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Google Inc. (NASDAQ:GOOG) states that it is transitioning Postini services to Google Apps starting in 2013. “With this transition to Google Apps, you can receive similar email security, protection, and archiving, but through the more robust Google Apps service….At your next renewal date, we will start your transition from your Postini service to Google Apps. These first transition notifications are being sent to customers whose renewal dates are November 1, 2012 or later. If your renewal date is between August 15 and October 31, 2012, you’ll receive the standard Postini renewal agreement, and we will contact you with information about the transition in 2013.” The shares closed at $677.18, up $7.67 or 1.15% on the day. They have traded in a 52-week range of $480.60 to $678.87.
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Kraft Foods Inc. (NYSE:KFT): Brynwood Partners revealed that it has signed a definitive agreement for the acquisition of a controlling stake in the Back to Nature brand food business via a joint venture partnership with Kraft Foods. Kraft Foods will keep its hold of a substantial minority stake in the company and will have board representation in the joint venture that will be formed. Terms and conditions of the transaction, which should close in October, will not be revealed. The shares closed at $41.01, down $0.1 or 0.24% on the day. They have traded in a 52-week range of $31.88 to $41.50.
M.D.C. Holdings (NYSE:MDC): Toll Brothers (NYSE:TOL) is climbs after it reported Q3 earnings per share of 36c, versus analysts’ consensus estimate of 18c. Additionally, the company’s revenue was higher than expected, and Toll’s backlog as of the end of Q3 saw a 59 percent increase compared with the same period the previous year, to $1.62 bilion. The home builder stated that it has been seeing the most sustained demand for housing in more than five years and is gaining market share. The company thinks it will sell 800-1,000 homes during Q4 at an average price of $570,000-$590,000. Furthermore, existing home sales data that was released earlier in the morning appear to support the company’s statements that there is recovery in the housing sector. Sales of existing homes rose 10.4 percent last month compared to the same period in 2011, even though the number of existing home sales last month was slightly below the consensus estimate. In early trading, Toll Brothers increased $1.37, or 4.31 percent, to $33.18. Other home builders’ stocks also rose, with KB Home (NYSE:KBH) adding 1.72 percent to $10.63, DR Horton (NYSE:DHI) rising 2.58 percent to $18.72, and Hovnanian (NYSE:HOV) increasing 3.19 percent to $2.59. The shares closed at $33.88, up $0.95 or 2.88% on the day. They have traded in a 52-week range of $14.79 to $34.16.
Mpg Office Trust (NYSE:MPG), formerly called Maguire Properties, the largest office landlord in downtown Los Angeles, hired real-estate adviser Eastdil Secured to search for firms to buy the company or make an important cash investment, sources say, reports the Wall Street Journal. Possible bidders are Brookfield Office Properties (NYSE:BPO), Colony Capital LLC, Piedmont Office Realty Trust (NYSE:PDM), and Thomas Properties Group (NASDAQ:TPGI). The shares closed at $3.25, up $0 or 0% on the day. They have traded in a 52-week range of $1.66 to $3.31.
Sunrise Senior Living (NYSE:SRZ): Health Care REIT (NYSE:HCN) has entered into a definitive agreement for the acquisition of all of the outstanding common stock of Sunrise Senior Living, Inc. for $14.50 per share in an all cash transaction. As part of this transaction, Health Care REIT is to acquire Sunrise’s 20 wholly owned seniors housing communities along with Sunrise’s interest in joint ventures that own 105 seniors housing communities. The 20 wholly owned communities are in the U.S. and Canada, and the joint venture communities are in the U.S. and the United Kingdom. The purchase price represents a real estate value of about $1.9 billion, of which about $950 million is to be paid in cash and the balance through the assumption of debt at an average interest rate of about 4.9 percent. The closing of the transaction is subject to approval by Sunrise shareholders. The transaction is predicted to close during the first half of 2013. Bank of American Merrill Lynch acted as exclusive financial advisor to Health Care REIT on this transaction. Arnold & Porter, LLP, Shumaker, Loop & Kendrick, LLP, and Sidley Austin, LLP took the role of the company’s legal advisors. The shares closed at $14.26, up $5.33 or 59.69% on the day. They have traded in a 52-week range of $3.68 to $9.00.
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