The markets were driving in neutral Monday despite the barrage of M&A deals. Some notable transactions included: Mars Inc.'s purchase of William Wrigley Jr. Co. [WWY] , Maguire Properties Inc.'s [MPG] offer to go private and US Airways Group Inc.'s [LCC] and UAL Corp.'s [UAL] reported merger talks. Overall, the Dow finished down 20.11, or 0.16%, to 12,871.75 while the Nasdaq inched up 1.47, or 0.06%, to 2,424.40
Continue reading below
Wrigley rose $14.46, or 23.15%, to $76.91 after receiving a $23 billion offer in cash from Mars and Berkshire Hathaway Inc. Chicago-based Wrigley will become a standalone subsidiary of privately held Mars, which is best-known for its M&Ms and Snickers. Berkshire will buy a minority equity interest for $2.1 billion in the Wrigley subsidiary at the deal's close at a discount to the share price paid to Wrigley stockholders.
Meanwhile, shareholders of Maguire Properties closed down 2% to $16.62 as the company's special committee of independent directors rejected the CEO's offer to acquire 75% of the company for $952 million, according to The Wall Street Journal.
Lastly, shares of US Airways closed up $1.42, or 20.39%, to $8.62 as the company is reportedly in merger talks with UAL, the owner of United. Talks heated up as Continental Airlines broke off talks with United. - Gerald Magpily
-
