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January 31, 2013
05:55 EDTAON, AON, PRGO, PRGO, NWL, NWL, NOV, NOV, MRK, MRK, MAT, MAT, LYB, LYB, LM, LM, IR, IR, BEN, BEN, XOM, XOM, CVX, CVX, BEAM, BEAM, TSN, TSNCompanies reporting Before the Market Open on FridayFebruary 1
Notable companies reporting before the opening bell on Friday include Aon (AON), Beam (BEAM), Chevron (CVX), Exxon Mobil (XOM), Franklin Resources (BEN), Ingersoll-Rand (IR), Legg Mason (LM), LyondellBasell Industries (LYB), Mattel (MAT), Merck (MRK), National Oilwell Varco (NOV), Newell Rubbermaid (NWL), Perrigo (PRGO), and Tyson Foods (TSN).
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November 13, 2015
09:21 EDTPRGOMylan upgraded to Buy from Neutral at Citi
Citi analyst Liav Abraham upgraded Mylan (MYL) to Buy saying an overhang has been removed now that the company's hostile attempt to acquire Perrigo (PRGO) has failed. The deal would have been value destructive for Mylan, Abraham tells investors in a research note. He raised his price target for shares to $59 from $52. The stock is up $4.20 to $47.40 in pre-market trading.
08:55 EDTPRGOPerrigo to 'aggressively' buy back shares at open, CNBC reports
Perrigo (PRGO) will "aggressively" buy back its shares on the open, CNBC's David Faber reports, citing sources. With Mylan (MYL) saying it lost the shareholder vote to acquire the company, Irish takeover rules have lapsed, Faber added. Perrigo is trading down 9%, or $14.62, to $142.00 in the pre-market. Mylan is up 9%, or $3.90, to $47.10.
08:46 EDTPRGOMylan announecs results to acquire Perrigo and lapse of offer
Mylan (MYL) announced that its offer to acquire all of the issued and to be issued share capital of Perrigo (PRGO) has lapsed. As of 8:00 AM Eastern Time on November 13, 2015, 58,040,150 Perrigo ordinary shares, representing approximately 40% of outstanding Perrigo ordinary shares, were validly tendered in the offer. Accordingly, the acceptance condition to the offer, as outlined in the September 14, 2015 Offer to Exchange / Prospectus, has not been satisfied and the offer has lapsed in accordance with its terms. As the offer has lapsed, it is no longer capable of further acceptance and both Mylan and tendering Perrigo shareholders have ceased to be bound by prior acceptances. Any Perrigo ordinary shares which have been tendered by Perrigo shareholders have not been accepted for exchange and will be promptly returned to the relevant Perrigo shareholders.
08:10 EDTPRGOMylan about 10M shares short of needed votes for Perrigo bid approval, CNBC says
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08:02 EDTMRKMerck: DMC recommends anacetrapib study continue with no changes
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06:23 EDTXOMExxon Mobil to start drilling in Liberia in 2017, Reuters reports
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06:12 EDTPRGOMylan's hostile bid for Perrigo unlikely to succeed, Reuters reports
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05:13 EDTXOMStocks with implied volatility movement; XRT XOM
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November 12, 2015
17:02 EDTMRKMerck Animal Health to Acquire Harrisvaccines
Merck Animal Health and Harrisvaccines announced the companies have entered into an agreement under which Merck Animal Health will acquire Harrisvaccines, a privately-held company that develops, manufactures and sells vaccines for food production and companion animals. The terms of the agreement were not disclosed. The companies expect the transaction to close in the fourth quarter of 2015.
16:00 EDTXOMOptions Update; November 12, 2015
iPath S&P 500 VIX Short-Term Futures up 1.28 to 20.18. Option volume leaders: GE AAPL MNKD XOM BAC FB SUNE CSCO NFLX SYF BABA MSFT
12:54 EDTPRGOMylan volatility elevated into completion of tender offer for Perrigo
Mylan (MYL) November weekly call option implied volatility is at 140, November is at 72, December is at 50; compared to its 52-week range of 26 to 60; suggesting large price movement into the completion of tender offer for Perrigo (PGRO) deadline of November 13.
