Wall Street's M&A Chatter From December 20

The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday December 20, 2016.

Fred's to Acquire Rite Aid Stores for $950M in Cash

The Deal:

Fred's, Inc. FRED announced an agreement with Walgreens Boots Alliance Inc WBA and Rite Aid Corporation RAD to purchase 865 stores and certain assets across the eastern and western United States for $950 million in cash. The deal is expected to close in H1 of 2017.

The sale is being made as a condition of Walgreens takeover of Rite Aid.

Fred's closed at $20.19 on Tuesday, up 81.08 percent.

Reading International Confirms Receipt of Unsolicited, Conditional Proposal from Patton Vision to Acquire All Stock for $18.50/Share

The Deal:

Reading International, Inc. RDI confirmed that it has received an unsolicited, conditional proposal from Patton Vision, LLC, which claims to represent a consortium of investors, to acquire all of the outstanding shares of Class A and Class B common stock of Reading for $18.50 per share in cash.

Reading had previously announced it received correspondence from Patton in May 2016 and September 2016 regarding unsolicited, non-binding indications of interest to acquire all of Reading's outstanding stock for $17.00 per share. That offer was rejected by the Reading Board.

The Reading Board said Tuesday, it will review the revised unsolicited, conditional proposal.

Reading International closed Tuesday at $16.88, up $0.08.

Linde, Praxair Confirm Intention to Merge

The Merger Confirmation:

Linde AG LNEGY and Praxair, Inc. PX confirmed the companies will combine in a merger of equals in an all-stock transaction. Linde shareholders will receive 1.540 shares in a new holding company for each Linde share exchanged and Praxair shareholders will receive one share in the new holding company for each Praxair share they own. Shareholders of each company will own approximately 50 percent of the combined company.

Praxair closed Tuesday at $118.00, down 3.75 percent.

Traders Circulate Chatter of McDonald's Bid for Shake Shack

The Rumor:

Shares of Shake Shack Inc SHAK spiked as high as $39.37, on unconfirmed chatter that McDonald's Corporation MCD could bid $48 per share for the burger chain. McDonald's is said to be working with advisors on a proposal.

Shake Shack closed Tuesday at $37.98, down $0.18.