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Stock Market & Financial Investment News

News Breaks
June 24, 2014
06:21 EDTSHPG, GS, ABBV, AGN, VRXShire hires Goldman as it confronts takeover offer, NY Times reports
Shire (SHPG) has hired Goldman Sachs (GS) as an adviser as it looks to fend off a takeover offer, the New York Times reports, citing sources. Shire recently rejected a $46B bid from AbbVie (ABBV), and Allergan (AGN), which is fending off takeover offers from Valeant (VRX), has been rumored as a potential bidder for Shire. Reference Link
News For SHPG;GS;ABBV;AGN;VRX From The Last 14 Days
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October 16, 2014
12:04 EDTABBVStocks with call strike movement; ABBV GM
AbbVie (ABBV) January 60 call option implied volatility decreased 5% to 29, General Motors (GM) March 33 call option implied volatility decreased 4% to 39 according to IVolatility.
10:31 EDTGSGoldman CFO says would consider accretive acqusitions, but environment tough
Goldman Sachs CFO Schwartz says the regulatory environment makes it harder generally for all financial institutions to do deals, but that Goldman remains willing to consider a deal in any of its segments if the transaction would be accretive and a good fit.
10:18 EDTGSGoldman Sachs says liquidations contributed to market move over last two days
09:48 EDTGSGoldman Sachs CFO says yesterday 'painful' but global growth forecast unchanged
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09:35 EDTGSGoldman Sachs CFO says investment banking backlog at highest level since 2007
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09:34 EDTGSGoldman Sachs says global share of announced M&A 29%, up 300 bps from 2013
Goldman Sachs CFO Harvey Schwartz is speaking on the company's Q3 earnings conference call.
09:23 EDTGSOn The Fly: Pre-market Movers
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08:58 EDTABBV, AGNAllergan was pressured by AbbVie news, says BMO Capital
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08:52 EDTSHPG, ABBVAbbVie price target lowered to $59 from $71 at BMO Capital
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07:40 EDTGSGoldman: Net provisions for litigation for Q3 $194M vs. $142M a year ago
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07:40 EDTGSGoldman Sachs says total staff increased 3% during Q3
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07:39 EDTGSGoldman CEO: Client activity driven by improving U.S. economic conditions
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07:38 EDTGSGoldman Sachs reports Common Equity Tier 1 ratio 11.8% at September 30
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07:36 EDTGSGoldman Sachs raises quarterly dividend to 60c per share
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07:36 EDTGSGoldman Sachs reports Q3 EPS $4.57, consensus $3.21
Reports Q3 revenue $8.39B, consensus $7.85B.
07:23 EDTAGNIBF Conferences to hold a summit
Ophthalmology Innovation Summit is being held in Chicago on October 16.
06:17 EDTSHPG, ABBVJefferies says Medtronic 'needs to do' Covidien takeover
Jefferies says it "can't see how Medtronic walks" from the Covidien (COV) takeover given how compelling the merger is. The firm confirmed with Medtronic (MDT) that nothing has changed in the company's commitment to the deal since new financing terms were announced on October 3. In Jefferies view, "Medtronic needs to do this deal." It notes the spread on the acquisition widened significantly on the news that Abbvie (ABBV) is reconsidering its acquisition of Shire (SHPG).
05:50 EDTSHPGStocks with implied volatility movement; SHPG SIRI
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05:37 EDTSHPG, ABBVShire releases statement regarding AbbVie withdrawal of recommendation
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05:21 EDTSHPG, ABBVAbbVie recommends holders vote against Shire transaction
Following Shire's (SHPG) waiver of the three-day notice period, AbbVie (ABBV) announces its board withdraws its recommendation made on July 18 regarding the proposed Shire transaction and recommends that stockholders vote against the transaction. AbbVie and its board made this determination following a detailed consideration of the impact of the U.S. Department of Treasury's unilateral changes to the tax rules, as issued on September 22. The breadth and scope of the changes, including the unexpected nature of the exercise of administrative authority to impact longstanding tax principles, and to target specifically a subset of companies that would be treated differently than either other inverted companies or foreign domiciled entities, introduced an unacceptable level of uncertainty to the transaction. Additionally, the changes eliminated certain of the financial benefits of the transaction, most notably the ability to access current and future global cash flows in a tax efficient manner as originally contemplated in the transaction. This fundamentally changed the implied value of Shire to AbbVie in a significant manner. Under the conditions of AbbVie's offer and the terms of the Co-operation Agreement, the withdrawal of the recommendation alone will not cause a lapse of AbbVie's offer or terminate the Co-operation Agreement between AbbVie and Shire. Unless Shire and the U.K. Takeover Panel agree otherwise, AbbVie must convene an AbbVie stockholder meeting to consider the adoption of the U.S. merger agreement. AbbVie's offer will lapse if the company's stockholders do not adopt the agreement. Assuming Shire provides the requisite cooperation and consents, a pre-effective amendment to the registration statement filed by AbbVie Private Limited in connection with the combination is expected to be filed with the SEC as soon as practicable. Under the terms of the Co-operation Agreement, following the withdrawal of the AbbVie Board of Directors' recommendation, a break fee of approximately $1.64B will be payable to Shire if either: AbbVie stockholders do not approve the adoption of the U.S. merger agreement at an AbbVie stockholder meeting; or such a meeting does not occur by December 14.
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