Shareholder value

The Strategic Review:

Sigma Designs (NASDAQ: SIGM) announced its Board of Directors has hired Deutsche Bank Securities as a financial advisor to assist in exploring strategic alternatives to enhance stockholder value. Potential options include a sale of the company or remaining a standalone company.

Sigma said there's no set timetable for the exploration of strategic alternatives.

Sigma Designs closed at $6.70, up 60 cents.

Hearing Takeover Chatter in Biomarin

The Rumor:

Shares of Biomarin Pharma (NASDAQ: BMRN) rose following unconfirmed takeover chatter. Biotech reporter Adam Feuerstein mentioned Gilead (NASDAQ: GILD) as a possible suitor back in April.

Biomarin closed at $89.20, up 57 cents.

Markel to Acquire State National for $21/Share in Cash

The Deal:

Markel Corporation (NYSE: MKL) and State National Companies, Inc. (NASDAQ: SNC) announced an agreement under which Markel will acquire all of the outstanding shares of State National common stock for $21.00 per share in cash. The transaction value is approximately $919 million.

The transaction is expected to close in Q4 2017.

State National closed at $20.86, up $1.19.

Bankers Press Unilever Board to Acquire Colgate-Palmolive

The Rumor:

Shares of Colgate-Palmolive (NYSE: CL) traded as high as $74.59 as Street Insider reported that bankers urged Unilever's (NYSE: UL) board to pursue the acquisition of the maker of Colgate Toothpaste and Irish Spring soap. The New York Post reported in May that the asking price could be as high as $100 per share. Rumored buyers include Johnson & Johnson (NYSE: JNJ) and the partnership of Warren Buffett and 3G Capital, which owns Kraft Heinz (NASDAQ: KHC).

A spokesperson for Colgate-Palmolive declined comment on today's report.

Colgate-Palmolive closed at $73.00, up 95 cents.


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Posted-In: M&A News Rumors