May 18, 2018
- Alphabet (GOOG): Reuters reported that Alphabet Inc.’s YouTube unit will launch a music streaming service named YouTube Music on May 22 that will offer both ad-supported and $9.99-per-month versions of its service and will compete directly with similar services from Spotify Technology (POT), Pandora Media (P) Apple (AAPL) and Amazon.com (AMZN).
- PayPal (PYPL): TechCrunch reported that PayPal Holdings, Inc. will acquire iZettle, a European provider of point of sales devices for small businesses, for $2.2 billion.
- Kroger (KR): The Kroger Co. announced that it entered into an exclusive partnership agreement with Ocado Group, a British online supermarket, to provide its customers with online ordering, automated fulfillment and home delivery of Kroger’s products. As part of the agreement, Kroger stated that it will buy a 5% stake in Ocado by purchasing approximately 33.1 million new, ordinary shares of the company at a value of £183 million ($247 million).
- Williams Companies (WMB) and Williams Partners (WPZ): The Williams Companies, Inc. and Williams Partners L.P. announced that they entered into an agreement for Williams Companies to acquire all of the outstanding public common units of Williams Partners in a stock-for-unit transaction at a 1.494 ratio of Williams’s common shares per unit of Williams Partners. Williams Companies stated that the acquisition, which is valued at $10.5 billion, will immediately add cash available for dividends, retain significant distributable cash flow coverage, extend the period for which Williams is not expected to be a cash taxpayer through the year 2024 and give Williams Partners an investment grade profile.
- Hasbro (HAS): Hasbro, Inc. announced that its Board of Directors authorized the company to repurchase $500 million of its common stock in addition to a $139.2 repurchase authorization that remained available as of March 31, 2018.
- AmTrust Financial (AFSI): Activist investor Carl Icahn wrote a letter to AmTrust Financial Services Inc. stating that he is “strongly against” the company going private and that he intends to solicit proxies against the company going private.
- Valeant Pharmaceuticals (VRX): Valeant Pharmaceuticals International, Inc. announced that it’s offering $750,000,000 aggregate principal amount of unsecured senior notes due 2027 to refinance the company’s outstanding Term B loans and redeem the Company’s 5.375% Senior Notes due 2020, 6.375% Senior Notes due 2020, 6.75% Senior Notes due 2021 and 7.25% Senior Notes due 2022.
- Loxo Oncology (LOXO): Loxo Oncology, Inc. announced that it experienced positive results from a phase 1 clinical trial of the company’s cancer drug.
- Minerva Neurosciences (NERV): Minerva Neurosciences announced that it experienced positive results from a phase 2b trial of the company’s treatment for schizophrenia.