Market Overview

Wall Street's M&A Chatter From November 13: Buffalo Wild Wings, Qualcomm-Broadcom, Brookfield Property-GGP


The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday, November 13, 2017.

Qualcomm Rejects $130 Billion Broadcom Merger Proposal

The Rejected Offer

Qualcomm, Inc. (NASDAQ: QCOM) announced that its Board of Directors unanimously rejected the unsolicited proposal announced by Broadcom Ltd (NASDAQ: AVGO), stating, "It is the Board's unanimous belief that Broadcom's proposal significantly undervalues Qualcomm..." Broadcom responded "it remains fully committed to pursuing its acquisition of Qualcomm Incorporated."

Broadcom offered $70.00 per share, including $60.00 in cash and $10.00 per share in Broadcom shares.

Qualcomm closed Monday at $66.49, up $1.92.

Brookfield Property Partners Offers $23/Share to Acquire Remaining Shares of GGP

The Offer:

Brookfield Property Partners LP (NYSE: BPY) announced it has made a non-binding proposal to acquire all the outstanding shares of common stock of GGP Inc. (NYSE: GGP) it doesn't already own for $23.00 in cash or 0.9656 of a limited partnership unit of BPY. GGP confirmed that on Saturday, November 11, its Board of Directors received an unsolicited proposal from Brookfield.

GGP said its Board has formed a special committee to carefully review and consider the proposal and pursue the course of action that it believes is in the best interests of its shareholders.

GGP closed at $23.20, up $3.19.

Roark Capital Offers $150+/Share to Buy Buffalo Wild Wings

The Rumor:

Buffalo Wing Wings (NASDAQ: BWLD) shares soared after-hours Monday as The Wall Street Journal reported that private-equity firm Roark Capital Group offered more than $150 per share, according to sources. Goldman Sachs is said to be advising Buffalo Wild Wings, the sources said.

Buffalo Wild Wings closed at $117.25, and traded as high as $153 after hours.

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


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