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Stock Market & Financial Investment News

News Breaks
July 28, 2014
12:21 EDTDLTR, CVS, HSH, PPC, TSN, HZNP, ACRX, TRLA, Z, DG, FDO, ESRXOn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory and have remained there throughout the morning. The averages were narrowly lower in early trading, but picked up some downside momentum following the lower than expected pending home sales report. The market eventually found a level where it reversed and began drifting off its lows. By noon the averages returned to roughly where they sat prior to the homes data, as investors prepare for another heavy week of earnings, reports on GDP and labor market growth and a Federal Reserve decision on monetary stimulus. ECONOMIC EVENTS: In the U.S., the pending home sales index dropped 1.1% from the prior month to 102.7 in June, compared to expectations for it to have risen 0.5%. Markit's services PMI for July came in at 61.0 in the flash reading, which was flat with the prior reading and above the 59.8 consensus forecast. COMPANY NEWS: Dollar Tree (DLTR) agreed to acquire Family Dollar (FDO) in a cash and stock transaction estimated to be worth $74.50 per Family Dollar share. The transaction, which values Family Dollar at an enterprise value of about $9.2B and is expected to close by early 2015, was called the "best path forward" for Family Dollar by Nelson Peltz's Trian Fund, which disclosed that it will vote its 7.34% Family Dollar stake in favor of the buyout. Another company in the space, Dollar General (DG), which many investors thought would be the one to pursue a deal with Family Dollar, was initially lower after the deal announcement but Dollar General shares recovered to be up about 3% near noon, while Dollar Tree also climbed 3% and Family Dollar jumped 23%... Real estate website operator Zillow (Z) confirmed a deal to buy its rival, Trulia (TRLA), in a $3.5B, all-stock transactions. Reports about the deal first surfaced last week and Zillow fell 2.5% after the news, while Trulia climbed 12%. MAJOR MOVERS: Among the notable gainers was Tyson Foods (TSN), which rose more than 4% after reporting better than expected third quarter revenues, updating on its planned purchase of Hillshire (HSH) and agreeing to sell its poultry businesses in Mexico and Brazil to Pilgrim's Pride (PPC). Among the noteworthy losers was AcelRx (ACRX), which plunged 41% and was downgraded at Canaccord after the FDA issued a Complete Response Letter for the company's Zalviso drug. Also lower was Horizon Pharma (HZNP), which dropped 34% after it said it has been verbally notified that in August two pharmacy benefit managers, CVS Caremark (CVS) and Express Scripts (ESRX), expect to announce DUEXIS and VIMOVO will no longer be on their formularies and will be placed on their exclusion lists effective at the start of 2015. INDEXES: Near midday, the Dow was down 32.82, or 0.19%, to 16,927.75, the Nasdaq was down 18.96, or 0.43%, to 4,430.60, and the S&P 500 was down 4.56, or 0.23%, to 1,973.78.
News For DLTR;FDO;DG;Z;TRLA;ACRX;HZNP;TSN;PPC;HSH;CVS;ESRX From The Last 14 Days
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September 10, 2014
06:19 EDTDG, FDO, DLTRDollar General commences tender offer to acquire Family Dollar for $80/share
Dollar General (DG) announced that it has commenced a tender offer to acquire all outstanding shares of Family Dollar Stores (FDO) for $80.00 per share in cash. The offer is scheduled to expire at 5:00 p.m., New York City time, on October 8, 2014, unless the offer is extended. The full terms, conditions and other details of the tender offer are set forth in the offering documents that Dollar General will file today with the SEC. Dollar General also will promptly file for clearance under the Hart-Scott-Rodino Act, which will allow the company to begin the antitrust approval process with the FTC. Dollar General’s all-cash offer of $80.00 per share provides Family Dollar shareholders with a "superior valuation" to the $74.50 per share cash / stock offer announced by Dollar Tree (DLTR) on July 28, 2014. Dollar General’s offer provides Family Dollar’s shareholders with approximately $640M of additional aggregate value over Dollar Tree’s offer. As part of a definitive merger agreement with Family Dollar, Dollar General would be willing to agree to divest up to 1,500 stores if required by the FTC and to pay Family Dollar a $500M reverse break-up fee if the transaction did not close for reasons related to antitrust approvals.
