Weekly wrap: Astellas, Cleveland-Cliffs, PepsiCo

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Target Acquirer Value ($millions) Synopsis
Audentes Therapeutics Inc Astellas Pharma Inc 3005.5 Astellas Pharma Inc of Japan intended to launch a tender offer to acquire the entire share capital of Audentes Therapeutics Inc (Audentes), a San Francisco-based manufacturer of biological products, for a $60 in cash per share or a total value of $3.005 billion. The offer was conditional upon at least a majority of Audentes' shares being tendered. Upon completion Audentes will be delisted from NASDAQ.
Instructure Inc PIV Purchaser LLC 1816.3 PIV Purchaser LLC, a special purpose acquisition vehicle formed by Thoma Bravo LLC, definitively agreed to merge with Instructure Inc (Instructure), a Salt Lake City-based developer of software, for $47.6 in cash per share, or a total value of $1.816 bil, in a leveraged buyout transaction. Originally, in November 2019, Instructure announced that it was seeking a buyer for its entire share capital.
AK Steel Holding Corp Cleveland-Cliffs Inc 1083.1 Cleveland-Cliffs Inc (Cleveland-Cliffs) definitively agreed to merge with AK Steel Holding Corp (AK Steel), a West Chester-based manufacturer of flat- rolled carbon, stainless and electrical steel products, in a stock swap transaction valued at $1.083 billion. Cleveland-Cliffs offered 0.4 common share per AK Steel share. Based on Cleveland- Cliffs' closing stock price of $8.41 on 2 December 2019, the last full trading day prior to the announcement, each AK Steel share was valued at $3.364. Upon completion, Cleveland-Cliffs and AK Steel shareholders were to own 68% interest and 32% stake in the merged entity, respectively.
Wellesley Bancorp Inc Cambridge Bancorp 121.7 Cambridge Bancorp Inc (Cambridge Bancorp) definitively agreed to acquire the entire share capital of Wellesley Bancorp Inc (Wellesley Bancorp), a Wellesley-based commercial bank, for a total $121.694 mil, in a stock swap transaction. Cambridge Bancorp offered a choice $45.54 per share or 0.580 Cambridge Bancorp common share per Wellesley Bancorp common share. The shares were valued based on Wellesley Bancorp's closing stock price of $76.36 on 04 December 2019, the last full trading prior to the announcement of the transaction, each Wellesley Bancorp shares were valued at $121.693 mil
Carey Watermark Inv Inc-Hotel Noble Investment Group LLC 86.6 Noble Investment Group LLC acquired 2 hotel portfolio of Carey Watermark Investor Inc, a New York City-based lessor of real estate property, for a total $86. 6 mil.
Schiller Grounds Care-Mower Clark Equipment Co 81.7 Clark Equipment Co, a unit of Doosan Bobcat Inc, agreed to acquire mower business of Schiller Grounds Care Inc, a South Hampton-based manufacturer of lawn and garden equipment, for a total $81.686 mil.
Tocqueville Asset Mgmt LP-Tocq Sprott Inc 50.0 Sprott Inc (Sprott) of Canada definitively agreed to acquire Tocqueville Gold Strategies of Tocqueville Asset Management LP, a New York-based portfolio manager, for an amended $50 million. The transaction was to consist of $12.5 million in cash, $2.5 million in common shares and up to $35 million in profit-related payments. Originally, Sprott offered an estimated $10 million in cash, $5 million in common shares and up to $35 million in profit-related payments.
Torotel Inc Standex International Corp 48.0 Standex International Corp definitively agreed to acquire the entire share capital of in Torotel Inc, an Olathe-based manufacturer of electronic coils, transformers and other inductors, for a total $48 mil, including the assumption of $1.4 million in liabilities.
Tech Data Corp Berkshire Hathaway Inc Berkshire Hathaway Inc was rumored to be planning to acquire the entire share capital of Tech Data Corp (Tech Data), a Clearwater-based wholesaler of technology products. The terms of the transaction were not disclosed, but according to sources close to the transaction, the value was estimated at $5.14 billion. Originally, Tiger Midco LLC, a special acquisition vehicle formed by Apollo Global Management Inc, definitively agreed to merge with Tech Data.
