Wall Street's M&A Chatter From June 28: Staples, Lululemon, Time, Royal Philips-Spectranetics

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 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 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 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. 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.