Benzinga's M&A Chatter for Wednesday May 22, 2013

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday May 22, 2013:

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Clearwire Corporation

announced Wednesday that its Special Committee of the Board of Directors and its Board of Directors have approved the revised offer from Sprint

to acquire the approximately 50 percent stake in Clearwire it does not already own, for $3.40 per share. The Special Meeting of Stockholders will take place on Friday, May 31, 2013 at 1:30 PM ET. Clearwire closed at $3.38 Wednesday, a loss of $0.02 on 6 times average volume.

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Le Gaga Holdings

announced Wednesday that it has received a non-binding proposal from a group led by the company's Chairman, Ms. Na Lai Chiu, to acquire all of the outstanding shares of the Company not currently owned by the group, as part of a "going private" transaction at a price of $4.01 in cash per ADS. The group intends to form an acquisition company to implement the transaction and obtain financing. Le Gaga Holdings closed at $3.78 Wednesday, a gain of 13% on 18 times average volume.

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Rackspace

has received an offer of $60 per share from IBM

, according to unconfirmed sources. A similar report surfaced on May 2, with the company rumored to have hired Goldman Sachs as an adivsor. A spokesperson for Rackspace declined comment. An IBM spokesperson was not available for comment. Rackspace closed at $37.56 Wednesday, a gain of 1% on 1.5 times average volume.

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Logitech

is reportedly offering $7.75 per share to acquire ZAGG

, according to the Swiss publication

. A spokesperson for Logitech declined comment on the report. A ZAGG spokesperson was not available for comment. ZAGG closed at $5.13 Wednesday, a gain of 2% on 3.5 times average volume.