3M and Avery Dennison Terminate Agreement and 3 Dow Movers to Track
International Business Machines Corporation (NYSE:IBM) and its team partner Bayview Financial are among competing bidders for Rescap’s mortgage-servicing rights, according to an inside source to The New York Post, which also reports that Ocwen Financial Corporation (NYSE:OCN) is partnering with Walter Investment on a planned $2.5 billion offer as well. Ocwen’s $750 million deal for Wilbur Ross’ mortgage-servicing division is a prelude to an offer for Rescap and other current bidders include Fortress Investment (NYSE:FIG) and Warren Buffett’s Berkshire Hathaway (BRK.A).
Johnson & Johnson (NYSE:JNJ) is said to have violated the law when it marketed its antipsychotic drug Risperdal for use in children and teens says former FDA commissioner David Kessler, according to The Philadelphia Inquirer’s PhillyPharma blog which cited court documents.
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3M Company (NYSE:MMM) and Avery Dennison (NYSE:AVY) reported Wednesday night that they have terminated the agreement under which the former would have acquired Avery Dennison’s Office and Consumer Products unit. Avery Dennison intends to continue seeking a sale of the business while 3M is “disappointed with this turn of events.”
Microsoft Corporation (NASDAQ:MSFT) and Barnes & Noble (NYSE:BKS) have completed their previously announced strategic partnership in NOOK Media which is a recently created subsidiary of the latter. At its inception, Microsoft made its $300 million investment in NOOK Media at a post-money valuation of $1.7 billion, receiving in turn about a 17.6 percent equity interest with Barnes & Noble owning the remainder. Barnes & Noble says that there is no set schedule for its review of strategic options for its interest in NOOK Media.
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