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Stock Market & Financial Investment News

News Breaks
June 26, 2014
08:02 EDTABBV, SHPGAbbVie can raise cash portion of Shire offer by 77%, says BMO Capital
BMO Capital estimates that AbbVie (ABBV) can increase the cash portion of its offer for Shire (SHPG) by as much as about 77%. If Shire does raise its bid by that amount, the deal would still be about 6% accretive in 2015 and 15% accretive in 2016, according to the firm. BMO Capital thinks there is a good chance that the deal will occur. It raised its price target on Abbvie to $68 from $60 and keeps an Outperform rating on the shares.
News For ABBV;SHPG From The Last 14 Days
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July 14, 2014
10:00 EDTSHPGOptions with decreasing implied volatility: SHPG INFY CWH FDO IDIX FAST
09:55 EDTSHPGHigh option volume stocks: PTEN MFRM GTIV SHPG IMMR
09:34 EDTABBVAbbVie falls after revised Shire acquisition proposal, levels to watch
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09:16 EDTABBV, SHPGOn The Fly: Pre-market Movers
HIGHER: Citigroup (C), up 3.6% after reporting better than expected Q2 results, announcing $7B settlement with DOJ and FDIC... Apple (AAPL), up 0.7% after Barclays upgrades stock to Overweight, Morgan Stanley raises Apple estimates above consensus... Shire (SHPG), up 1.6% after receiving revised proposal from AbbVie (ABBV) of GPB 53.20 per share, which it says it would be willing to recommend to Shire shareholders. AbbVie is down 2.8% after the news... Mylan (MYL), up 4% after acquiring Abbott's (ABT) non-U.S. developed markets specialty and branded generics business in all-stock transaction valued at about $5.3B. Abbott up 1.6% after the news... Progenics (PGNX), up 13% after FDA says RELISTOR can be approved on data submitted in sNDA... Exelixis (EXEL), up 13% after announcing coBRIM Phase 3 trial met primary endpoint... URS (URS) up 8% after acquired by AECOM Technology (ACM) for $56.31 per share. AECOM shares alos up 2% after deal announcement... Whiting Petroleum (WLL), up 4.5% after agreeing to acquire Kodiak Oil & Gas (KOG) in a $6B transaction. Kodiak Oil & Gas up 3%... Kandi Technologies (KNDI), up 11% after announcing JV's sale of 4,114 EVs in Q2. LOWER: Riverbed (RVBD), down 4.5% after saying it sees its Q2 adjusted EPS at low end of 26c-28c range... Harmonic (HLIT), down 13% after reporting preliminary Q2 earnings results.. EBay (EBAY), down 0.5% after downgraded at Pacific Crest, confirming partnership plans with Sotheby's (BID).
06:03 EDTSHPGStocks with implied volatility below IV index mean; BBBY SHPG
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05:27 EDTSHPG, ABBVShire receives revised proposal from AbbVie of GPB 53.20 per share
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July 13, 2014
17:10 EDTSHPG, ABBVShire said to seek bid of near 53 pounds per share from AbbVie, Reuters says
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July 11, 2014
16:46 EDTSHPG, ABBVStocks end week lower on European, Fed concerns
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14:13 EDTSHPG, ABBVShire, AbbVie didn't commit to further talks, Dow reports
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13:58 EDTABBV, SHPGShire confirms meeting with AbbVie representatives
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11:54 EDTABBV, SHPGAbbVie, Shire in active takeover talks, Bloomberg reports
AbbVie (ABBV) and Shire (SHPG) are in active talks about a potential merger after AbbVie raised its takeover offer for a fourth time, Bloomberg reports, citing people with knowledge of the matter. The talks are in the early stage and may not lead to an agreement, sources told Bloomberg. Shares of Shire are up 5%, or $12.04, to $250.65 following the report.
11:34 EDTABBV, SHPGShire jumps 5% after Bloomberg report on talks with AbbVie
11:33 EDTABBV, SHPGShire, AbbVie held talks after latest raised takeover offer, Bloomberg says
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06:29 EDTABBVAbbVie encourages largest Shire shareholders to pursue talks, Bloomberg says
Shire (SHPG) is hearing from its largest shareholders who are encouraging the company to come to the table and work out an agreement with AbbVie (ABBV), according to Bloomberg, citing three people familiar with the matter. AbbVie is targeting Shire in a $51.1B takeover offer. Reference Link
July 10, 2014
09:40 EDTABBV, SHPGAbbVie, Shire not holding talks at this point as deadline approaches, CNBC says
AbbVie (ABBV) and Shire (SHPG) are not holding talks at this point, according to CNBC's David Faber, citing sources. Shire confirmed two days ago that it has received AbbVie's latest, raised takeover offer and that its board will meet to consider the proposal.
July 9, 2014
18:31 EDTSHPGShareholders urge Allergan to make large acquisition, FT reports
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18:21 EDTSHPGAllergan CEO seeks sizeable acquisitions, WSJ reports
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08:19 EDTABBV, SHPGAbbVie offer may not bring Shire to negotiating table, says BMO Capital
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07:38 EDTSHPG, ABBVShire still has leverage, can get one more raise from AbbVie, Reuters contends
The selloff in shares of Shire (SHPG) and AbbVie (ABBV) yesterday following the latter's increased takeover offer suggests the market now expects a strong rebuttal from Shire, but "one plausible response" is a gently worded rejection that signals that another raised bid would be enough to secure a deal without a hostile play, contended Reuters Breakingviews columnists Neil Unmack and Robert Cyran. Shire’s board still has some leverage and can "probably extract one more increase in return for their recommendation," the authors believe. Reference Link
06:40 EDTABBV, SHPGAbbVie required to retract comments in Shire takeover battle, Reuters says
AbbVie (ABBV) has been required to take back comments made by its CEO Richard Gonzalez regarding shareholder support for its offer for Shire (SHPG), according to Reuters, citing a statement from the U.S. drugmaker. British takeover rules say that a rival is not allowed to claim support for its bid unless it has this in writing from shareholders. Reference Link
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