The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday, September 6, 2017.
Bankers work on $70B Debt Deal for Altice-Charter Merger
The Rumor:
Bankers are said to be working on a $70 billion debt financing package for a possible offer by Altice ATUS for Charter Communications Inc CHTR, according to sources as reported by Reuters. Reuters had reported in August that Altice was considering a bid for Charter.
Sources say the bankers don't want to risk miss out on a such a huge deal proposing financing packages to Altice to for a Charter bid.
Charter Communications closed at $402.50 on Wednesday, up $9.18.
Merck to Acquire Rigontec for €115M in Cash
The Deal:
Merck MRK and Rigontec announced that Merck will acquire Rigontec for an upfront cash payment of €115 million to Rigontec's shareholders; based on the attainment of certain clinical, development, regulatory and commercial milestones, Merck may make additional contingent payments of up to €349 million. The transaction is subject to certain closing conditions.
Merck closed at $64.00, up 38 cents.
Baird Says Amazon Could Buy Kohl's
The Analyst Comments:
Baird analyst Mark Altschwager speculated that Amazon AMZN could acquire Kohl's KSS. His comments came following an announcement of a partnership between the companies, which will offer Alexa-enabled devices at ten Kohl's stores beginning in October. Altschwager said he wondered if the partnership could "foreshadow a more significant relationship down the road."
Kohl's closed at $42.37, up $1.98.
Fed Approves Synovus Purchase of Cabela's World's Foremost Bank
The Approval:
The Federal Reserve approveved Synovus Bank's SNV acquisition of Cabela's CAB World’s Foremost Bank. Under the agreement, Synovus Bank will acquire $1.2 billion in deposits of World’s Foremost Bank, plus $4.1 billion in nondeposit liabilities. Synovus Bank will also acquire $5.7 billion in assets of World’s Foremost Bank, including credit-card loans and related assets.
That approval clears the way for Bass Pro Shops acquisition of Cabela's for $61.50 per share or $5 billion. The sale was approved by Cablea's shareholders in July.
Cabela's closed at $53.44 and traded at $61.40 after-hours.
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