While seemingly every investor focusing on M&A is looking at CVS Health (CVS) - Get CVS Health Corporation Report and Aetna (AET) , another deal is flying under the radar: Prysmian (PRYMY) agreeing to buy General Cable (BGC) for $3 billion.
The deal values General Cable at $30 per share, a 37.6% premium to its Friday closing price just below $22. Investors would usually be talking about this deal Monday morning, but because of the larger deals taking place more recently, it's going unnoticed by many, TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment.
These $2 billion to $3 billion deals just don't get the kind of coverage they used to. Particularly now with Broadcom (AVGO) - Get Broadcom Inc. Report trying to buy Qualcomm (QCOM) - Get QUALCOMM Incorporated Report for some $130 billion and with CVS and Aetna tying the knot for $69 billion.
Disney's (DIS) - Get The Walt Disney Company Report attempt to buy parts of Twenty-First Century (FOX) - Get Fox Corporation Report will be pricey and even some of the so-called smaller deals have splashy headlines, like Amazon (AMZN) - Get Amazon.com Inc. Report buying Whole Foods for $13.7 billion. An over-the-counter traded stock buying a cable-cord producer just isn't as sexy.
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Still, these deals are significant for shareholders, Cramer pointed out. Consider that many believe the stock market is overvalued. Yet if you owned General Cable over the weekend, you woke up with a 34% gain Monday morning.
There will likely be a few more of these types of deals between now and the end of the year, concluded Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.
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At the time of publication, Cramer's Action Alerts PLUS had a position in AVGO.