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Wall Street's M&A Chatter From May 10: Abercrombie & Fitch, Calpine, Sprint-T-Mobile


The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday, May 10, 2017.

SoftBank Seeks Talks for Sprint Merger with T-Mobile

The Founder Comments:

SoftBank (OTC: SFTBY) founder Masayoshi Son is seeking to initiate discussions to merge Sprint Corp (NYSE: S) with rival T-Mobile US Inc (NASDAQ: TMUS), according to the Financial Times. Son said his preference for a merger partner remains T-Mobile, but added “we’re basically open to anything." Son said he would study each possibility "with an open mind.” Sprint closed at $7.88, down $0.02.

Iconix Brand Group to Sell Peanuts and Strawberry Shortcake Brands to DHX Media for $345M in Cash

The Deal:

Iconix Brand Group Inc (NASDAQ: ICON) announced it has entered into a definitive agreement to sell its interest in the Peanuts and Strawberry Shortcake brands to DHX Media Ltd. for $345 million in cash. The transaction is expected to close by the end of Q2 of 2017, is subject to certain customary closing conditions.

DHX closed at $4.40, up $0.05.

Cardiovascular Systems Said to be for Sale

The Rumor:

Shares of Cardiovascular Systems Inc (NASDAQ: CSII) rose as high as $32.54 as CTFN reported the company is for sale, according to sources. There were multiple large block trades in CSII over the past week.

Cardiovascular Systems closed at $32.14, up $2.13.

Calpine Exploring Sale

The Rumor:

Calpine Corporation (NYSE: CPN) is exploring a sale and is working with Lazard to find potential buyers, according to a report from the Wall Street Journal. Calpine shares rose as high as $11.92 on the report, which said the auction process is at an early stage. Calpine declined comment. Tudor Pickering said a deal for Calpine is unlikely.

Calpine closed at $11.89, up $1.82.

Abercrombie & Fitch Confirms Preliminary Talks for Potential Transaction

The Confirmation:

Abercrombie & Fitch Co. (NYSE: ANF) confirmed a Reuters report that the company has received expressions of interest and is in preliminary discussions with several parties regarding a potential transaction. The apparel retailer said there can be no assurance of an agreement or a transaction being consummated and there would be no further comments until discussions are concluded.

Abercrombie & Fitch closed at $14.22, up $1.55. Shares traded at $14.55 after-hours.