Time Rejects $1.8 B Offer, Centennial to Buy Silverback Exploration

Mukesh Buch
28 Nov, 2016
New York City

Centennial agreed to buy Canada-based Accucaps. Edwards Lifesciences agreed to buy Israel-based privately held Valtech Cardio. OpenGate completed the acquisition of Belgium-based Umicore Zinc Chemicals. LKQ agreed to acquire Sweden-based Mekonomen. Time Inc rejected $18 per share offer.

[R]2:10 PM New York – Centennial agreed to acquire Canada-based Accucaps. Edwards Lifesciences agreed to buy Israel-based privately held Valtech Cardio. OpenGate completed the acquisition of Belgium-based Umicore Zinc Chemicals. LKQ agreed to acquire Sweden-based Mekonomen. Time Inc stock surged and rejected $18 per share offer.[/R]

Tollbooth Index decreased 31.44 or 0.3% to 11,109.06.

Earnings Review

Centennial Resource Development Inc ((SRAQU)) surged 11.2% or $1.18 to $11.73 after the assets developer agreed to acquire upstream assets in Reeves County for about $855 million in cash from Silverback Exploration, LLC.

The transaction is expected to close on December 30.

Catalent Inc ((CTLT)) fell 15 cents to $24.79 after the consumer and animal health products maker agreed to acquire Canada-based prescription pharmaceutical softgel maker Accucaps Industries Limited for undisclosed financial terms.

Separately, today Catalent’s subsidiary said it plans to offer senior unsecured notes for up to $400 million due in 2024.

Edwards Lifesciences Corp ((EW)) slipped 1.6% or $1.33 to $84.47 after the medical equipment maker agreed to buy Israel-based privately held Valtech Cardio rival for $340 million in stock and cash and additional $350 million pre-specified payments in next 10-years.

Separately, the heart valves maker said its board of directors had authorized a new share repurchase program for up to $1 billion.

OpenGate Capital LLC, the U.S.-based private equity firm announced today that it had completed the acquisition of Belgium-based specialty materials group Umicore Zinc Chemicals for about $150 million.

LKQ Corporation ((LKQ)) decreased 1.4% or 46 cents to $32.98 after the automobile products maker agreed to acquire Sweden-based rival and automobile parts and accessories retailer Mekonomen AB for undisclosed financial terms but transaction is expected to close in early December.

Time Inc ((TIME)) surged 16.5% or $2.28 to $16.10 after the publishing group rejected $18 per share offer from Edgar Bronfman Jr., Leonard Blavatnik, the owner of Warner Music and former chief Ynon Kreiz of Maker Studios.