Market Overview

Wall Street's M&A Chatter From November 16: 21st Century Fox, Barnes & Noble, Segel Vision-Evine Live


The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday, November 16, 2017.

Emerson Offers $225M/Share for Rockwell Automation

The Offer

Emerson Electric Co. (NYSE: EMR) announced that Chairman and CEO, David N. Farr, sent a letter to Rockwell Automation's (NYSE: ROK) President and CEO, Blake D. Moret, proposing to acquire all outstanding shares of Rockwell for $225 per share. The offer consists of $135 per share in cash and $90 per share in Emerson shares, with total enterprise value of approximately $29 billion.

Rockwell confirmed the revised unsolicited proposal from Emerson and said it will carefully review Emerson's proposal to "determine the course of action it believes is in the best interest of the Company and Rockwell Automation shareowners."

Rockwell Automation closed Thursday at $193.61, up $4.88.

Segel Vision Offers $2.66/Share for Evine Live

The Offer:

Marvin Segel, founder of Segel Vision, announced a plan to acquire EVINE Live Inc (NASDAQ: EVLV) at a total equity value of $175 million or $2.66 per share. Segel said EVINE's Board of Directors has refused to hear the details of a previous offer. Segel Vision's team will merge EVINE LIVE into STARSHOP, a shopping App, launched in partnership with Sprint (NYSE: S) Mobile Network.

Evine Live closed at $1.28, up 17 cents.

Comcast, Verizon Said to Approach 21st Century Fox with Acquisition Interest

The Rumor:

Comcast Corporation (NASDAQ: CMCSA) approached 21st Century Fox (NASDAQ: FOXA) regarding the potential acquisition of part of the company's business, according to sources as reported by the Wall Street Journal. Verizon Communications Inc (NYSE: VZ) has also expressed an interest in buying parts of Fox, sources said.

Earlier this month, it was reported that Walt Disney Co (NYSE: DIS) was in talks with Fox about acquiring most of the company. The talks included the 21st Century Fox studio and cable networks, other than news and sports channels.

21st Century Fox closed at $29.32, up 59 cents.

Barnes & Noble Dismisses Sandell Proposal to Take Co Private

The Offer:

Sandell Asset Management approached Barnes & Noble, Inc. (NYSE: BKS) to take the bookseller private in a deal valued at more than $650 million, or $9 per share, as first reported by Dow Jones. Barnes & Noble responded to the proposal, stating that its doesn't consider Sandell's proposal to be bona fide, ast Sandell owns one million Barnes & Noble shares worth approximately $7 million, while Chairman Leonard Riggio owns an 18 percent stake.

Sandell's proposal would require debt financing of $500 million and require shareholders, including Riggio, to roll their shares over into a new private entity controlled by Sandell.

Barnes & Noble said it will make no further comments on the matter.

Barnes & Noble closed at $7.10, up 50 cents.

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


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