Market Overview

Merger Monday Returns With A Vengeance

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Merger Monday Returns With A Vengeance

Monday saw a heavy slate of M&A announcements. Here are some of the most significant involving publicly traded companies:

Amcor Limited will purchase Bemis Company, Inc. (NYSE: BMS) in a $6.8 billion all-stock transaction. Bemis shareholders will own about 29 percent of the combined entity.

Envirostar Inc (NYSE: EVI) will acquire Industrial Services for an undisclosed amount of cash and stock. The transaction will leave Industrial Services under its present leadership.

GulfMark Offshore Inc (NYSE: GLF) received an unsolicited proposal to purchase 41.2 percent of HGIM Corp. for $384 million. The seller rose from bankruptcy just last month. GulfMark’s board is reviewing the proposal, which will give its shareholders 41.2 percent of the combined company.

Kosmos Energy Ltd (NYSE: KOS) will acquire Deep Gulf Energy for $1.225 billion. Kosmos expects the “immediately accretive” deal to enable delivery of a dividend beginning the first quarter of 2019.

Ocean Bio-Chem, Inc. (NASDAQ: OBCI) will acquire Snappy Marine Inc. for an undisclosed amount through its Star brite Distributing subsidiary.

Recon Technology, Ltd. (NASDAQ: RCON) will increase its stake in Future Gas Station Technology from 8 percent to 43 percent for 43.3 million RMB in Recon shares. Recon entered a nonbinding framework agreement Friday through affiliates Beijing BHD Petroleum Technology Co. and Nanjing Recon Technology Co.

Skyworks Solutions Inc (NASDAQ: SWKS) will acquire Avnera for $405 million in cash with up to $20 million added as milestones are struck over the next year. The transaction, which is expected to close by September, is seen to expand Skyworks’ addressable market by more than $5 billion.

Varian Medical Systems, Inc. (NYSE: VAR) acquired humediQ Global GmbH for an undisclosed amount.

Web.com Group Inc. common stock (NASDAQ: WEB) amended an agreement to sell all outstanding common stock to Siris Capital Group affiliates for $28 per share in cash. The transaction is expected to close in the fourth quarter, unless a more competitive offer from a financial bidder previously engaged in negotiations emerges.

The FDIC approved Renasant Corp. (NASDAQ: RNST)’s merger with Brand Group Holdings.

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Posted-In: News M&A Best of Benzinga

 

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