Sinclair Broadcast Group will acquire Tribune Media Company

On May 8, 2017, Sinclair Broadcast Group, Inc. (NASDAQ: SBGI) (“Sinclair”) announced that it has entered into a definitive agreement under which Sinclair will acquire Tribune Media Company (NYSE: TRCO) (“Tribune”) for total purchase price of approximately $3.9 billion. Sinclair is one of the largest television broadcasting companies in the country. It owns and operates a multicast network, four radio stations, and a cable network. Tribune is comprised of 42 owned or operated broadcast stations, national entertainment network WGN America, Tribune Studios, WGN-Radio, and a significant number of real estate properties and strategic investments.

Under the terms of the Agreement, Sinclair will acquire 100% of the outstanding shares of Tribune for $43.50 per share, which represents a premium of approximately 8% over Tribune’s closing share price (as of May 5, 2017). This represents a total purchase price of $3.9 billion, plus the assumption of approximately $2.7 billion in net debt. The transaction is anticipated to close and fund in the final quarter of 2017.
Read the full press release at www.sbgi.net


Below are highlights of additional Merger and Acquisition activity from the last week:

Life Sciences M&A News: On May 15, 2017, Thermo Fisher Scientific, Inc. (NYSE: TMO), which provides analytical instruments, equipment, reagents and consumables, software, and various services, announced it will acquire Patheon N.V. (NYSE: PTHN) – a leading global provider of high-quality drug development and delivery solutions to the pharmaceutical and biopharma sectors. The transaction represents a purchase price of approximately $7.2 billion, which includes the assumption of approximately $2.0 billion of net debt.
Read more at www.thermofisher.com

Apparel & Accessories M&A News: On May 8, 2017, Coach Inc. (NYSE: COH), a leading New York designer of modern luxury accessories and lifestyle brands, announced that it had entered into a definitive agreement to acquire Kate Spade & Company (NYSE: KATE). Coach will acquire the outstanding shares for $18.50 per share in cash, which represents a total transaction price of $2.4 billion.
Read more at www.coach.com

Apparel & Accessories M&A News: On May 10, 2017, KPS Capital Partners, LP (“KPS”), announced that it had entered into a definitive agreement to acquire the TaylorMade Golf Company from Adidas AG. Under the Agreement, KPS will acquire TaylorMade, Adams and Ashworth brands (collectively, “TaylorMade”) for a total purchase price of $425 million. The transaction is expected to be completed later in 2017.
Read more at www.kpsfund.com