Market Overview

Wall Street's M&A Chatter From November 7: Broadcom-Qualcomm, Disney-21st Century Fox, Softbank-Charter

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The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday, November 6, 2017.

Broadcom Bids $70/Share in Cash, Stock for Qualcomm

The Deal:

Broadcom Ltd (NASDAQ: AVGO) announced a proposal to acquire all of the outstanding shares of Qualcomm, Inc. (NASDAQ: QCOM) for $70 per share in cash and stock. Under Broadcom's proposal, Qualcomm shareholders would receive $60.00 in cash and $10.00 per share in Broadcom shares.

Qualcomm confirmed receipt of the non-binding, unsolicited proposal from Broadcom and said its Board of Directors, in consultation with its financial and legal advisors, will assess the proposal in order to pursue the course of action that is in the best interests of Qualcomm shareholders. Qualcomm will have no further comment until its Board of Directors has completed its review.

Qualcomm closed Monday at $62.52, up 71 cents. Broadcom closed at $277.52, up $3.89.

CNBC's David Faber Reporting Softbank Willing to Re-Engage Charter in Talks

The Offer:

CNBC's David Faber said Softbank (OTC: SFTBY) would be willing to restart talks to acquire Charter Communications, Inc. (NASDAQ: CHTR). Faber said that Softbank's stipulation is that Charter be willing to negotiate on deal.

The New York Post reported last week that Softbank has spoken to Charter regarding a merger. Charter's biggest shareholder is Liberty Media's John Malone.

Charter Communications closed at $348.40, up $12.97.

Disney Said to Bid for 21st Century Fox Assets

The Rumor:

21st Century Fox (NASDAQ: FOXA) has been in talks with Walt Disney Co (NYSE: DIS) to sell most of the company, other than the news and sports divisions, according to sources as reported by CNBC. The discussions happened over the past few weeks, the sources said, though no talks are currently happening.

Shares of Netflix, Inc. (NASDAQ: NFLX) fell on the report. Needham analyst Laura Martin said the deal was a "Netlfix killer." Later in the day, Betaville reported Disney might still have an interest in Twitter (NYSE: TWTR).

21st Century Fox closed at $27.45, up $2.48. Disney closed at $100.64, up $2.00.

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

 

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