Market Overview

Wall Street's M&A Chatter From May 17: SiriusXM-Pandora, WebMD, Colgate, Calpine


The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday, May 17, 2017.

Colgate-Palmolive Might be for Sale for $100/Share

The Rumor:

Colgate-Palmolive’s (NYSE: CL) CEO Ian Cook has stated recently he would consider selling the company for $100 per share, according to sources as reported by the New York Post. The comment was made at a meeting with institutional investors in recent weeks, a source said.

Kraft Heinz (NASDAQ: KHC) and Unilever (NYSE: UL) have also been rumored buyers for the maker of Irish Spring Soap, as the company has struggled to increase sales.

Colgate declined to comment on what CEO Cook said to investors.

Colgate-Palmolive closed at $75.23, down $0.33.

Dealreporter Says Calpine in Talks with Blackstone, Carlyle Group

The Rumor:

Shares of Calpine (NYSE: CPN) rose Wednesday as Deal Reporter said the largest generator of electricity from natural gas and geothermal resources in the U.S., is in takeover talks with Blackstone (NYSE: BX) and Carlyle Group (NASDAQ: CG). The Wall Street Journal reported last week that Calpine is exploring a sale and is working with Lazard to find potential buyers.

Tudor Pickering said a deal for Calpine is unlikely.

Calpine closed at $13.07, up $0.67.

WebMD Said to Select Round Two Bidders

The Rumor:

Deal Reporter says the first round of bids for WebMD (NASDAQ: WBMD) has ended and and bidders selected for the second round will be notified later this week, according to sources. Bids came in higher than expected, with management seeking a 20 percent premium to the current price level, the sources said.

WebMD is said to have begun the sale process in late March.

WebMD closed at $56.69, up $1.78.

SiriusXM in Talks to Acquire Pandora for Up to $13/Share

The Rumor:

SiriusXM (NASDAQ: SIRI) is in talks about bidding for Pandora Media (NYSE: P), according to sources as reported by the New York Post. An offer could be made at $12.00 to $13.00 per share, a source said.

Greg Maffei, CEO of Liberty Media (NASDAQ: LSXMK), which owns 62 percent of SiriusXM, has said Pandora is worth $10.00 per share.

Pandora is being advised by Morgan Stanley and Centerview on handling offers.

Pandora closed at $8.93 and traded up about $1.00 higher after-hours.

Posted-In: M&A News Rumors


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