Wall Street's M&A Chatter From July 13: Tesaro, Time, Frontier Communications, First Citizens BancShares, Brink's-Maco Transportadora

The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday, July 13, 2017.

Report Amazon Considered Time Purchase

The Rumor:

Shares of Time Inc TIME spiked to a high of $14.05 Thursday following a report from Yahoo Finance that Amazon.com, Inc. AMZN CEO Jeff Bezos considered buying the publisher of People, according to sources. Bezos, who owns the Washington Post, is said to have “kicked the tires" but walked away.

Time declined to comment on the rumor, while Amazon didn't respond to requests for comment.

Time closed at $13.95, up $0.35.

Tesaro Sale Process Unlikely to Result in Deal

The Rumor:

Tesaro Inc TSRO's sale process isn't likely to result in a deal, according to sources as reported by CNBC's David Faber on Thursday. Potential buyers had not met Tesaro's price expectations, the sources said.

Tesaro declined comment on the report.

Tesaro closed at $129.13, down $9.22.

Brink's Acquires Maco Transportadora de Caudales for ~$209M

The Deal:

Brink's Company BCO agreed to acquire Maco Transportadora de Caudales S.A. for approximately $209 million in cash. The transaction is expected to close within 30 days.

Brink's closed at $70.10, up $1.20.

First Citizens BancShares Proposes to Acquire KS Bancorp for $35/Share

The Offer:

First Citizens BancShares Inc. FCNCA has made a proposal to acquire KS Bancorp, Inc. KSBI for $35.00 per share in cash, in a transaction valued at approximately $45.8 million. The proposal was presented in a letter to KS Bancorp's Board of Directors.

First Citizens CEO Frank B. Holding, Jr. said, "We are disappointed by KS Bancorp's rejection of our offer without any discussion, and were surprised that the reason given for this was a contemplated S corporation reorganization that we understand would involve a buyout of a significant number of KS Bancorp shareholders. We believe that KS Bancorp shareholders will favor the immediate liquidity at a substantial premium that our acquisition proposal would provide."

First Citizens closed at $$383.00, up $0.83.

Hearing Takeover Chatter in Frontier Communications

The Offer:

Frontier Communications Corp FTR shares rose as traders circulated unconfirmed market chatter. There was unusual activity in the August $15 call on Wednesday.

Frontier Communication closed at $14.05, up $0.57.