Courtesy of Benzinga.
The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday March 3, 2014:
Report of Reynolds American Interest in Lorillard Acquisition
The Rumor:
Shares of Lorillard (NYSE: LO) surged higher Monday on a report from Financial Times that Reynolds American (NYSE: RAI) was considering a bid for the company, whose brands include Newport, Kent and e-cigarette brand Blu. According to sources, Lorillard has hired Lazard as an adivisor on a potential deal, which reportedly would be valued at more than $20 billion. Lorillard’s market cap at the close of trade Monday was $19.42 billion.
A Spokesperson for Reynolds American declined comment on the report, a Lorilard spokesperson was not available.
Lorillard closed Monday at $53.61, a gain of 9%. Reynolds American closed at $53.29, a gain of almost 5%.
Caesars Growth Partners to Acquire $2.2B of Assets from Caesars Entertainment
The Deal:
Caesars Acquisition Company (NASDAQ: CACQ) announced Monday that Caesars Growth Partners will acquire Bally’s Las Vegas, The Cromwell, The Quad Resort & Casino and Harrah’s New Orleans from Caesars Entertainment Corporation (NYSE: CZR) for $2.2 billion. The purchase price includes assumed debt of $185 million and committed project capital expenditures of $223 million, resulting in cash consideration of approximately $1.8 billion.
The deal is expected to close in Q2 2014.
Caesars Entertainment closed Monday at $25.59, a loss of 1.5%.
Report Loral Hires Perella to Assist in Possible Sale
The Rumor:
Shares of Loral Space & Communications (NASDAQ: LORL) spiked higher Monday on a report from Reuters that the company had hired Perella Weinberg Partners to assist the company on a possible sale, according to sources. Potential buyers reportedly include Carlyle Group (NASDAQ: CG), KKR (NYSE: KKR), Apax Partners, the Canada Pension Plan Investment Board and the Ontario Teachers Pension Plan.
A spokesperson for Loral, which owns a majority stake in Canada’s Telesat Holdings, was not available for comment.
Orbitz Worldwide closed Monday at $9.66, a gain of 1.5%.
Minerals Technologies Raises Bid for AMCOL International to $45/Share in Cash
The Offer:
Minerals Technologies (NYSE: MTX) announced Monday that it has increased its cash offer for AMCOL International (NYSE: ACO) to $45.00 per share. The transaction is expected to close in the H1 2014.
AMCOL International closed Monday at $46.35, a gain of 4.5%.
