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Carl Icahn, speaking on CNBC, called the Netflix (NASDAQ:NFLX) poison pill a very reprehensible move, and a “travesty in corporate governance.” Icahn owns 10% of the company and said he believed it was undervalued and was unable to understand the short interest. On the positive aspects of his purchase, Icahn said the online video streaming service was a logical acquisition target considering the low interest rates prevailing, and the high entry barriers for the competition. Referring to the company’s strong subscription base, he said, “I just don’t think you can buy that. You walk in facing 27 million subscribers.”
According to a report in Reuters, Best Buy’s (NYSE:BBY) founder, Richard Schulze, may bid for the retailer in December along with PE firms Apollo, TPG and Leonard Green. Having completed due diligence Schulze is said to have formulated a business plan and is now seeking financial commitments. The report quotes sources saying that the final bid could be much lower than his offer of $8.16 billion-$8.84 billion made in August.
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Diageo (NYSE:DEO) announces its agreement to acquire a 53.4% stake in Indian firm United Spirits Ltd, owned by liquor baron Vijay Mallya, for $2.1 billion. Vijay Mallya will continue as chairman and his firm United Breweries will retain a 14.9% stake in United Spirits.
J.C. Penney (NYSE:JCP) reports third quarter EPS of – $0.93 and revenue of $2.93 billion which miss by $0.86 and $340 million respectively. The company’s emphasis on changing to a store within store concept has led to a 26.1% fall in comparable store sales. Shockingly, online sales were down 37.1% to $214 million. Margins fall sharply by 520 bps, and constitute only 32.5% of sales. CEO Ron Johnson attributes falling sales to the discontinuation of value promotions.
MoneyGram (NYSE:MGI) announces its settlement with the US Attorney’s office and the Criminal Division of the Department of Justice relating to a previously disclosed investigation of allegedly fraudulent transactions by some of the company’s US and Canadian agents. The company will pay over $100 million to victims of the consumer fraud scams allegedly perpetrated through the MoneyGram agents.
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