Market Overview

Wall Street's M&A Chatter From October 5: Penn National-Pinnacle, Onvia-Deltek, Boeing-Aurora, Toshiba


The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday, October 5, 2017.

Penn National, Pinnacle Entertainment Said to be in Merger Talks

The Rumor:

Penn National Gaming, Inc (NASDAQ: PENN) is in merger talks with Pinnacle Entertainment Inc (NASDAQ: PNK), according to sources as reported by the Wall Street Journal. The two sides have failed so far to reach an agreement on terms of a deal and no agreement is imminent, the sources said.

Penn National closed Thursday at $24.05, up $1.14. Pinnacle Entertainment closed at $23.70, up $1.84.

Onvia to be Acquired By Deltek for $9/Share

The Deal:

Onvia, Inc. (NASDAQ: ONVI) has entered into an Agreement and Plan of Merger with the parent entity of Deltek, to acquire all of the outstanding shares of Onvia common stock for $9.00 per share via an all-cash tender offer. The transaction is valued at approximately $70 million and is expected to close during Q4 of 2017.

Onvia closed at $8.95, up $4.45.

Bain Capital's Japan Head Says Will Close Toshiba Chip Acquisition Regardless if Western Digital Dispute Settled

The Buyer Comments:

U.S. private equity firm Bain Capital LP said it aims to list Toshiba Corp's chip unit on the Tokyo Stock Exchange within a few years. Bain, which led a consortium that signed an $18 billion deal for Toshiba's prized chip unit last week, also said it hopes to settle legal disputes with Western Digital Corp (NASDAQ: WDC), Toshiba's joint venture partner, at an early stage.

Western Digital closed at $83.58, down 77 cents.

Boeing to Acquire Aurora Flight Sciences

The Deal:

Boeing Co (NYSE: BA) announced plans to acquire Aurora Flight Sciences Corporation, which specializes in autonomous systems technologies to enable advanced robotic aircraft for future aerospace applications and vehicles. Terms were not disclosed.

Boeing closed at $258.89, up $3.13.

Posted-In: News Rumors M&A


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