The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday, August 21, 2017.
Baidu Selling Takeout Delivery Business to Alibaba-Backed Ele.me
The Rumor:
Baidu Inc (ADR) (NYSE: BIDU) is selling
its takeout delivery business to Ele.me, according to sources as reported by the Wall Street Journal. Ele.me is backed by
Alibaba Group Holding Ltd (NASDAQ: BABA).
The cash-and-stock deal is expected to be announced later this week, the sources said.
Baidu closed at $222.482, up $1.79.
Fiat Chrysler Says it has Not been Approached by Great Wall Regarding Acquisition of Jeep Brand
The Rumor:
Fiat Chrysler Automobiles NV (NYSE: FCAU)
said it had not been approached by China's Great Wall Motor regarding a potential sale of the Jeep brand. The Wall Street Journal
reported earlier that Great Wall was seeking a meeting with FCA to discuss a possible deal for the iconic brand.
Fiat Chrysler closed at $13.44, up 87 cents.
Herbalife Held Takeover Talks with Major PE Firm
The Talks:
Herbalife Ltd. (NYSE: HLF) announced it was
recently in discussions with a prospective financial investor regarding a potential "going-private" transaction. The talks were
formally terminated on August 16, 2017, because the Board of Directors decided instead to conduct a tender offer to purchase up to
$600 million of the company's shares at between $60 and $68 per share.
In addition, Herbalife investor Carl Icahn, agreed not to acquire more than 50 percent of the company for a period of two years
following the buyback, unless 100% of the company is acquired.
Herbalife closed at $68.04, up $6.09.
Cisco Announces Intent to Acquire Springpath for $320M
The Deal:
Cisco (NASDAQ: CSCO) announced its
intent to acquire the provider of hyperconvergence software, Springpath, Inc., for $320 million in cash and assumed equity awards,
plus additional retention-based incentives. The deal is expected to close in Cisco's FY 2018 Q1, subject to regulatory review.
Cisco closed at $30.68, up 31 cents.
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