GFI Group (GFIG) Confirms $5.25 Per Share Tender Offer from BGC Partners (BGCP), Will Review Oct 22, 2014 05:45PM

GFI Group Inc. (NYSE: GFIG) today confirmed that BGC Partners, Inc. ("BGC") (NASDAQ: BGCP) has commenced its previously announced unsolicited tender offer to acquire up to 100% of the outstanding shares of common stock of the Company for $5.25 per share in cash, subject to the various conditions stated in BGC's filings made with the Securities and Exchange Commission (the "SEC") on October 22, 2014.

The special committee (the "Special Committee") of GFI's board of directors (the "Board"), consistent with its fiduciary duties and in consultation with its financial and legal advisors, will thoroughly review the offer to determine a course of action that it believes is in the best interests of GFI stockholders. GFI intends to advise its stockholders of the formal positions of the Special Committee and the Board regarding the tender offer no later than November 4, 2014 by making available to GFI stockholders and filing with the SEC a solicitation/recommendation statement on Schedule 14D-9. Until that time, the Board advises GFI stockholders not to take any action with respect to BGC's tender offer.

The Board has not changed its recommendation with respect to, and continues to support, the pending transaction with CME Group Inc.

Parker-Hannifin (PH) Approves 35M Common Buyback; Boosts Qtr. Dividend Oct 22, 2014 05:05PM

Parker-Hannifin (NYSE: PH) announced that its Board of Directors increased the company's regular quarterly cash dividend to 63 cents per share of common stock payable December 5, 2014 to shareholders of record as of November 10, 2014. This represents a 31 percent increase over the previous quarterly dividend of 48 cents per common share. The Board also authorized the repurchase of up to 35 million shares of common stock, replacing the existing share repurchase authorization.

"This significant increase in our quarterly dividend and share repurchase authorization reflects the Board's confidence in our strong balance sheet position, consistent cash flow and long term outlook," said Chairman, CEO and President, Don Washkewicz. "The dividend increase allows us to take a meaningful step toward our goal of a 30 percent dividend payout ratio. We continue to allocate capital in a way that allows us to fund growth initiatives, including acquisitions and innovation, while returning value to our shareholders through dividends and share repurchases."

This is the company's 258th consecutive quarterly dividend. The new share repurchase authorization represents approximately 24 percent of the company's outstanding shares and is valued at approximately $4 billion at the current share price.

Eli Lilly (LLY), Zymeworks Report Expansion of Strategic Licensing and Collaboration Agreement Oct 22, 2014 04:55PM

Eli Lilly and Company (NYSE: LLY) and Zymeworks Inc. today announced the expansion of their existing licensing and collaboration agreement.

Originally announced in January 2014, the global strategic collaboration is focused on the development of an undisclosed number of novel bi-specific antibody therapeutics using Zymeworks' proprietary Azymetric™ platform.

Today, Lilly is opting to expand the collaboration by up to potentially US $375 million in milestones and other payments, plus tiered sales royalties based on country-by-country intellectual property, and sales to include development of several immuno-modulatory bi-specific antibodies against multiple targets. Zymeworks will receive an initial up-front payment in the form of an equity investment, which will strengthen the strategic relationship between the two companies. The majority of financial terms consist of potential milestone payments contingent on the achievement of certain development and commercial milestone events predominantly focused on the United States, Japan and global sales. Further financial terms were not disclosed.

Bi-specific antibodies have the potential to provide improved outcomes for patients by simultaneously targeting two proteins resulting in additive or synergistic responses.

"We are pleased to expand our collaboration with Zymeworks to develop potential immunotherapies for those fighting cancer around the world. There are many targets involved in the controlled activation and redirection of the immune system and we know that immunotherapies will not be a one-size-fits-all treatment," said Sue Mahony, senior vice president and president, Lilly Oncology. "In addition to immunotherapy programs, Lilly has a robust oncology pipeline that includes both small molecules and monoclonal antibodies, which are being studied to treat a wide range of cancers."

"Lilly is a global pharmaceutical company and we are delighted to expand our collaboration to develop novel bi-specific immunotherapies. This expansion of our strategic collaboration speaks to the robustness of our Azymetric™ platform for the development of innovative biologics," said Ali Tehrani, president and CEO of Zymeworks. "Lilly's investment in Zymeworks also highlights the strength and promise of our oncology-focused pipeline candidates in helping patients with significant unmet medical needs."

This collaboration with Zymeworks adds to Lilly's bi-specific antibody and immunotherapy research portfolio. In July 2014, Lilly also announced an agreement to co-discover and co-develop novel cancer therapies with Immunocore.

Cash America Int'l (CSH) Board Approves Enova Spin-Off Oct 22, 2014 04:51PM

Cash America Int'l (NYSE: CSH) announced today that its Board of Directors has approved the spin-off of its E-Commerce Division (that comprises its e-commerce segment), Enova International, Inc. (“Enova”), into an independent and separate publicly traded company.

Cash America and Enova will be separated through the distribution of approximately 80 percent of the outstanding shares of Enova to holders of Cash America International, Inc. common stock. Subject to the satisfaction of certain conditions to the spin-off, the distribution is expected to occur at 12:01 am Eastern Time on November 13, 2014. Cash America shareholders will receive 0.915 shares of Enova common stock for every one share of Cash America common stock held at the close of business on November 3, 2014, which is the record date for the distribution. Fractional shares of Enova common stock will not be distributed. Any fractional shares of Enova common stock will be aggregated and sold in the open market and the aggregate net proceeds of the sales will be distributed ratably in the form of cash payments to Cash America shareholders of record who would otherwise be entitled to receive a fractional share of Enova common stock. Following the distribution of Enova common stock, shares of common stock will be traded on the New York Stock Exchange under the symbol “ENVA.”

Enova is a leading provider of online financial services that uses advanced technology and analytics to drive lending decisions. Since 2004, Enova has completed over 27 million transactions and collected approximately 12 terabytes of consumer behavior data. In 2013, Enova extended approximately $2.6 billion in credit to borrowers in the United States, United Kingdom, Canada, and Australia.

Reynolds American (RAI) to Prohibit Workplace Smoking Oct 22, 2014 03:50PM

In an ironic twist, Reynolds American (NYSE: RAI) said it is putting the kibosh on workplace smoking.

Well, for now, anyway.

The Associated Press reported on Wednesday that Reynolds American will only allow smokeless products, including electronic cigarettes, once dedicated indoor smoking areas are constructed in its offices.

Smoking at the company's offices is already prohibited in cafeterias and on factory floors.

Reynolds American is up 0.5 percent.

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