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News Breaks
March 3, 2014
09:01 EDTAKRXAkorn finds material weaknesses in internal control over financials
Akorn disclosed in today's earnings release that it filed a form with SEC that allows it to extend the deadline to file its Form 10-K for the year-ended December 31, 2013. Akorn said, "The Company has not completed its testing and assessment of the effectiveness of its internal control over financial reporting due in part to identified control deficiencies related to completeness and accuracy of underlying data used in the determination of certain significant estimates and accounting transactions as well as the existence of inadequate segregation of duties. The Company believes that these deficiencies, or combination of deficiencies, represent material weaknesses in its internal control over financial reporting. There is a possibility that upon completion of its testing and assessment of the effectiveness of internal controls over financial reporting, the Company may determine that there are additional material weaknesses. The Company expects to file within the 15-day extension period and expects final financial results will be consistent with those reported in this release."
News For AKRX From The Last 14 Days
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April 24, 2015
16:39 EDTAKRXAkorn down 10% after announcing additional financial restatements needed
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16:16 EDTAKRXAkorn to resume trading at 4:35 pm ET
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16:08 EDTAKRXAkorn backs FY15 adjusted EPS view $1.88-$1.98, consensus $1.95
16:07 EDTAKRXAkorn to make additional financial restatements
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April 21, 2015
11:57 EDTAKRXAkorn rises, Perrigo slips after Teva makes long-rumored Mylan bid
The shares of drugmaker Akorn (AKRX) are rising after Israeli pharmaceutical company Teva (TEVA) earlier today made a takeover bid for another company in the space, generic drugmaker Mylan (MYL). WHAT'S NEW: Teva announced an $82 per share takeover bid for generic drug maker Mylan earlier today. The latter company said that Teva's takeover offer is a more attractive option for it than acquiring another generic drug maker, Perrigo (PRGO). On April 8, Mylan made a $205 per share takeover offer for Perrigo. Teva's bid comes less than a week after Mylan Chairman Robert Coury said that rumors of potential interest from Teva had been "circulating for some time," but that such a combination was "without sound industrial logic or cultural fit" and would be unlikely to receive antitrust regulatory clearances. ANALYST OPINION: In a note to investors on April 15, RBC Capital analyst Randall Stanicky wrote that Perrigo may have been engaging other companies in talks after Mylan came public with its takeover offer. Stanicky said he saw no clear competing bidder for Perrigo, however, and used a $230 per share takeover while analyzing possible deals. The analyst added that Acorn is well-positioned as a derivative takeover target following Mylan's offer for Perrigo, noting Acorn's strong growth and high tax rate. In a note to investors yesterday, Citigroup said it believed a potential takeover of Mylan by Teva would have to be friendly after its legal due diligence indicated Mylan's poison pill "presents a legitimate roadblock" to a potential hostile takeover. Citi estimated an $80 per share bid for Mylan would be 25%-35% accretive from 2016 onward for Teva while a $90 per share bid would be 20%-30% accretive. The firm added that it believes it is likely that Mylan received resistance from shareholders since the announcement of its proposed acquisition of Perrigo. PRICE ACTION: In late morning trading, Akorn rose 2.2% to $55.85, Perrigo dropped 2.4% to $193.24, Mylan jumped 9.3% to $74.39, and Teva rose 2.1% to $64.64.
April 15, 2015
10:00 EDTAKRXOn The Fly: Analyst Initiation Summary
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09:02 EDTAKRXRBC sees Akorn as possible play on Perrigo takeover interest
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08:19 EDTAKRXAkorn management to meet with Deutsche Bank
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06:24 EDTAKRXAkorn initiated with an Overweight, $61 target at JPMorgan
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