Wall Street's M&A Chatter From August 21: Herbalife, Fiat Chrysler, Baidu, Cisco-Springpath

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

Baidu Selling Takeout Delivery Business to Alibaba-Backed Ele.me

The Rumor:

Baidu Inc (ADR) BIDU is selling its takeout delivery business to Ele.me, according to sources as reported by the Wall Street Journal. Ele.me is backed by Alibaba Group Holding Ltd BABA. The cash-and-stock deal is expected to be announced later this week, the sources said.

Baidu closed at $222.482, up $1.79.

Fiat Chrysler Says it has Not been Approached by Great Wall Regarding Acquisition of Jeep Brand

The Rumor:

Fiat Chrysler Automobiles NV FCAU said it had not been approached by China's Great Wall Motor regarding a potential sale of the Jeep brand. The Wall Street Journal reported earlier that Great Wall was seeking a meeting with FCA to discuss a possible deal for the iconic brand.

Fiat Chrysler closed at $13.44, up 87 cents.

Herbalife Held Takeover Talks with Major PE Firm

The Talks:

Herbalife Ltd. HLF announced it was recently in discussions with a prospective financial investor regarding a potential "going-private" transaction. The talks were formally terminated on August 16, 2017, because the Board of Directors decided instead to conduct a tender offer to purchase up to $600 million of the company's shares at between $60 and $68 per share.

In addition, Herbalife investor Carl Icahn, agreed not to acquire more than 50 percent of the company for a period of two years following the buyback, unless 100% of the company is acquired.

Herbalife closed at $68.04, up $6.09.

Cisco Announces Intent to Acquire Springpath for $320M

The Deal:

Cisco CSCO announced its intent to acquire the provider of hyperconvergence software, Springpath, Inc., for $320 million in cash and assumed equity awards, plus additional retention-based incentives. The deal is expected to close in Cisco's FY 2018 Q1, subject to regulatory review.

Cisco closed at $30.68, up 31 cents.