Market Overview

Wall Street's M&A Chatter From November 28: Arby's-Buffalo Wild Wings, Emerson-Rockwell Automation, Cineworld-Regal


The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday, November 28, 2017.

Arby's to Acquire Buffalo Wild Wings $157/Share Cash

The Deal

Arby's Restaurant Group and Buffalo Wild Wings (NASDAQ: BWLD) announced a definitive merger agreement, under which Arby's will acquire Buffalo Wild Wings for $157 per share in cash, in a transaction valued at approximately $2.9 billion, including net debt.

The agreement has been unanimously approved by both companies' Boards of Directors and is expected to close during Q1 of 2018, subject to Buffalo Wild Wings shareholder approval and regulatory approvals.

Buffalo Wild Wings closed Tuesday at $155.60, up $9.20.

Emerson Withdraws Proposal to Acquire Rockwell Automation for $225 Per Share

The Withdrawn Proposal:

Emerson Electric Co. (NYSE: EMR) has withdrawn its proposal to acquire Rockwell Automation (NYSE: ROK) for $225 per share due to the Rockwell's Board being unwilling to engage in discussions regarding a potential deal. Emerson CEO David N. Farr said a combination "would have delivered approximately $30 billion of value to Rockwell shareholders."

Farr said, "We are also committed to returning capital to shareholders through our strong and growing dividend and our share repurchase program. Management believes the Company's shares are an attractive investment opportunity. Accordingly, we plan to accelerate repurchases over the next month and buy back up to $1 billion over the next 12 months. We look forward to executing on this strategy to drive near- and long-term value creation for all Emerson stakeholders."

Rockwell Automation closed at $197.13, up $6.09.

Cineworld Bids $23/Share for Regal Entertainment

The Offer:

Regal Entertainment Group (NYSE: RGC) confirmed an earlier Reuters report that it's in talks with British theater operator, Cineworld Group regarding about a potential acquisition of Regal for $23.00 per share in cash. Regal said no agreement has yet been reached, and there will be no further comment until an agreement is reached, or talk are terminated.

Regal Entertainment closed at $19.63 and traded at $20.80 after-hours.


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Posted-In: M&A News Rumors