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Wall Street's M&A Chatter From August 9: Birchbox, Altice-Charter, Wabash National, Skyline-CytoBioscience


The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday, August 9, 2017.

Altice working on offer to buy Charter Communications

The Rumor:

Shares of Charter Communications (NASDAQ: CHTR) surged over the $400 mark on Wednesday, following a report from CNBC's David Faber that Altice (NYSE: ATUS) is preparing an offer to acquire Charter. No proposal has been submitted to Charter or its advisors. Faber said the offer would be approximately $500 per share.

Financial Times later reported that Altice is preparing a bid of $185 billion for the second-largest U.S. cable company. Softbank (OTC: SFTBY) has been reported as a potential buyer as well for Charter.

Charter closed at $400.90 on Wednesday, up $11.15.

Wabash National to Acquire Supreme Industries for $21.00/Share

The Deal:

Wabash National Corporation (NYSE: WNC) and Supreme Industries, Inc. (NYSE: STS) have entered into a definitive agreement under which Wabash National would acquire all of the outstanding shares of Supreme for $21 per share in cash via a tender offer. The equity value is $364 million and the enterprise value is $342 million.

The acquisition is expected to close no later than Q4 of 2017.

Supreme Industries closed at $20.95, up $5.42.

Birchbox Held Takeover Talks with Walmart, Other Retailers

The Rumor:

Online cosmetics retailer Birchbox has been in talks with several retailers about selling the company, according to a report from Recode. Wal-Mart Stores Inc (NYSE: WMT) is among the potential buyers, according to the report.

Wal-Mart's U.S. e-commerce head Marc Lore had discussions with Birchbox co-founder and CEO Katia Beauchamp, the sources said.

Skyline Medical Signs Definitive Agreement to Merge With CytoBioscience in All-Stock Deal

The Deal:

Skyline Medical Inc. (NASDAQ: SKLN) announced the signing of a definitive agreement to merge with privately held biomedical company, CytoBioscience. Under the terms of the agreement, CytoBioscience owners will receive at closing, 19.8 percent of the outstanding common shares, currently 1,234,086 shares with a current value of approximately $1.9 million, plus shares of Class C, D and E non-convertible, non-voting preferred stock with a total liquidation preference of $22.7 million.

The acquisition is expected to close by September 30, 2017.

Skyline Medical closed at $1.50, and traded as high as $2.08 after-hours.


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Posted-In: M&A News Rumors