Category: Stock Market News

CST Brands Inc. agreed to be acquired by Canada’s Alimentation Couche Tard Inc. in a deal valued at $4.4 billion, including debt. Under terms of the deal, Alimentation will pay $48.53 a share in cash for each CST share outstanding, representing a 2.1% premium to Friday’s closing price. With 75.69 million shares outstanding, according to FactSet, the per-share bid for CST implies a market value of $3.67 billion. The motor fuel retailer had announced on March 3 it was exploring strategic alternatives, and The Wall Street Journal reported last week that a merger with Circle K parent Alimentation was near. Separately, Parkland Fuel Corp. agreed with Alimentation to buy CST’s Canadian business for $965 million. CST is CrossAmerica Partners LP’s general partner. CST’s stock had run up 21% year to date through Friday, while Alimentation shares had gained 2% and the S&P 500 had advanced 6.9%.

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Shares of Medivation Inc. soared 19% in premarket trade Monday, after the developer of cancer treatments confirmed an agreement to be acquired by Pfizer Inc. in a deal valued at $14 billion. Under terms of the agreement, Pfizer will pay $81.50 in cash for each Medivation share outstanding, which represents a 21% premium to Friday’s closing price, and is 20% above the record close of $67.78 reached on March 20, 2015. Pfizer expects the deal to add 5 cents a share to earnings in the first full year after closing, which is expected to occur in the third or fourth quarter of 2016. Pfizer expects to finance the deal with existing cash. “The addition of Medivation will strengthen Pfizer’s innovative health business and accelerate its pathway to a leadership position in oncology, one of our key focus areas, which we believe will drive greater growth and scale of that business over the long-term,” said Pfizer Chief Executive Ian Read. The Wall Street Journal had reported over the weekend that a deal was near. Pfizer’s stock was still inactive in premarket trade. Medivation’s stock had run up 39% year to date through Friday, while Pfizer’s had climbed 8.4% and the Dow Jones Industrial Average had gained 6.5%.

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Valeant Pharmaceuticals International Inc. has appointed Paul Herendeen as its new chief financial officer, the Canadian company said in a statement Monday. Herendeen, who will take over from Robert Rosiello immediately, was previously CFO at animal health company Zoetis Inc. Rosiello will remain with Valeant as head of corporate development and strategy.

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Pfizer Inc. is closing in on a deal to acquire Medivation Inc. for about $14 billion, according to multiple reports. The deal may be announced as soon as Monday, according to the Financial Times, which first reported the possible deal. The purchase of the cancer-drug developer would significantly bolster Pfizer’s oncology business, led by Medivation’s popular prostate-cancer treatment, Xtandi.

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From:: Stock Market News

Pfizer Inc. is closing in on a deal to acquire Medivation Inc. for about $14 billion, according to multiple reports. The deal may be announced as soon as Monday, according to the Financial Times, which first reported the possible deal. The purchase of the cancer-drug developer would significantly bolster Pfizer’s oncology business, led by Medivation’s popular prostate-cancer treatment, Xtandi.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Pfizer Inc. is closing in on a deal to acquire Medivation Inc. for about $14 billion, according to multiple reports. The deal may be announced as soon as Monday, according to the Financial Times, which first reported the possible deal. The purchase of the cancer-drug developer would significantly bolster Pfizer’s oncology business, led by Medivation’s popular prostate-cancer treatment, Xtandi.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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CIFC LLC shares were halted late Friday after the private debt investment manager agreed to be acquired by investment platform F.A.B. Partners for $333 million cash. CIFC shares jumped 44% to $10 after hours before being halted. Under the agreement, CIFC stockholders will get $11.46 a share, with $11.36 for each share and 10 cents a share cash distribution on Sept. 12 to shareholders of record as of Aug. 31.

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Thar Pharmaceuticals Inc. plans an initial public offering to raise up to $50 million, according to a filing with the Securities and Exchange Commission late Friday. SunTrust Robinson Humphrey is listed as the sole underwriter for the offering. The biotech drug developer reported no revenue for 2015 and a per-share loss of $2.95. For the six months ended June 30, Thar reported just under $234,000 in “service revenue” and a net loss of $2.78 a share. The company plans to trade on the Nasdaq under the ticker symbol “THAR”.

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Silicon Valley ride-hailing service Lyft Inc. has pitched itself for an acquisition to a laundry list of potential buyers including the two most valuable tech companies in the world, Apple Inc. , Amazon Inc. and Google parent Alphabet Inc. , according to the New York Times. The Times reported that Lyft even tried to sell itself to rival Uber Technologies Inc., but came closest to a deal with General Motors Co. , the carmaker that invested half a billion dollars into Lyft earlier this year. Still, the Times said even those discussions never translated into an official offer for the startup, which was valued at $5.5 billion in its latest private-funding round, according to The Wall Street Journal. Lyft has been working with Qatalyst Partners LP, a Silicon Valley investment bank known for guiding companies through acquisitions, the Journal previously reported.

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From:: Stock Market News

U.S. stocks closed lower Friday, little changed for the week, as investors fretted over the possibility of a Federal Reserve rate hike in September. The Dow Jones Industrial Average declined 45.13 points, or 0.2%, to close at 18,552.57, for a weekly decline of 0.1%. The S&P 500 index fell 3.15 points, or 0.1%, to close at 2,183.87, for a weekly decline of less than 0.1%. The Nasdaq Composite index shed 1.77 points, or less than 0.1%, to finish at 5,238.38, for a weekly rise of 0.1% and an eighth straight week of gains.

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From:: Stock Market News