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Stock Market & Financial Investment News

News Breaks
July 28, 2014
16:32 EDTFDO, DLTR, DG, Z, TRLA, CMI, ACRXOn The Fly: Closing Wrap
Stocks on Wall Street were little changed following a session marked by two headline making M&A deals. A worse than expected pending home sales report pushed the averages to session lows about a half hour into trading, but they soon reversed and began to drift toward positive ground. By early afternoon all three of the major equity averages were in positive territory but they were unable to hold their position and finished the session mixed, with the Dow slightly higher and the Nasdaq slightly lower. 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 worth $74.50 per Family Dollar share. The transaction was called the "best path forward" for Family Dollar by Nelson Peltz's Trian Fund, which disclosed that it will vote its over 7% Family Dollar stake in favor of the buyout. Another noted investor and Family Dollar shareholder, Carl Icahn, said he was "extremely pleased" with Dollar Tree’s intention to acquire the company, but added that he continues to believe there are "a handful of potential buyers who could realize greater synergies through a combination with Family Dollar and are hopeful that one or more of them will surface." Icahn's hopes for an alternate bid may be shared by others, as evidenced by Family Dollar ending the day up $15.08, or 24.86%, at $75.74, which was above the agreed upon deal price. Dollar General (DG), which has been speculated as a logical bidder for Family Dollar, initially sunk after the deal was announced, then recovered and was higher for much of the afternoon, though the stock ended the session down 5c, or 0.09%, at $55.56. The current planned buyer, Dollar Tree, rose 65, or 1.2%, to $54.87. MAJOR MOVERS: Among the notable gainers was another company that agreed to be acquired by a peer. Trulia (TRLA) rose $8.69, or 15.42%, to $65.04 after agreeing to merge with Zillow (Z) in a $3.5B stock-for-stock transaction. Buyer Zillow, which will own about two-thirds of the newly created company upon closing, gained $1.46, or 0.92%, to $160.32 after confirming the deal that it was reported to be nearing late last week. Among the notable losers following its earnings report was Cummins (CMI), which fell $4.80, or 3.2%, to $145.35 despite reporting earnings that beat the consensus forecast and raising its FY14 revenue guidance. Also lower were shares of AcelRx (ACRX), which plunged $4.44, or 41.0%, to $6.39 and was downgraded at Canaccord after the FDA issued a Complete Response Letter for the company's Zalviso drug. INDEXES: The Dow gained 22.02, or 0.13%, to 16,982.59, the Nasdaq slipped 4.65, or 0.1%, to 4,444.91, and the S&P 500 edged up 0.57, or 0.03%, to 1,978.91.
News For FDO;DLTR;DG;Z;TRLA;CMI;ACRX From The Last 14 Days
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September 10, 2014
10:06 EDTFDO, DGFamily Dollar confirms Dollar General unsolicited tender offer
09:27 EDTDLTR, FDO, DGDollar General tender for Family Dollar a logical next step, says Wells Fargo
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06:19 EDTDG, DLTR, FDODollar 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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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 EDTTRLA, ZZillow, Trulia move lower ahead of short-seller presentation
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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 EDTDLTR, FDO, 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 EDTDG, DLTR, FDOFamily 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 EDTFDO, DGFamily 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
07:53 EDTCMIAugust Class 8 truck orders bwlow consensus, says Morgan Stanley
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07:20 EDTCMIAugsut truck orders well ahead of expectations, says Jefferies
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05:24 EDTCMIAugust Class 8 truck orders below expectations, says Wells Fargo
Wells Fargo notes that ACT Research reported August Class 5-8 truck orders were up 14% year-over-year but declined 6% from July. Class 8 net orders were 25,400, up 30% year-over-year and down 16% sequentially from July, below Wells' expectation of 27,000-30,000. The firm says Class 8 orders remained strong, however. Wells believes the modest Class 8 truck backlog decline may be a short-term neutral to negative for truck-related stocks, such as Cummins (CMI), Navistar (NAV) and PACCAR (PCAR).
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