Market Overview

Wall Street's M&A Chatter From October 16: Ruby Tuesday, Nordstrom, Aramark-Avendra, Impax-Amneal


The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday, October 16, 2017.

Ruby Tuesday to be Acquired by NRD Capital for $2.40/Share Cash

The Deal:

Ruby Tuesday, Inc. (NYSE: RT) has agreed to be acquired by a fund managed by private equity firm NRD Capital for $2.40 per share in cash, plus will assume or retire all debt obligations for a total enterprise value of approximately $335 million. The transaction, which has been unanimously approved by Ruby Tuesday's Board of Directors and NRD is expected to be completed during the Q1 of 2018.

Ruby Tuesday closed Monday at $2.36, up 37 cents.

Nordstrom Family to Explore Possibility of Go Private Transaction Again After Holiday Season

The Update:

Nordstrom, Inc. (NYSE: JWN) announced that family members Company Co-Presidents Blake W. Nordstrom, Peter E. Nordstrom, and Erik B. Nordstrom, President of Stores James F. Nordstrom, Chairman Emeritus Bruce A. Nordstrom, and Anne E. Gittinger have notified the Special Committee of the Board of Directors of Nordstrom that they have suspended active exploration of a going private transaction for the remainder of 2017. The family members to resume exploring a potential deal after the holiday season ends.

Nordstrom closed at $40.40, down $2.25.

Aramark to Acquire Avendra for $1.35B

The Deal:

Marriott International Inc (NASDAQ: MAR) announced an agreement by Avendra's owners for the company to be acquired by Aramark (NYSE: ARMK) for $1,350 million. Avendra, Marriott, Hyatt (NYSE: H), Accor, ClubCorp and IHG, expect to receive approximately $1,180 million in cash proceeds from the transaction, with Marriott receiving approximately $650 million for its 55 percent stake. As part of the transaction, Marriott will enter into a 5-year procurement service agreement with Aramark.

Aramark closed at $42.53, up 20 cents.

Impax Laboratories, Amneal Pharmaceuticals Near Merger Agreement

The Rumor:

Impax Laboratories Inc (NASDAQ: IPXL) and Amneal Pharmaceuticals are said to be near agreeing to a merger, according to sources as reported by the Wall Street Journal. A deal would create a company valued at $6.4 billion, the sources said. Impax had a market cap of $1.48 billion at the close of trading on Monday.

Impax Laboratories closed at $19.95, and traded at $21 after-hours.


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Posted-In: M&A News Rumors Pre-Market Outlook