Benzinga's M&A Chatter for Monday February 29, 2016
The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday February 29, 2016:
Icahn Enterprises Offers $7.00/Share for Federal-Mogul
The Deal:
Federal-Mogul Holdings Corporation (NASDAQ: FDML) announced Monday, that it received a proposal from Icahn Enterprises L.P. (NYSE: IEP), to purchase the shares of Federal-Mogul common stock not owned by IEP for $7 per share in cash for each of their Federal-Mogul shares.
Federal-Mogul's Board will appoint a special committee of independent directors to carefully review and evaluate IEP's proposal.
Federal-Mogul closed at $7.26 on Monday, up more than 45%.
MassMutual to Acquire Metlife Premier Client Group for Approximately $300M
The Deal:
Massachusetts Mutual Life Insurance Company and MetLife, Inc. (NYSE: MET) announced Monday, MassMutual will Acquire the MetLife Premier Client Group for approximately $300 million. The transaction is expected to close by mid-2016.
Metlife closed at $39.56 on Monday, down 1.32%.
Federal Signal to Acquire Joe Johnson Equipment for ~$79M
The Deal:
Federal Signal Corporation (NYSE: FSS) announced Monday, it has agreed to acquire substantially all of the assets and operations of the Canadian distributor of maintenance equipment for municipal and industrial market, Joe Johnson Equipment for approximately USD $79 million.
The deal is expected to close by the end of Q2 2016.
Federal Signal shares fell more than 21% on Monday, to close at $11.86.
Helen of Troy to Acquire Hydro Flask
The Deal:
Helen of Troy Limited (NASDAQ: HELE) announced Monday, that one of its subsidiaries has agreed to acquire Hydro Flask and all membership units of Steel Technology, LLC. for approximately $210 million in cash.
Helen of Troy closed at $95.36 on Monday, up $0.08.
LKQ to Acquire Pittsburgh Glass Works from Kohlberg & Co for $635M
The Deal:
LKQ Corporation (NASDAQ: LKQ) announced Monday, that it has signed an agreement to acquire Pittsburgh Glass Works LLC from private equity firm Kohlberg & Company LLC PPG Industries, Inc. (NYSE: PPG) for an enterprise value of $635 million. The transaction is expected to be completed in Q2 of 2016.
LKQ closed at $27.60 on Monday, down 2%.
VCA to Acquire Majority Interest in Companion Animal Practices, North America in Deal Valued @ $344M
The Deal:
VCA Inc. (NASDAQ: WOOF) announced Monday, that it would acquire an 80% ownership interest in Companion Animal Practices, North America for $344 million. The deal is expected to close between April and July 2016.
VCA closed at $51.03 on Monday, down $0.39.
API Technologies to be Acquired by Affiliate of J. F. Lehman & Co. for $2.00/Share in Cash
The Deal:
API Technologies Corp. (NASDSQ: ATNY) announced Monday, it will be acquired by an affiliate of private equity firm J. F. Lehman & Company for $2.00 per share in cash. The transaction is expected to close in Q2 of 2016.
API Technologies closed at $1.95 on Monday, up 93%.
Citi to Acquire Costco U.S. Co-Brand Card Portfolio from American Express
The Deal:
Citi (NYSE: C) announced Monday, an agreement with American Express (NYSE: AXP) to acquire Costco's (NASDAQ: COST) U.S. co-brand credit card portfolio. The transaction is expected to close in mid-2016 and Citi does not expect the impact of the acquisition and conversion to be material to its earnings in 2016. American Express estimates a gain of approximately $1 billion.
American Express closed at $1.95 on Monday, up 93%.
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