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Google Enters New Era

Summary

Google expands in the cloud.

Walgreens expects Rite Aid approval.

Abbott on track to buy St. Jude.

Welcome to the 10100 issue of M&A Daily

Google

Google (GOOG/GOOGL) is buying Apigee (NASDAQ:APIC) for $625 million in cash. APIC holders get $17.40 per share. The deal will probably close by year-end. Apigee works with Walgreens Boots Alliance, Inc. (NASDAQ:WBA), AT&T (NYSE:T), First Data (NYSE:FDC), and Live Nation (NYSE:LYV). According to Apigee CEO Chet Kapoor,

We've entered a new era of cloud computing…

Whenever you hear about "new eras," hide your wallet.

Rite Aid

Walgreens and Rite Aid (NYSE:RAD) continue to work with the FTC staff on their deal. They expect to divest between 500 and 1,000 stores and then close the deal by year-end. The $0.78 arb spread offers a 30% IRR if the deal closes by year-end.

The shares are up over 15% since I recently disclosed Rite Aid as one of my favorite additions to my portfolio on M&A Daily.

Hewlett Packard Enterprise

Hewlett Packard Enterprise (NYSE:HPE) announced plans for a spin-off and merger of its non-core assets with Micro Focus (OTC:MCFUY) in an $8.8 billion deal.

Dell

Dell Technologies (DVMT) received board approval to buy back as much as $1 billion in Class V stock. This is a classic

- originally around a 40% discount that will probably be closer to 20% as both Dell and VMWare (NYSE:VMW) conduct buybacks of the tracker. Ultimately? The spread is probably closer to 0% when the tracker is finally resolved. Any VMW holder (especially those in tax-advantaged accounts or those without adverse tax consequences in taxable accounts) should dump VMW and replace it with DVMT.

AMSURG

The Antitrust Division of the State of Florida Attorney General's office has closed its inquiry into the proposed merger between Envision (NYSE:EVHC) and Amsurg (NASDAQ:AMSG) without taking any action.

AVG

AVG (NYSE:AVG) and AVAST (Private:AVST) received clearance from the Austrian antitrust authorities for their deal.

Press Ganey

The preliminary proxy statement has been filed for the EQT (NYSE:EQT) acquisition of Press Ganey (NYSE:PGND).

ROFIN-SINAR

The Coherent (NASDAQ:COHR) acquisition of Rofin-Sinar (NASDAQ:RSTI) was notified to the European Commission on September 7. Phase I expires October 12.

American Science and Engineering

OSI (NASDAQ:OSIS) secured early termination for its acquisition of American Science and Engineering (NASDAQ:ASEI). The deal will close September 9.

AEP

Today is the HSR filing deadline for the Berry (NYSE:BERY) acquisition of AEP (NASDAQ:AEPI).

Alere

Alere (NYSE:ALR) and Abbott (NYSE:ABT) are willing to mediate their disagreement over antitrust clearance. At the Wells Fargo (NYSE:WFC) conference, Abbott CFO Brian Yoor said that,

I think the company has spoken on behalf of what our position is with Alere. Those facts are well documented, they are out there in the public domain. I understand and we understand this can cause uncertainty but rest assured and we talked about this, it will play out in time. The one important thing that I noted around the Alere that we always said this is that we like their products, we like the markets and the channels that they are in and believe that they would be a great opportunistic position for us with what is already a strong performing diagnostics business. Our diagnostic business from a core position is arguably one of our strongest top to bottom performing business and as a leader and we can talk more about that when we go through the questions on innovation there.

St. Jude

Yoor's tone was quite different on the topic of St. Jude (NYSE:STJ),

With respect to St. Jude, again I pointed to what they have...


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