06:01 EDTFDO, DGDollar General commences tender offer to acquire Family Dollar for $80/share
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September 9, 2014
10:18 EDTDGDollar General listed among 5 largest long positions by Jana Partners
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10:09 EDTHZNPHorizon Pharma initiated with an Outperform at Avondale (pre-open)
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08:33 EDTFDO, DLTRDollar Tree, Family Dollar receive second request from FTC under HSR Act
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September 8, 2014
16:47 EDTTRLA, ZFCC review of Zillow-Trulia deal may depend on advertising, WSJ says
The proposed Zillow (Z), Trulia (TRLA) transaction which is currently being reviewed by the Federal Trade Commission may raise concerns at the commission depending on whether the agency views all real-estate advertising equally or instead distinguishes between online ads and those outside cyberspace, says the Wall Street Journal. Reference Link
13:26 EDTDGDollar General management to meet with Sterne Agee
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11:51 EDTZ, TRLAZillow, Trulia move lower ahead of short-seller presentation
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08:01 EDTCVSCVS Health completes purchase of Navarro Discount Pharmacy
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07:26 EDTCVSMorgan Stanley to hold a conference
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September 5, 2014
16:45 EDTDG, DLTR, FDOMarket ends week little changed after mixed economic data
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13:01 EDTDG, FDODollar General 'remains committed' to acquiring Family Dollar
In response to the decision by the Board of Directors of Family Dollar Stores (FDO) to reject Dollar General’s (DG) enhanced all-cash proposal to acquire all outstanding shares of Family Dollar for $80.00 per share, Dollar General stated that it remains committed to acquiring Family Dollar and is currently evaluating its next steps.
08:34 EDTDLTR, DG, FDODollar Tree to divest as many stores as required for antitrust approval
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08:33 EDTFDO, DLTR, DGFamily Dollar reaffirms support of transaction with Dollar Tree
08:32 EDTFDO, DLTRDollar Tree commits to divest as many stores as required for antitrust approval
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08:31 EDTFDO, DG, DLTRFamily Dollar rejects revised Dollar General offer due to antitrust issues
Family Dollar Stores (FDO) that its Board of Directors has unanimously rejected the revised, non-binding proposal made by Dollar General Corporation (DG) on September 2 on the basis of antitrust regulatory considerations. Family Dollar’s merger agreement with Dollar Tree (DLTR) contains a customary provision that permits Family Dollar to enter into discussions and share information with any competing bidder, but only if the Board is able to determine that failure to do so would be inconsistent with its fiduciary duties and that the unsolicited, written proposal from the competing bidder would be reasonably expected to lead to a proposal that is not only financially superior, but also “reasonably likely to be completed on the terms proposed.” Howard R. Levine, Chairman and CEO of Family Dollar, said, “Our Board of Directors, with the assistance of outside advisors and consultants, reviewed all aspects of Dollar General’s revised proposal and unanimously concluded that it is not reasonably likely to be completed on the terms proposed. There is a very real and material risk that the transaction proposed by Dollar General would fail to close, after a lengthy and disruptive review process. Accordingly, our Board has rejected Dollar General’s revised proposal and reaffirmed its support of the transaction with Dollar Tree, which delivers attractive value in the form of immediate upfront cash and upside participation in a combined Dollar Tree-Family Dollar entity, as well as closing certainty.” Ed Garden, a Family Dollar director and co-founder and Chief Investment Officer at Trian Fund Management, L.P., a large shareholder of the Company, stated, “We are focused on delivering to Family Dollar shareholders the highest value with certainty, and the Dollar Tree transaction does just that. Dollar Tree has taken the antitrust risk off the table by committing to divest as many stores as necessary to obtain antitrust clearance. We remain fully committed to the Dollar Tree transaction.”
08:30 EDTDG, FDOFamily Dollar rejects revised Dollar General offer due to antitrust issues
06:27 EDTDG, DLTR, FDONew Dollar General offer might not woo Family Dollar, Reuters says
Dollar General's (DG) improved bid to purchase Family Dollar (FDO) for $9.1B might not be able to reduce its smaller competitors worries that U.S. antitrust regulators will hinder the agreement from transpiring, according to Reuters, citing two sources familiar with the matter. Family Dollar is already in the throes of an agreement to sell itself for $8.5B to Dollar Tree (DLTR). Reference Link
September 4, 2014
09:26 EDTTSNTyson Foods backs FY14 EPS ex-items view of at least $2.78 per share
Consensus $2.81. Tyson CFO Dennis Leatherby stated at the Barclays Back-to-School Consumer Conference that he expects the addition of Hillshire to be accretive to earnings in fiscal 2015 and substantially accretive thereafter, adding that he expects at least 10% EPS growth in FY15.
09:24 EDTTSNTyson Foods CEO says moving forward quickly with Hillshire integration
Tyson President and CEO Donnie Smith told investors at the annual Barclays Back-to-School Consumer Conference that the process for combining the company with Hillshire is well underway, stating, "We're moving forward quickly with the integration and finding synergies, and we feel good about our ability to capture $225M in synergies in the first year and $500M by year three." Smith added, "The more we get into it, the better we feel," according to presentation recap provided by the company.
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