Market Overview

Wall Street's M&A Chatter From October 27-30: Enzymotec-Frutarom, Akzo Nobel, Cleantech Solutions, Clariant-Huntsman


The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday, October 27, 2017 through Sunday, October 29, 2017.

Akzo Nobel Approached Axalta About Possible Merger

The Rumor:

Reuters reported Friday that Akzo Nobel N.V. (ADR) (OTC: AKZOY) contacted Axalta Coating Systems Ltd (NYSE: AXTA) to discuss a potential merger, according to sources. The talks are in an early stage, the sources said.

Earlier this Akzo rebuffed a takeover bid by PPG (NYSE: PPG), despite pressure from activist investor Elliott Management. Akzo Nobel and Axalta did not immediately respond to requests for comment.

Axalta closed Friday at $33.15, up $4.81.

Cleantech Solutions Reports Deal To Purchase 51% Of Inspirit Studio For HK$3M

The Deal:

Cleantech Solutions International Inc (NASDAQ: CLNT) announced Friday its wholly-owned subsidiary, EC Technology & Innovations Limited, agreed to acquire 51 percent ownership of Inspirit for HK$3.0 million ~$384,000). Cleantech Solutions will issue 85,473 unregistered shares at $4.50 per share.

Cleantech Solutions closed at $4.30, down 32 cents.

Clariant, Huntsman Terminate Proposed Merger

The Termination:

Huntsman Corporation (NYSE: HUN) and Clariant announced Friday they have terminated their proposed merger of equals by mutual agreement. The decision was unanimously approved by the Boards of Directors of both companies.

The CEOs of Huntsman and Clariant stated that due to the "accumulation of shares by activist investor White Tale Holdings and their opposition to the transaction, now supported by some other shareholders, we believe that there is simply too much uncertainty as to whether Clariant will be able to secure the two-thirds shareholder approval that is required to approve the transaction under Swiss law." No termination fees are due.

Huntsman closed at $31.06, up $1.32.

Ford's Argo AI Acquires Princeton Lightwave

The Deal:

Argo has acquired Princeton Lightwave, a manufacturer of of LiDAR sensors for self-driving cars. Terms were not disclosed.

Ford Motor Company (NYSE: F) announced a $1 billion investment in Argo earlier this year

Ford shares closed at $12.06, down 21 cents.

Enzymotec to be Acquired by Frutarom for $11.90/Share in Cash

The Deal:

Enzymotec Ltd (NASDAQ: ENZY) announced Sunday it has signed a definitive agreement under which Frutarom (OTC: FRUTF), an Israeli company, will acquire Enzymotec for $11.90 per share in cash. The transaction is expected to close in Q1 of 2018.

Enzymotec shares closed at $11.25, up 45 cents.


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