Medtronic in $1.1 B Deal with HeartWare, Judge Sides with Energy Transfer

Mukesh Buch
27 Jun, 2016
New York City

Delaware judge ordered Energy Transfer Equity can exit from its proposed $19.86 billion acquisition of Williams Co. Medtronic agreed to acquire HeartWare Intl for $1.1 billion. Skullcandy received an unsolicited proposal.

[R]2:00 PM New York – Delaware judge ordered Energy Transfer Equity can exit from its proposed $19.86 billion acquisition of Williams Co. Medtronic agreed to acquire HeartWare Intl for $1.1 billion. Skullcandy received an unsolicited proposal.[/R]

Tollbooth Index declined 146.29 or 1.4% to 10,183.16.

Earnings Review

Energy Transfer Equity LP ((ETE)) rose 13 cents to $13.96 after the Delaware judge ordered that the company can exit from its proposed $19.86 billion merger acquisition of Williams Co.

The ruling came in favor of the company after a lawsuit filed by Williams to force Energy Transfer to complete the deal. However, Williams said it will ""take appropriate actions to enforce its rights.""

Medtronic Plc ((MDT)) slipped 1.7% or $1.43 to $81.83 after the medical equipment maker agreed to acquire smaller rival HeartWare International, Inc for about $1.1 billion.

HeartWare International, Inc stock surged 91.9% to $57.53.

The transaction is expected to close during Medtronic''s second-quarter ending in October.

People''s United Financial, Inc ((PBCT)) declined 6.4% or 97 cents to $14.11 after the retail and mortgage bank agreed to acquire Suffolk Bancorp in a transaction valued at about $402 million.

Skullcandy Inc ((SKUL)) jumped 5.6% or 33 cents to $6.09 after the audio and gaming product maker today said that it received an unsolicited proposal from Mill Road Capital to buy all the outstanding shares of the company in cash for $6.05 per share.

Earlier on Friday, Skullcandy agreed to be acquired by Incipio LLC for $5.75 per share in cash, or total of about $177 million, the merger agreement provides for a ""go-shop"" period until July 23 to solicit alternative proposals from third parties.

The transaction is expected to close in the third-quarter of this year.