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Wall Street's M&A Chatter From September 11: Western Digital-Toshiba, Pilgrim's Pride-Moy Park, Gigamon And More


The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday, September 11, 2017.

Pilgrim's Pride Reports Purchase Of Moy Park For $1.3B

The Deal:

Pilgrim's Pride Corporation (NASDAQ: PPC) has acquired poultry and prepared foods supplier, Moy Park in a transaction valuing the equity interest of Moy Park at approximately $1.0 billion and an enterprise value of approximately $1.3 billion. The transaction was unanimously approved by a Special Committee of the Pilgrim's Board of Directors. The company expects approximately $50 million in annualized synergies over the next two years.

Pilgrim's Pride closed at $28.17 on Monday, down 93 cents.

Natus Medical Reports Purchase Of Neurosurgery Assets From Integra LifeSciences For $47.5M

The Deal:

Natus Medical Inc (NASDAQ: BABY) has agreed to acquire certain neurosurgery business assets from Integra LifeSciences Holdings Corp (NASDAQ: IART) for $47.5 million in cash. Natus will acquire the global Camino ICP monitoring product line with its San Diego manufacturing facility, the U.S. rights to Integra's fixed pressure shunts and the U.S. rights to Codman's DURAFORM® dural graft implant, standard EVD catheters and CSF collection systems.

The assets are being divested in connection with the review by the FTC of Integra's proposed acquisition of Johnson & Johnson's (NYSE: JNJ) Codman Neurosurgery assets. The transactions are expected to close in October 2017 after securing regulatory clearance.

Natus Medical closed at $35.70, up $2.80.

Teva to Sell PARAGARD To CooperSurgical For $1.1B In Cash

The Deal:

Teva Pharmaceutical Industries Ltd (ADR) (NYSE: TEVA) has entered into a definitive agreement under which CooperSurgical will acquire PARAGARD for $1.1 billion in cash. The transaction includes Teva's PARAGARD manufacturing facility in Buffalo, NY and is expected to close before the end of 2017.

Teva closed at $18.50, up $3.00.

Elliott Management's PE Unit Bids for Gigamon

The Rumor:

Elliott Management Corp's private equity unit Evergreen Coast Capital Partners has submitted an offer to acquire Gigamon Inc (NYSE: GIMO), according to sources as reported by Reuters. Elliott acquired a 15.3 percent stake in Gigamon in May, while pressing the company to explore a sale.

Evergreen is said to have secured financing for an acquisition, the sources added, but no sale price was mentioned

Elliott and Gigamon declined comment on the report.

Gigamon closed at $43.50, up $1.15.

Western Digital-led Group Wins Bid to Acquire Toshiba Chip Unit

The Rumor:

Toshiba Corp (OTC: TOSBF) will sell its memory chip unit to a Western Digital-led (NASDAQ: WDC) consortium for ¥‎2 trillion or ($18.3 billion), according to source as reported by Japanese publication Nikkan Kogyo on Monday. The official decision will happen on September 20, the sources said.

Western Digital closed at $87.38, and traded as high as $91.75.

Posted-In: News Rumors M&A


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