3M Receives Clearance from Austrian FCA and 2 Dow Movers to Eye
3M Company (NYSE:MMM) says that it received clearance from the Federal Competition Authority of Austria on November 15th pertaining to its previously announced tender offer for all issued and outstanding shares of common stock of Ceradyne (NASDAQ:CRDN) at $35 per share. The United States Federal Trade Commission had previously granted early termination of the then required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 as amended on October 15th, and 3M won clearance from the German Federal Cartel Office on October 30th. At that point, the condition of the Offer concerning clearance under applicable antitrust and competition laws was completely satisfied. The Offer remains subject to the satisfaction of certain other conditions and is scheduled to expire at 5:00 P.M. on November 27 unless it is extended.
Microsoft Corporation (NASDAQ:MSFT): Sales of Sony Corporation’s (NYSE:SNE) PlayStation 3 console stood at 70 million units on November 4th, which was a few days before the console’s 6th birthday, according to TechCrunch. Microsoft’s Xbox 360 reached the same milestone in September, while Nintendo’s (NTDOY) Wii reached worldwide sales of 97.18 million units at the end of that month.
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Pfizer (NYSE:PFE) reported top-line results of a double-blind placebo-controlled Phase 3 study evaluating both the 165 mg dose and the 330 mg dose of pregabalin controlled-release formulation in adult patients suffering from partial onset seizures with epilepsy. These results indicate that pregabalin CR failed to meet its primary endpoint, comparing the change in seizure frequency to placebo, even though both doses were well-tolerated. This study is one of three Phase 3 studies of the pregabalin CR formulation which will ascertain the potential use of pregabalin as a therapy given once a day. The other two studies evaluate the pregabalin CR formulation in fibromyalgia and post-herpetic neuralgia. The company will continue to study these top-line results along with the top-line results of the other two studies.