Market Overview

Wall Street's M&A Chatter From September 6: Cabelas, Merck-Rigontec, Altice-Charter, Amazon-Kohl's


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 (NYSE: ATUS) for Charter Communications Inc (NASDAQ: 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 (NYSE: 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 (NASDAQ: AMZN) could acquire Kohl's (NYSE: 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 (NYSE: SNV) acquisition of Cabela's (NYSE: 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.

Posted-In: M&A News Rumors


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