Wall Street's M&A Chatter From December 28

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday December 28, 2016:

Kate Spade Said to Consider Sale of Company

The Rumor:

Kate Spade & Co KATE is said to be considering a sale of the company, according to sources as reported by Dow Jones. The seller of woman's fashion accessories has hired an investment bank and has been in contact with potential buyers, which includes other retailers, the sources said.

Caerus Investors called for Kate Spade to consider a sale after the hedge fund reported a small stake in November. A Kate Spade spokesperson declined comment.

A trade of 2,000 contracts of the January $17 Kate Spade call was reported by Benzinga 11 minutes before the Dow Jones story broke.

Kate Spade closed Wednesday at $17.86, up 23.09 percent.

Rumor of Potential Novartis Bid for Intercept Pharmaceuticals

The Rumor:

Shares of Intercept Pharmaceuticals Inc ICPT rose on a report from Street Insider that Novartis NVS could be planning a bid for the manufacturer of obeticholic acid as treatments for NASH and PBC.

Both Intercept and Novartis declined comment on the rumor.

Intercept Pharmaceuticals closed Wednesday at $113.59, up 9.34 percent.

Shell Midstream Partners, L.P. Acquires Interests in Three Gulf of Mexico Pipelines

The Deal:

Shell Midstream Partners, L.P. SHLX announced it has acquired a 10 percent interest in Proteus Oil Pipeline Company, LLC, 10 percent interest in Endymion Oil Pipeline Company, LLC and a 1 percent interest in Cleopatra Gas Gathering Company, LLC from BP plc (ADR) BP. Terms of the deal were not disclosed.

Shell Midstream Partners closed at $28.85 on Wednesday, down $0.13.