Courtesy of Benzinga.
The following are the M&A deals, rumors and chatter circulating on Wall Street for Tuesday, June 27, 2017.
Walgreens Said to be Skeptical about Rite Aid Deal Getting Regulatory Approval
The Rumor:
Shares of Rite Aid Corporation (NYSE: RAD) pulled back Tuesday, following a New York Post report that sources close to Walgreens Boots Alliance Inc (NASDAQ: WBA) are skeptical that the FTC will vote to approve the merger of the drug chains. The Post report contradicts a Monday CTFN report that the proposed merger will likely be approved by the Federal Trade Commission, with a vote expected this week.
One source commented “There is not much hope [of it being cleared]”, citing the fact that FTC Chair Maureen Ohlhausen is holding a meeting Thursday, as opposed to waiting till July 7, when the merger would pass without a vote.
Rite Aid closed at $3.74, down $0.31.
National Enquirer Owner Interested in Making Bid for Time
The Rumor:
The New Yorker is reporting in its July 3 edition that National Enquirer owner David Pecker is interested in acquiring Time Inc (NYSE: TIME). The potential deal is mentioned in an article entitled “The National Enquirer’s Fervor for Trump.” Previous bids from a group led by Edgar Bronfman and from Meredith Corp (NYSE: MDP) fell short of the $20.00 per share sought by Time, according to various media reports.
Time shares spiked as high as $14.51 and closed at $13.75, unchanged.
Betaville Reporting Bankrate Exploring a Sale
The Rumor:
Shares of BankRate Inc (NASDAQ: RATE) spiked to a high of $12.95. The Betaville blog reported the provider of personal finance content is exploring a sale.
BankRate closed at $8.18, up $0.17.
Report of Potential Investment in Sprint from Comcast, Charter
The Rumor:
Sprint Corp (NYSE: S) in exclusive talks with Charter Communications Inc. (NASDAQ: CHTR) and Comcast Corporation (NASDAQ: CMCSA) regarding a potential wireless partnership, according to sources as reported by the Wall Street Journal. The two-month, exclusive agreement puts merger talks with T-Mobile US Inc. (NASDAQ: TMUS) on hold, the sources said.
A Sprint spokesperson told Benzinga, “We’re not commenting one way or the other.”
Sprint closed at $8.18, up $0.17.
