June 11, 2018
- Rockwell Automation (ROK) and PTC Inc. (PTC): Rockwell Automation, Inc. and PTC Inc. announced that they entered into a definitive agreement under which Rockwell will make a $1 billion equity investment in PTC by acquiring 10.6 million newly issued shares of the company’s stock at a price of $94.50, representing approximately and 8.4% ownership interest in PTC. Separately, Rockwell announced that it increased its share repurchase target for its fiscal year ending September 30, 2018 to $1.5 billion from an earlier target of $1.2 billion.
- Envision Healthcare (EVHC) and KKR Co. (KKR): Envision Healthcare Corporation and KKR & Co. L.P. announced that they entered into a definitive agreement under which KKR will acquire Envision for $46 per share, in cash, for a total of approximately $9.9 billion, including the assumption or repayment of Envision’s debt.
- Newell Brands (NWL): Newell Brands Inc. announced that its Board of Directors authorized the company to repurchase up to $3.6 billion of its stock through December 31, 2019, including $1.1 billion of planned repurchases that remain under a prior authorization. Newell added that it continues to anticipate after-tax proceeds of approximately $10 billion from planned asset divestitures as part of its Accelerated Transformation Plan.
- USG Corp. (USG): USG Corporation announced that it entered into a definitive agreement with Germany’s Gebr. Knauf KG under which Knauf will acquire all of USG’s outstanding stock for $44 per share, for a total of approximately $7 billion. USG added that Berkshire Hathaway (BRK.B), which owns approximately 31% of the company’s shares, agreed to vote its shares in favor of the acquisition, which the companies expect to close during early 2019.
- NetEase (NTES): NetEase, Inc. announced that its Board of Directors increased the company’s stock repurchase authorization to $2 billion, from a prior authorization of $1 billion.
- LaSalle Hotel Properties (LHO), Pebblebrook Hotel Trust (PEB) and Blackstone (BX): LaSalle Hotel Properties announced that it received a proposal from Pebblebrook Hotel Trust on June 11, 2018 to acquire LaSalle for 0.92 common shares of Pebblebrook per common share of LaSalle, with the option for LaSalle shareholders to elect to receive cash up to a maximum of 20% in aggregate of the consideration, subject to pro ration. Previously, La Salle announced on May 21, 2018 that it entered into a definitive agreement with affiliates of Blackstone Real Estate Partners VIII, under which The Blackstone Group L.P. will acquire all LaSalle’s common stock for $33.50 per share in an all-cash transaction valued at $4.8 billion. In accordance with the terms of the Blackstone Merger Agreement, and in consultation with its financial and legal advisors, LaSalle stated that its Board of Trustees will review Pebblebrook’s proposal to determine the course of action that it believes is in the best interest of the company’s shareholders.
- Boston Scientific (BSX) and Stryker (SYK): The Wall Street Journal reported that Stryker Corporation made a takeover offer to acquire Boston Scientific Corporation.
- United Continental (UAL): United Continental Holdings Inc. announced that its revenue passenger miles rose increased 6.7 percent during May, as compared to the same month a year ago.