12:42 EDTPRGOPerrigo held unsuccessful talks to acquire Endo, Reuters reports
Perrigo (PRGO) has held unsuccessful talks to acquire Endo (ENDP) in all-stock deal, reports Reuters. According to people familiar with the matter, the talks were advanced enough for major issues such as the role of the Endo's CEO and how the companies could be integrated to have been addressed. Perrigo ended the talks when Endo asked for too much stock for its shareholders. Reference Link
11:50 EDTMRKMerck issues statement regarding CUBICIN patent litigation
Merck issued the following statement regarding the decision of the U.S. Court of Appeals for the Federal Circuit: "The decision validated the patent for CUBICIN that expires on June 15, 2016, but invalidated four patents with expiration dates in 2019 and 2020. The company is reviewing the decision and is considering its next steps, which may include seeking further review at the Federal Circuit or Supreme Court."
November 11, 2015
08:01 EDTLMLegg Mason reports preliminary assets under managmnt of $697B at October 31
Legg Mason reported preliminary assets under management of $697.0B as of October 31. This month's AUM included preliminary long-term net inflows of $1.4B, consisting of fixed income inflows of $2.0B partially offset by equity outflows of $0.6B. Liquidity inflows were $1.1B. This month's AUM included $0.6B in negative foreign exchange impact and also included approximately $6.8B in AUM related to the RARE Infrastructure acquisition which closed on October 21.
06:43 EDTAONTowers Watson, Willis merger is 'highly strategic,' says Piper Jaffray
Piper Jaffray analyst George Tong calls the planned merger of Towers Watson (TW) and Willis Group (WSH) "highly strategic." The merger, scheduled to go to a shareholder vote on November 18, will drive earnings growth acceleration and valuation multiple expansion, Tong tells investors in a research note. He believes the combined company would compete more effectively against AON Corp. (AON). Tong reiterates an Overweight rating on Towers with a $152 price target.
November 10, 2015
09:58 EDTPRGOPerrigo reaffirms views on Mylan's proposed offer
In response to Mylan's (MYL) press release, Perrigo commented, "Mylan is resorting to desperate tactics on the eve of its tender offer deadline, having failed to persuade our long-term shareholders of the merits of its inadequate offer. First, as much as Mylan would like to highlight made-up numbers, the actual premium it has offered is one of the lowest on record. It is simply not an acceptable change of control premium, and the grossly inadequate offer does not even remotely reflect the value of the terrific growth company Perrigo shareholders own; Perrigo has outperformed Mylan significantly and has returned a Total Shareholder Return of 971% since 2007.i Over the past three years, Perrigo shares have traded at an average P/E multiple of 20.2x while Mylan has underperformed its peers at an average P/E multiple of 10.6x,ii highlighting the fundamental difference in performance and growth prospects between our companies. Applying Perrigo's proven multiple to its 2016 expected earnings of $9.45 shows the tremendous value, in excess of Mylan's offer, that lies ahead for Perrigo shares. Perrigo shareholders deserve much better than the inadequate offer Mylan is presenting. Second, Mylan has again resorted to inappropriate tactics to push its inadequate offer. Its last minute threat, prematurely and self-servingly interpreting S&P index inclusion criteria, is a desperate ploy to scare shareholders into tendering into a bad deal. As with recent events in Israel, misleading statements on index inclusion will not transform a bad deal into a good deal. Importantly, shareholders should never tender out of fear of being left behind without options. In the unlikely event that Mylan obtains more than 50% of shares tendered, every shareholder can, if it chooses, tender during the mandatory 14-day subsequent offering period and receive the same exact price and terms, and be paid on the same exact payment timeline as those tendering prior to November 13."
08:27 EDTPRGOPerrigo receives FDA approval for generic version of KlorCon tablets
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07:12 EDTPRGOMylan 'confident' in successful completion of tender offer for Perrigo
Mylan (MYL) reminds Perrigo (PRGO) shareholders that if the greater than 50% acceptance condition is not satisfied by November 13, 2015 at 8:00 AM ET, its offer will lapse and there will be no subsequent offer period. Mylan encourages Perrigo shareholders to tender by the close of business on Thursday, November 12, 2015 to avoid losing the opportunity to realize the benefits of its compelling offer. If the tender is successful, Perrigo shareholders whose tenders are received by 8:00 AM ET Friday are expected to receive their consideration by Wednesday, November 18, 2015.
06:15 EDTXOMExxon, Total partner to drill Uruguay offshore well, Reuters reports
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06:05 EDTPRGOPerrigo CFO: Mylan's proposed deal 'a bad deal,' WSJ reports
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