Market Overview

Wall Street's M&A Chatter From November 2: AT&T-Time Warner, Sprint-T-Mobile, Mallinckrodt-Ocera, Hardinge


The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday, November 2, 2017.

Mallinckrodt to Acquire Ocera Therapeutics for $1.52/Share, CVR

The Deal:

Mallinckrodt plc (NYSE: MNK) and Ocera Therapeutics, Inc. (NASDAQ: OCRX) have entered into an agreement under which Mallinckrodt will acquire Ocera for $1.52 per share in cash, plus up to $2.58 per share in contingent value right (CVR) based on completion of certain milestones. The acquisition will be made via a tender offer by a subsidiary of Mallinckrodt.

The transaction is expected to close in Q4 of 2017.

Ocera Therapeutics closed Thursday at $1.72, up 69 cents.

DoJ Considering Antitrust Suit Related to AT&T's Purchase of Time Warner

The Rumor:

The U.S. Justice Department is preparing for a potential lawsuit that could block AT&T Inc.'s (NYSE: T) planned acquisition of Time Warner Inc. (NYSE: TWX), according to sources as reported by the Wall Street Journal. Sources say the DoJ is in talks with both companies regarding a possible settlement, based on conditions.

AT&T said, "We see no reason in the law or the facts why this transaction should be an exception' to the routine DoJ approval of vertical mergers.

AT&T closed at $33.17, down 38 cents. Time Warner shares fell $3.69, to close at $94.70.

Hardinge Board Will Review Indication of Interest from Privet Fund

The Indication of Interest:

Hardinge Inc. (NASDAQ: HDNG) confirmed that Privet FundLP and Privet Fund Management LLC indicated it's currently evaluating a potential transaction to acquire all of the outstanding shares of Hardinge common stock that it doesn't already own for $17.25 per share. The Hardinge board of directors has formed a Strategic Alternatives Committee to review the indication of interest.

Hardinge closed at $17.18, up 68 cents.

Sprint, T-Mobile Attempt to Salvage Merger

The Rumor:

T-Mobile US Inc. (NASDAQ: TMUS) and Sprint Corp (NYSE: S) are attemping to save their merger deal, according to sources as report by the Wall Street Journal. Reports on Monday said Softbank (OTC: SFTBY) Chairman Masayoshi Son was calling off the merger talks due to concerns about giving up control of Sprint to T-Mobile parent Deutsche Telekom.

Sources say T-Mobile presented a revised offer, which is being considered by Sprint.

T-Mobile closed at $58.30, down $1.45.


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