The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday, June 28, 2017.
Phillips to Acquire Spectranetics for $38.50/Share in Cash
The Deal:
Royal Philips and Spectranetics Corp (NASDAQ: SPNC) have entered into a definitive merger agreement under which Philips will
commence a tender offer to acquire all of the issued and outstanding shares of Spectranetics for $38.50 per share in cash. The
transaction is expected to close in Q3 of 2017.
Spectranetics closed at $38.35, up $7.95.
David Pecker Not Bidding for Time Anytime Soon
The Rumor:
David Pecker's American Media, publisher of the National Enquirer, is not raising money to bid for Time Inc
(NYSE: TIME), according to sources as reported by the New York
Post. One source said Pecker needs partners to do the deal.
That follows an earlier report from the July 3 edition of the New Yorker, which indicated Pecker was interested in acquiring the
publisher of Time and People.
Time, Inc. closed at $14.20, up $0.45.
Lululemon Considering Sale to PE
The Rumor:
Shares of Lululemon (NASDAQ: LULU) rose
to a high of $56.25 on Wednesday, as traders circulated unconfirmed market chatter of a possible sale to private equity. "Sources"
say the maker of yoga pants has hired Goldman Sachs to assist in the sale process and a purchase price of $85.00 per share has been
discussed.
A similar rumor surfaced last month.
Lululemon closed at $56.16, up $1.12.
Sycamore to Acquire Staple for $10.25/Share in Cash
The Deal:
Staples, Inc. (NASDAQ: SPLS) and private
equity firm Sycamore Partners have entered into a merger agreement under which investment funds managed by Sycamore Partners will
acquire Staples in a transaction valued at approximately $6.9 billion. Staples' shareholders will receive $10.25 per share in cash
for each share of common stock they own.
The transaction is expected to close no later than December, 2017.
Staples closed at $9.93, and traded as high as $10.09 after-hours.
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