IBM Bidding War Brewing?

| About: International Business (IBM)


Will IBM buy Imperva?

Wal-Mart inks deal.

EverBank sells to TIAA.

Welcome to the Auction Block issue of M&A Daily


IBM (NYSE:IBM) is the top potential suitor for Imperva (NYSE:IMPV), but big blue may have to outbid both Cisco (NASDAQ:CSCO) and Juniper (NYSE:JNPR). Imperva is working with Qatalyst on a sale after succumbing to pressure from Paul Singer's Elliott Management.


Wal-Mart (NYSE:WMT) is buying (Private:JET) for $3.3 billion.


TIAA is buying EverBank (NYSE:EVER) in a $2.5 billion cash deal. EVER holders get $19.50 per share. The buyer is working with Lazard (NYSE:LAZ) and JPMorgan (NYSE:JPM) and the target is working with UBS (NYSE:UBS).


Steinhoff (OTCPK:SNHFY) is buying Mattress Firm (NASDAQ:MFRM) in a $2.4 billion cash deal. MFRM holders get $64 per share. The combined company will have to struggle with increased competition from online direct to consumer alternatives such as Casper.


Alere (NYSE:ALR) filed its 10-K and reported its financial results for the fourth quarter and full year 2015. They revised their financial statements for 2015 and the years ended 2014 and 2013 to fix immaterial mistakes.


HSR expires today for the Galenica (OTC:GNHAY) acquisition of Relypsa (NASDAQ:RLYP).


HSR expires today for the Nichi-Iko acquisition of Sagent (NASDAQ:SGNT).


The Gannett (NYSE:GCI) tender offer for ReachLocal (NASDAQ:RLOC) expires today.


Proxy advisors ISS, Glass Lewis and Egan-Jones recommended holders vote for the Tyco (NYSE:TYC) and Johnson Controls (NYSE:JCI) merger.

Electro Rent

Electro Rent (NASDAQ:ELRC) shareholders approved the acquisition by Platinum Equity.


The second S-4 amendment was filed for the Westfield (NASDAQ:WFD) acquisition of Chicopee (NASDAQ:CBNK).


Diamond (NYSE:DRII) received clearance from Austria and filed with Mexico for its acquisition by Apollo Global (NYSE:APO). More to come in future editions of M&A Daily

Elsewhere on Seeking Alpha

Disclosure: I am/we are long IMPV, EVER, ALR, DRII, OSHC.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: Chris DeMuth Jr and Andrew Walker are portfolio managers at Rangeley Capital. We invest with a margin of safety by buying securities at discounts to their intrinsic value and unlocking that value through corporate events. To maximize returns for our investors, we reserve the right to make investment decisions regarding any security without notification except where notification is required by law. We manage diversified portfolios with a multi-year time horizon. Positions disclosed in articles may vary in sizing, hedges, and place within the capital structure. Disclosed ideas are related to a specific price, value, and time. If any of these attributes change, then the position might change (and probably will).

Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.