Welcome to the Chippy issue of M&A Daily
Toshiba is spinning-off its core memory chip business and seeking outside investors in it. Potential suitors include Apple (NASDAQ:AAPL), Foxconn (OTC:FXCOF), TSMC (NYSE:TSM), Microsoft (NASDAQ:MSFT), Western Digital (NYSE:WDC), Micron (NASDAQ:MU), and SK Hynix (OTC:HXSCF).
Apple could have the edge to win the business, which would allow it to lock in memory technology for its iPhone and other products. Micron and SK Hynix face antitrust issues while Foxconn faces national security issues. The seller values the business at $17-18 billion. Bids are due March 29. Toshiba shareholders meet March 30 and the spin is scheduled for April 1.
Reading (NASDAQ:RDI) rejected an $18.50 per share offer from Patton Vision.
Energy Transfer Partners
All regulatory filings have been made for the FairPoint (NASDAQ:FRP) acquisition by Consolidated Communications (NASDAQ:CNSL). So far, HSR has been early terminated and two of eleven state approvals have been secured.
PrivateBancorp (NASDAQ:PVTB) set a new record date of March 31 for its shareholder vote on their acquisition by CIBC (NYSE:CM). The vote itself will be around May 4. More to come in future editions of M&A Daily…
Elsewhere on Seeking Alpha
- GM's Merger Monday
- Palo Alto Networks Acquires LightCyber
- Michael Kors' Acquisition Of Kate Spade
- PepsiCo: The Hunter, Not The Hunted
Beyond Seeking Alpha
- Playa-ing around with SPACs (Part 1)
- Playa-ing around with SPACs (Part 2)
- Argo Group publishes 2016 results
- A Structural Model of the Retail Market for Illicit Drugs
Disclosure: I am/we are long RDI, LLTC.
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. This post may contain affiliate links, consistent with the disclosure in such links. 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.