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6 big deal reports: CVS-Oak Street buyout, Life Storage's hostile bid | Pro Recap

Investing.com
·4-min read

By Davit Kirakosyan

Investing.com -- In some of the biggest M&A headlines that you may have missed on InvestingPro this past week, CVS agreed to buy Oak Street Health, while Public Storage launched a hostile bid for its rival. Start your free 7-day trial of InvestingPro for rapid-fire, comprehensive coverage of market-moving deals. And here is your full Pro Recap for the week.

Oak Street Health surges on $10.6B CVS Health acquisition announcement

CVS Health (NYSE:CVS) confirmed it has reached an agreement to acquire Oak Street Health (NYSE:OSH) for $39 per share in cash, which amounts to an enterprise value of approximately $10.6B and an equity value of roughly $9.47B.

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The news of the impending deal was reported by the Wall Street Journal days earlier, causing Oak Street Health stock to increase by nearly 30% on Tuesday, with an additional 4% rise seen on Wednesday.

Oak Street Health shares surged more than 32% this week, while CVS Health was up more than 4%.

Life Storage shares surge on $11B Public Storage takeout offer

Life Storage (NYSE:LSI) stock surged more than 11% on Monday after it received an $11B unsolicited bid to be acquired by Public Storage (NYSE:PSA) in an all-stock deal, with Life Storage shareholders set to receive 0.4192 shares of Public Storage common stock for each share they own.

The proposed deal, including debt, values Life Storage at $15B, which would make it one of 2023's largest takeovers to date.

Joe Russell, CEO of Public Storage, expressed disappointment over what he characterized as Life Storage's refusal to "engage constructively" with the company. Life Storage's board rejected two takeover bids, one in December and one on January 31. Public Storage hopes that making the takeover attempts public will bring Life Storage's board to the negotiating table.

Public Storage also hiked its dividend by 50% to $3.00 per share, or $12 annualized, for an annual yield of 3.9%. The dividend will be payable on March 30, 2023, to stockholders of record on March 15, 2023, with an ex-dividend date of March 14, 2023.

Life Storage shares closed the week with more than an 11% gain.

Newmont Goldcorp makes $16.9B takeover offer for Newcrest Mining

Sydney shares of Newcrest Mining (ASX:NCM), Australia's largest gold miner, surged 9.3% on Monday after receiving a $16.9B takeover offer from global peer Newmont Goldcorp (NYSE:NEM), the second such approach in recent months. American depositary shares (OTC:NCMGF) were up more than 13% on the day.

Newmont offered 0.380 of its shares for each Newcrest share. If the deal happens, Newmont will own 70% of the combined company and Newcrest will own 30%.

Newmont Goldcorp shares closed the week with more than a 3% loss.

Brookfield Reinsurance to acquire Argo Group for $1.1B

Brookfield Reinsurance (NYSE:BNRE) and Argo (NYSE:ARGO) declared they have reached a final agreement to merge. Brookfield Reinsurance will be purchasing Argo in an all-cash transaction valued at approximately $1.1B.

Argo shares rose nearly 4% on Wednesday following the announcement, closing the week with a 5% gain.

Criteo S.A. initiates a new sale process

Criteo (NASDAQ:CRTO) is making a new effort to sell itself after previous attempts failed, reported Reuters on Tuesday. Investment bank Evercore Inc. is advising the company in the sale process, which began last week. The news caused Criteo's shares to soar around 8% on Tuesday and close the week with a nearly 10% gain.

Globus Medical and NUVASIVE to combine in all-stock deal

Globus Medical (NYSE:GMED) and NuVasive (NASDAQ:NUVA) announced their all-stock merger agreement. The deal, approved by both companies' boards, will result in NuVasive shareholders receiving 0.75 shares of Globus Medical for each NuVasive share, with an implied price of $57.72 and a value of $3.1B based on Globus Medical's Feb 8 closing price.

Upon closing, NuVasive shareholders will own 28% of the combined company and Globus Medical shareholders will own 72%.

Following the announcement, Globus Medical plunged 18% on Thursday (down 24% for the week), while NuVasive gained nearly 3% (down more than 7% for the week).

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