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BREAKING NEWS FROM CNBC'S KATE KELLY: SAC'S STEVEN COHEN OFFERING TO TAKE 49% STAKE IN METS

WHEN: Today, Thursday, May 12th

WHERE: CNBC's "The Strategy Session"

Following is the unofficial transcript of breaking news from CNBC's Kate Kelly. All references must be sourced to CNBC.

DAVID FABER: MORE DRAMA UNFOLDING IN STEVE COHEN'S BID FOR THE NEW YORK METS. KATE KELLY SHE'S BACK. AND SHE HAS BREAKING DETAILS. KATE WHAT'S GOING ON?

KATE KELLY: SO DAVID, JUST AN UPDATE ON WHAT'S GOING ON WITH STEVIE COHEN AND HIS MUCH TALKED ABOUT BID FOR THE METS WHICH HAS BEEN TRYING TO SELL ALL MINORITY STAKE FOR SOME TIME NOW. APPARENTLY, COHEN HAS OFFERED TO BUY A 49 PERCENT STAKE FOR ABOUT 200 MILLION DOLLARS, WHICH IS THE CASH THAT THE WILPONS AND KATZES WERE HOPING TO RAISE, BUT HE DOES WANT SOME BOARD SEATS IN THE METS ORGANIZATION AND HE WANTS SOME SIGNIFICANT SAY OVER HOW THEY DO WHAT THEY DO. HOWEVER, VOTING CONTROL WITHIN MAJOR LEAGUE BASEBALL WOULD REMAIN WITH THE WILPONS WHICH IS SOMETHING THAT THEY HAVE BEEN INSISTENT UPON ALL ALONG, AS WELL AS NOT WANTING TO SELL A MAJORITY STAKE WHICH GIVES YOU SORT OF THE 49 PERCENT NUMBER. SO I'M TOLD THAT TALKS ARE AT A LITTLE BIT OF A STALEMATE RIGHT NOW. COHEN IS DEMANDING SORT OF STIFFER TERMS THAN THE ORGANIZATION WAS ORIGINALLY PREPARED TO OFFER, BUT THEY ARE NOT DEAD, THEY ARE STILL HAPPENING AND THE GOAL IS TO GET THIS THING DONE ASAP.

FABER: ALRIGHT, WELL WE ARE GOING TO BE FOLLOWING THAT CLOSELY, KATE.

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