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Wall Street's M&A Chatter From November 10

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday, November 9, 2016.

Merrimack Said to Explore Strategic Alternatives

The Rumor:

Merrimack Pharmaceuticals MACK is said to be working with Credit Suisse and Bank of America on a strategic review that could lead to a sale of assets or a licensing deal, according to sources as reported by Reuters on Wednesday. AbbVie Inc ABBV and Pfizer Inc PFE might have an interest in the company's cancer drugs, the sources said.

Credit Suisse declined comment. Bank of America and Merrimack were not available for comment.

Merrimack closed at $5.82 on Wednesday, up 15 percent.

Ebix to Terminate All Discussions Regarding Potential Acquisition Of Patriot National

The Termination:

Ebix EBIX announced on Sunday it told to Patriot National, Inc. PN that it is terminating all discussions regarding a potential acquisition of Patriot National by Ebix. The reason for the termination was not disclosed by Ebix, due to its NDA with Patriot National.

Patriot National announced on Tuesday, that it had rejected the $475 million offer from Ebix.

Patriot National closed at $6.35 on Wednesday, down 7.97 percent.

GTT Communications to Acquire Hibernia Networks for $590M

The Deal:

GTT Communications, Inc. GTT announced an agreement to acquire Hibernia Networks for $590 million, including $515 million in cash and approximately 3.3 million shares of GTT common stock, to be issued to the sellers at closing, valued at $75 million. The transaction is expected to close by the end of Q1 2017.

GTT Communications closed Wednesday at $23.50, up 10.85 percent.

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