Market Overview

Wall Street's M&A Chatter From August 24: Frutarom-Enzymotec, Signet Jewelers, Platform Specialty


The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday, August 24, 2017.

Frutarom Intends to Offer $11.50/Share for Remaining Shares of Enzymotec

The Deal:

Frutarom announced it intends to make a full and special tender offer for the acquisition of Enzymotec's (NASDAQ: ENZY) entire issued and outstanding shares which it does not currently own for $11.50 per share. Frutarom acquired from Paulson & Co. Inc., approximately 9.2 percent of the ordinary shares of Enzymotec Ltd. for $11.50 per share and holds approximately 19.13 percent of shares currently.

Enzymotec closed at $11.75 on Thursday, up 75 cents.

Signet Jewelers to Buy R2Net for $328M in Cash

The Deal:

Signet Jewelers Ltd. (NYSE: SIG) has agreed to acquire the owner of online jewelry retailer, R2Net for $328 million in cash. The transaction is currently expected to close in Q3 fiscal 2018.

Signet Jewelers closed at $60.54, up $8.65.

Platform Specialty Drops Sale of Agrochemicals Unit in Favor of Separation into Two Public Cos

The Separation:

Platform Specialty Products Corp (NYSE: PAH) announced its intention to separate into Agricultural Solutions and Performance Solutions segments. The separation is expected to occur in 2018, with details being made available over the next few quarters.

Platform Specialty Products was considering a sale of its agrochemicals business, but offers were coming in lower than the company's expectations, according to sources as reported by Reuters earlier in the day. Blackstone Group (NYSE: BX) was one potential buyer, according to a New York Post report in June.

Bill Ackman is Platform Specialty Products largest shareholder.

Platform Specialty Products closed at $11.48, down 58 cents.

Posted-In: News Rumors M&A


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