Market Overview

Wall Street's M&A Chatter From June 21: Staples-Sycamore Partners, Diageo-Casamigos, Bristol-Myers, Acadia Pharma

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The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday, June 21, 2017.

Diageo to Acquire Casamigos for $700M Upfront, $300M in Performance-Related Payments

The Deal:

Diageo plc (ADR) (NYSE: DEO) will acquire Casamigos, the tequila brand founded by Rande Gerber, George Clooney and Mike Meldmani. The purchase price is $1 billion, plus up to $300 million in performance-based payments over 10 years.

The transaction is expected to close in the second half of 2017.

Diageo closed at $121.75, down $0.43.

Traders Circulate Chatter of Pfizer in Talks to Acquire Bristol-Myers Squibb

The Rumor:

Shares of Bristol-Myers Squibb Co (NYSE: BMY) spiked to a high of $56.58 as traders circulated unconfirmed market chatter of a potential offer from Pfizer Inc. (NYSE: PFE). "Sources" say Pfizer could bid as high as $75 in cash and stock for the maker of Opdivo and Yervoy.

Carl Icahn took a stake in Bristol-Myers Squibb in February.

Bristol-Myers Squibb closed at $56.07, up $0.41.

Traders Circulate Chatter of Biogen Interest in Acadia

The Rumor:

Shares of Acadia Pharmaceuticals Inc. (NASDAQ: ACAD) traded as high as $30.22, with traders circulating unconfirmed market chatter of a bid from Biogen Inc (NASDAQ: BIIB). "Sources" say the bid could be $42.00 per share.

In February, various reports said the biotech company had been approached by AstraZeneca (NYSE: AZN) and Johnson & Johnson (NYSE: JNJ)

Acadia closed at $29.27, up $1.05.

Sycamore Partners in Advanced Talks to Acquire Staples

The Rumor:

Sycamore Partners is in advanced talks to acquire Staples, Inc. (NASDAQ: SPLS), according to a report from Reuters late Wednesday. A deal could be valued at more than $6 billion and could be announced next week, sources said.

Sycamore beat out Cerberus Capital Managements in an auction process and is finalizing a debt financing package for the deal, according to three sources said.

Staples and Sycamore declined comment on the report.

Staples closed at $8.66 and traded at $9.13 after-hours.

Posted-In: News Rumors M&A

 

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