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X-Rite, Incorporated (NASDAQ:XRIT): X-Rite, Incorporated announced that it has signed a definitive merger agreement with Danaher (NYSE:DHR) under which Danaher will acquire the company for $5.55 per share in cash, or a total of approximately $625M including the assumption of debt, net of cash. The transaction was unanimously approved by the X-Rite Board of Directors. The cash tender offer of $5.55 per share is expected to commence within 5 business days. This offer represents a premium of 39% over X-Rite’s closing share price of $4.00 on April 9, 2012, the last trading day prior to the announcement. Upon completion of the transaction, X-Rite, headquartered in Grand Rapids, Michigan, will operate as a stand-alone company within Danaher’s Product Identification group which is a part of their Industrial Technology Segment. The transaction is subject to regulatory approval and customary closing conditions. It is expected to close during Q2. Shares of X-Rite, Incorporated are trading 38.5% higher today.
AOL, Inc. (NYSE:AOL): Starboard Value, with current holder of approximately 5.3% of the outstanding shares of AOL (NYSE:AOL), announced that it has delivered a letter to the AOL Board to communicate its views on yesterday’s announcement involving the sale of more than 800 of the company’s patents and their related patent applications to Microsoft Corporation. Starboard also announced that it expects to promptly file preliminary proxy materials with the SEC for the election of directors to the AOL Board at the upcoming 2012 Annual Meeting. In the letter, Starboard said, “We were pleased to read yesterday’s announcement that AOL has entered into a definitive agreement to sell more than 800 of its patents and their related patent applications to Microsoft Corporation…We commend management and the Board for taking this meaningful first step in unlocking value for AOL shareholders. However, the announced sale of the patents does little to address our serious concerns with the Company’s poor operating performance and substantial losses in the Display business.” Shares of AOL, Inc. are trading 2.12% lower today.
Viropharma Inc (NASDAQ:VPHM): ViroPharma announced the FDA denied the citizen petition filed by ViroPharma on March 17, 2006 related to the FDA’s proposed in vitro method for determining bioequivalence of abbreviated new drug applications referencing Vancocin Capsules. In the FDA’s response to the citizen petition, the agency denied ViroPharma’s citizen petition and also informed the company that a final guidance for vancomycin bioequivalence consistent with the FDA’s citizen petition response is forthcoming. The FDA also informed ViroPharma in the same correspondence that the recent supplemental new drug application for Vancocin approved December 14, 2011 would not qualify for three additional years of exclusivity based on the agency’s assertion that in order for an sNDA for an old antibiotic such as Vancocin to be eligible for a grant of exclusivity, it must be a significant new use or indication. FDA also indicated that it is approving three ANDA’s for generic vancomycin capsules. Shares of Viropharma Inc are trading 20.31% lower today.
SUPERVALU INC. (NYSE:SVU): Sees FY13 revenue $35B-$35.5B, consensus $35.28B. Sees FY13 identical store sales growth, excluding fuel, negative 1% to negative 2%. Sees FY13 sales the independent business segment up modestly. Sees FY13 CapEx $675M; the Company expects to complete approximately 100 store remodels and increase Save-A-Lot’s store count by approximately 50 stores, including licensed locations. Shares of SUPERVALU INC. are trading 8.27% higher today.
Sony Corporation (NYSE:SNE): Sony has revised its consolidated results forecast for the FY ended March 31 from that announced on February 2. Sony expects to record an aggregate additional charge of approximately Y300B in tax expense in Q4, primarily due to the establishment of valuation allowances against certain deferred tax assets, predominantly in the U.S.This additional tax expense is a non-cash charge and does not have any impact on Sony’s consolidated operating income or cash flow. Due to the recording of this additional tax expense, net loss attributable to Sony’s stockholders is expected to be significantly greater than the February forecast. As of April 10, no revisions have been made to consolidated sales, operating income and net income before taxes in the forecast announced on February 2. Shares of Sony Corporation are trading 7.91% lower today.
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