Market Overview

Wall Street's M&A Chatter From November 9: AT&T CEO Speaks, MagicJack, Dan Loeb-Macerich


The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday, November 9, 2017.

AT&T CEO Reiterates Was Never Told by DoJ to Sell CNN

The CEO Comments

AT&T Inc. (NYSE: T) CEO Randall Stephenson, speaking Thursday at the Dealbook Conference, reiterated that he was never told to sell CNN, to get DoJ approval for the Time Warner (NYSE: TWX) Merger. Multiple media reports have claimed that Justice Department officials offered AT&T several options, including the sale of CNN or DirecTV.

Stephens stated on Wednesday that he never offered to sell CNN.

AT&T closed at $34.00, up 56 cents. Time Warner closed at $87.05, down $1.45.

B. Riley to Acquire magicJack VocalTec for $8.71 Per Share

The Deal:

B. Riley Financial, Inc. (NASDAQ: RILY) and magicJack VocalTec Ltd (NASDAQ: CALL) have signed a merger agreement, under which B. Riley will acquire magicJack for $8.71 per share, for a consideration of approximately $143 million in aggregate merger consideration.

The transaction is expected to close in H1 of 2018, subject to regulatory approvals.

magicJack VocalTec closed at $8.32, up $2.67.

Loeb's Third Point Takes Stake in Macerich

The Rumor:

Dan Loeb’s Third Point has taken a stake in real estate investment trust Macerich Co (NYSE: MAC), first reported by Bloomberg. Later, in a 13F filing, the stake was reported as 1.73 million shares.

Loeb is pressing for changes at Macerich, including a potential sale, sources have said. It's not known if talks have taken place between Loeb and Macerich’s management or board.

Macerich closed at $62.41, up $4.31.


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