Market Overview

Wall Street's M&A Chatter From November 15: SandRidge-Bonanza Creek, Mattel, Time Warner, Diplomat-LDI Integrated Pharmacy


The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday, November 15, 2017.

SandRidge Energy to Acquire Bonanza Creek Energy for $36/Share in Cash, Stock

The Deal:

SandRidge Energy (NYSE: SD) and Bonanza Creek Energy, Inc. (NYSE: BCEI) have entered into a definitive merger agreement under which SandRidge will acquire Bonanza Creek for $36 per share, consisting of $19.20 in cash and $16.80 of SandRidge shares for each Bonanza Creek share. The transaction value is approximately $746 million.

The transaction is expected to close in Q1 of 2018.

Bonanza Creek Energy closed Wednesday at $32.07, up $1.41.

DOJ Said to Approach State AG's to Support Lawsuit Against Time Warner/AT&T Merger

The Rumor:

CNBC reported that the Justice Department approached 18 state attorneys general for backing in their lawsuit to potentially block the merger of AT&T Inc. (NYSE: T) and Time Warner Inc (NYSE: TWX), according to sources. The DoJ sent a draft of the suit to at least seven AG's, but none has agreed to join the case.

Media reports last week said the DoJ was pressing AT&T to sell either CNN parent Turner Broadcasting or DirectTV. AT&T's CEO said he has no intention of selling CNN.

Time Warner closed at $87.37, down 14 cents.

Diplomat Pharmacy to Buy LDI Integrated Pharmacy Services for $515M Cash, $80M in DPLO Common Stock

The Deal:

Diplomat Pharmacy Inc (NYSE: DPLO) agreed to acquire Leehar Distributors from Nautic Partners, LLC and Oak HC/FT Partners LLC, and management. The transaction is expected to close in 30–60 days.

Diplomat Pharmacy closed at $19.07, down 34 cents.

Mattel Said to Reject Hasbro Offer

The Rumor:

Mattel, Inc. (NASDAQ: MAT) has rejected Hasbro Inc's (NASDAQ: HAS) latest takeover proposal, according to sources as reported by Reuters. The sources said Mattel indicated that Hasbro's offer undervalues the company and Mattel does not address potential antitrust issues.

The details of Hasbro's proposal are not known. Mattel declined comment on the rumor. Hasbro did not respond to Reuters' request for comment.

Mattel closed at $19.32, down $0.22.

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


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