Market Overview

Wall Street's M&A Chatter From August 28: Gilead-Kite Pharma, Enzymotec-Frutarom, MaxPoint-Valassis


The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday, August 28, 2017.

Gilead to Acquire Kite Pharma for $180/Share

The Deal:

Gilead Sciences, Inc. (NASDAQ: GILD) and Kite Pharma Inc (NASDAQ: KITE) have entered into a definitive agreement pursuant to which Gilead will acquire Kite for $180.00 per share in cash via a tender offer. The transaction values Kite at approximately $11.9 billion and is expected to close in Q4 of 2017.

Kite Pharma closed at $178.05 on Monday, up $38.95.

Enzymotec Responds to Unsolicited Proposal from Frutarom for $11.50/Share

The Response:

Enzymotec Ltd (NASDAQ: ENZY) responded to the unsolicited proposal from Frutarom to acquire Enzymotec for $11.50 per share in a letter from Chairman Steve Dubin to Frutarom CEO Ori Yehudai. Enzymotec said Frutarom has not as of the date of this press release launched its unsolicited tender offer.

Dubin said the Enzymotec Board was disappointed to learn of Frutarom's opportunistic intent to launch an offer for the shares of Enzymotec at a price of $11.50 per share, without attempting to engage in a conversation or communication with Enzymotec or its management. Dubin said Enzymotec's CEO, Erez Israeli, reached out to Frutarom, requesting a meeting with Yehudai, but was told he wasn't available to meet until September 4, 2017.

Dubin said, "In the event that Frutarom does commence its tender offer, we will evaluate the offer and will respond accordingly at that time."

Enzymotec closed at $11.45, down 5 cents.

MaxPoint to be Acquired by Valassis for $13.86/Share Cash

The Deal:

Valassis has agreed, through its parent company Harland Clarke Holdings, to acquire MaxPoint Interactive Inc (NASDAQ: MXPT) for $ The transaction is expected to close in the fourth quarter of 2017.

MaxPoint closed at $13.70, up $8.20.

Posted-In: M&A News Rumors


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