Wall Street's M&A Chatter From April 6: 7-Eleven, AK Steel-Mitsui, Coach, Zhaopin
Charles Gross , Benzinga Staff Writer
April 07, 2017 7:06am 344 Comments
The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday, April 6 2017.
Hearing Mitsui in Talks to Acquire AK Steel
The CEO Comments:
According to unconfirmed market chatter circulating on Thursday, Japan's Mitsui & Co. (OTC: MITSY) is in advanced talks to acquire AK Steel Holding Corp. (NYSE: AKS). "Sources" say $11 per share is being discussed.
AK Steel closed at $7.06, up $0.23.
Coach Management Changes Could Lead to Kate Spade Deal
The New CEO:
Coach Inc. (NYSE: COH) announced Joshua Schulman as president and CEO of the Coach brand, while Ian Bickley, president of the international group for the Coach brand, has been named president, global business development and strategic alliances. According to WWD.com, the new management structure at Coach moves it closer to an acquistion of Kate Spade & Co (NYSE: KATE).
On Monday, Reuters reported Kate Spade needed more time for negotiations following an offer from Coach.
Kate Spade closed at $19.73, up $0.26.
Sunoco to Sell Majority of its Convenience Stores to 7-Eleven for $3.3B in Cash
The Deal:
Sunoco LP (NYSE: SUN) announced it entered into a definitive asset purchase agreement for the sale of a majority of its convenience stores to 7-Eleven for $3.3 billion in cash plus fuel, merchandise and other inventories. The transaction is expected to close by Q4 of 2017.
Sunoco closed at $28.69, up $4.83.
Zhaopin Reports Merger Deal with SEEK Int'l Investments at $9.10/Share, $18.20/ADS
Zhaopin Limited (NYSE: ZPIN) announced it has entered into a definitive Merger Agreement with a buyer group, including controlling shareholder SEEK International Investments Pty Ltd. and Zebra Mergerco, Ltd., under which the buyer group will acquire all of the outstanding shares of the company for $9.10 per ordinary share and $18.20 per ADS in cash. Holders of Shares and ADSs as of immediately prior to the Effective Time will be entitled to receive a cash special dividend of a minimum of $0.28 and maximum of $1.35 per share or minimum $0.56 and maximum $2.70 per ADS.
The merger is expected to close during H2 of 2017.
Zhaopin closed at $17.70, up $0.55.
Related Articles (AKS + COH)
Posted-In: M&A News Rumors
3 CYRN, BNGO: 40 Stocks Moving in Wednesday's Pre-Market Session
5 MARA, GEVO: 42 Stocks Moving in Thursday's Pre-Mar...
2 PENN, DKNG: How New York, Texas And Ontario Could Increase Online Sports Betti...
4 MNOV, STX: 11 Stocks Moving In Thursday's After-Hours Session
5 BVXV, CFMS: 12 Health Care Stocks Moving In Thursday...
6 RMBL, TCS: 12 Consumer Discretionary Stocks M...