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Stock Market & Financial Investment News

News Breaks
May 15, 2014
06:03 EDTGTIV, KNDKindred Healthcare proposes to acquire Gentiva Health for $14.00 per share
Kindred Healthcare (KND) announced a proposal to acquire all of the outstanding shares of common stock of Gentiva Health (GTIV) for a combination of $7.00 per share in cash and $7.00 of Kindred common stock. Kindred also offered to increase its offer to 100% cash if the Gentiva Board so elects. The proposed price for Gentiva implies a total equity value of approximately $533M. With the assumption of Gentiva’s debt, the transaction would be valued at approximately $1.6B. The combined company would deliver pro forma annual revenues of approximately $7.2B and generate pro forma EBITDAR of nearly $1B. Kindred believes the transaction would be highly accretive to earnings and operating cash flows, exclusive of one-time items related primarily to transaction and integration costs. Kindred expects the combined company would have operating and financial synergies of approximately $60M-$80M within a period of two years following consummation of the acquisition, with $40 expected in the first year after closing.
News For GTIV;KND From The Last 14 Days
Check below for free stories on GTIV;KND the last two weeks.
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July 21, 2014
19:12 EDTKND, GTIVGentiva Health announces receipt of acquisition proposal from Kindred Healthcare
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17:40 EDTKND, GTIVKindred Healthcare offers to acquire Gentiva Health for $17.25 per share
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17:32 EDTKND, GTIVKindred Healthcare offers to acquire Gentiva Health for $17.25 per share
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July 18, 2014
16:20 EDTKND, GTIVOn The Fly: Closing Wrap
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12:42 EDTGTIV, KNDOn The Fly: Midday Wrap
Stocks on Wall Street began the session in positive territory and have remained there throughout the morning. The averages moved in a narrow range for most of the opening hour of the session but spurted to higher levels during the second hour. Investors appear to be using yesterday’s sell-off as a buying opportunity, despite the ongoing events in Russia and Israel that largely contributed to yesterday’s action. ECONOMIC EVENTS: The first release of the University of Michigan consumer sentiment index for July fell to 81.3 after ending June with an 82.5 reading. The leading economic indicator index rose 0.3% to 102.2, which was a bit below the forecast for an increase of 0.5%. COMPANY NEWS: Class A shares of Google (GOOGL) advanced over 3% after the search giant reported quarterly revenue that beat expectations last night. Following its report, at least three Wall Street research firms raised their price targets on the stock, while noted tech analyst Collin Gillis of BGC Financial upgraded the stock to Buy from Hold... Dow component General Electric (GE) reported second quarter EPS of 39c, matching the consensus forecast, and revenue that just missed the consensus view of analysts. The company also reported that it is targeting the initial public offering of IPO of Synchrony Financial (SYF), its North American Retail Finance business, for July. In the IPO, Synchrony is offering 125M shares of its common stock, which will be listed on the New York Stock Exchange under the symbol “SYF,” and anticipates that the IPO price of the shares will be between $23.00 and $26.00 per share... Another Dow member, IBM (IBM), fell 0.4% after reporting adjusted Q2 earnings per share and revenue that beat expectations. Afterward, Cantor said it thinks the worst is over for the company and reiterated its Buy rating on the shares, though Societe Generale downgraded IBM to Sell from Hold and Credit Suisse said IBM continues to be driven by less revenue growth and kept its Underperform rating and $160 price target on Big Blue's stock. MAJOR MOVERS: Among the notable gainers was Skyworks (SWKS), which gained 14% after reporting third quarter results and fourth quarter guidance above analyst estimates and seeing no less than five analyst firms raise their price targets on its stock. Also higher was Gentiva Health (GTIV), which rose 14% after it announced that its board unanimously determined to reject the partial tender offer from Kindred Healthcare (KND) to acquire 14.9% of the outstanding shares of Gentiva for a price of $16.00 per share in cash and disclosed that it has received a $17.25 per share, all-cash takeover proposal from a "recognized owner, operator and investor in the sector." After the announcement, shares of Kindred fell 2%. Also lower following their earnings reports were RealPage (RP), which fell over 21%, and Advanced Micro Devices (AMD), which dropped nearly 18%. INDEXES: Near midday, the Dow was up 107.05, or 0.63%, to 17,083.86, the Nasdaq was up 57.98, or 1.33%, to 4,421.43, and the S&P 500 was up 17.04, or 0.87%, to 1,975.16.
July 17, 2014
18:31 EDTGTIVOn The Fly: After Hours Movers
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16:43 EDTGTIVGentiva Health up 11.5% after disclosing receipt of $17.25 takeover offer
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16:42 EDTKND, GTIVGentiva says received $17.25 all-cash takeover bid, rejected Kindred $16 offer
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16:36 EDTKND, GTIVGentiva Health rejects prior Kindred Healthcare proposal, receives alternate bid
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July 14, 2014
12:06 EDTGTIV, KNDGentiva Health urges holders to take no action in response to Kindred offer
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09:55 EDTGTIVHigh option volume stocks: PTEN MFRM GTIV SHPG IMMR
07:32 EDTKND, GTIVKindred Healthcare increases all-cash tender offer for Gentiva to $16 per share
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07:32 EDTKND, GTIVKindred Healthcare increases all-cash tender offer for Gentiva to $16 per share
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July 9, 2014
08:21 EDTGTIVGentiva Health sees FY14 EPS 85c-$1.15, consensus 90c
Gentiva reaffirmed its full-year 2014 outlook. Net revenues are expected to be in the range of $1.9B-$2.1B, Adjusted EBITDA is expected to be in the range of $177M-$195M. FY14 revenue consensus $1.97B. Gentiva's 2014 outlook includes the full-year impact of its Harden acquisition and the final 2014 Medicare home health and hospice reimbursement rates issued by the Centers for Medicare and Medicaid Services (CMS). The 2014 outlook excludes any ongoing losses from closed locations as the operations are wound down.
08:19 EDTGTIVGentiva Health sees Q2 adjusted EPS from cont. ops 33c, consensus 22c
Gentiva Health said the company anticipates results from continuing operations for Q2 to be equal to or in excess of the following, net revenues of $496M, adjusted EBITDA of $52M. Q2 revenue consensus $492.46M. The company said, "Gentiva’s continued momentum in the second quarter of 2014 reflects the success of the changes and strategic investments the Company has made over the past year. We strongly believe that today’s announcement provides further evidence that Gentiva’s strategy to increase stockholder value is working, reinforcing that Kindred’s offer grossly undervalues Gentiva and is not in the best interest of Gentiva stockholders.”
08:17 EDTKND, GTIVGentiva Health says Kindred Healthcare offer 'substantially undervalues' company
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