Hogan Finl Mgmt Llc Creative Planning Inc Creative Planning Inc acquired Hogan Financial Management LLC, a Milwaukee-based provider of administrative management and general management consulting services.
Illinicare Health Plan Inc CVS Health Corp CVS Health Corp planned to acquire Illinicare Health Plan Inc, a Westmont-based direct health and medical insurance carrier, from Centene Corp.
Med Sys Tech Llc DirectMed Parts & Service LLC DirectMed Parts & Service LLC, a unit of Mercury Partners Management LLC, acquired Medical Systems Technologies LLC, a Longmont-based manufacturer of medical instruments.
PRTI Inc Energen Global Ltd Energen Global Ltd of Malta agreed to acquire an undisclosed majority interest in PRTI Inc, a Franklinton-based provider of tire to energy conversion services.
SnapApp Inc Flyp Technologies Inc Flyp Technologies Inc of Canada acquired SnapApp Inc, a Boston-based developer of software.
Intelliquip Inc FPX LLC FPX LLC, a unit of HGGC LLC, acquired Intelliquip Inc, a Bethlehem-based provider of custom computer programming services.
Vertiv Co Gs Acquisition Holdings Corp Gs Acquisition Holdings Corp was rumored to be planning to acquire Vertiv Co, a Columbus-based manufacturer of computer peripheral equipment, from Platinum Equity LLC. The terms of the transaction were not disclosed, but according to sources close to the transaction, the value was estimated at $5 bil.
Servline Homeserve PLC Homeserve PLC of the UK acquired Servline, a Chattanooga-based water supply system operator.
HMBD Inc Hub International Ltd Hub International Ltd, a unit of Hellman & Friedman LLC, acquired Hamman Miller Beauchamp Deeble Inc, a Long Beach-based insurance agency.
Pie Forensic Consultants Inc Lerch Bates Inc Lerch Bates Inc acquired Pie Forensic Consultants Inc, an Arvada-based provider of administrative management and general management consulting services.
Global Stem Cells Group Inc Meso Numismatics Inc Meso Numismatics Inc planned to acquire Global Stem Cells Group Inc, a Miami Lakes-based medical equipment and supplies merchant wholesaler.
Synesso Inc Middleby Corp Middleby Corp acquired Synesso Inc, a Seattle-based commercial equipment merchant wholesaler.
GAT Airline Ground Support Inc Moog Inc Moog Inc acquired GAT Airline Ground Support Inc, a Peachtree-based provider of air transportation support services, from Atlantic Street Capital Management LLC. Concurrently, Moog Inc acquired Gat Gesellschaft Fuer Antriebstechnik GmbH. The two trasnactions were to have a combined deal value of EUR 48.5 million (USD 53.423 mil).
New Haven Hotel Noble Investment Group LLC Noble Investment Group LLC acquired New Haven Hotel, a New Haven-based hotel operator.
BFY Brands LLC PepsiCo Inc PepsiCo Inc definitively agreed to acquire BFY Brands LLC, a Middletown-based manufacturer of foods.
Tvs Filters Pleatco LLC Pleatco LLC acquired Tvs Filters, a Bessemer-based manufacturer of air purification equipment. Terms of the transaction were not disclosed.
Scantron Corp Transom Capital Group LLC Transom Capital Group LLC acquired Scantron Corp, a Tustin-based manufacturer of computer peripheral equipment, from John H Harland Co, in a leveraged buyout transaction.
URS Mgmt Svcs Inc-Finl Svcs Transworld Systems Inc Transworld Systems Inc, a unit of Platinum Equity LLC, definitively agreed to acquire financial services business of URS Management Services Inc, a Houston-based provider of financial investment services.
N&S Supply of Fishkill Inc Watsco Inc Watsco Inc acquired N&S Supply of Fishkill Inc, a Fishkill-based air- conditioning equipment and supplies merchant wholesaler. Terms were not disclosed.
Versare Solutions LLC Wilsquare Capital LLC Wilsquare Capital LLC acquired Versare Solutions LLC, a Minneapolis-based furniture store operator.
US M&A Deals Announced November 29 to December 05, 2019