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Market Update

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

Author: Mukesh Buch
Last Update: 5:54 PM ET November 28 2016

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.

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.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc