Canaccord Genuity Morning Coffee on 3M (MMM) and Avery Dennison (AVY): Schticky?
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Price: $111.57 -1.24%
Rating Summary:
3 Buy, 8 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
3 Buy, 8 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Trade MMM Now!
Canaccord Genuity Morning Coffee on 3M (NYSE: MMM) and Avery Dennison (NYSE: AVY): Schticky?
3M says is not dropping the purchase of Avery Dennison’s office products group in response to a U.S. Justice Department statement that said the deal was being abandoned following threats of a civil lawsuit by anti-trust authorities. The DPJ had said that the proposed acquisition "would have substantially lessened competition in the sale of labels and sticky notes." The deal was initially announced in January and is a $550 million cash purchase by 3M. While it is not a complete takeover of Avery Dennison, the DOJ said it would have left Avery without its brand or the sales and distribution system necessary to compete in the sticky notes market. In a statement, 3M said, "3M and Avery Dennison are committed to working together to explore options to address the DOJ’s concerns, obtain regulatory approval and complete a transaction between the parties."
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3M says is not dropping the purchase of Avery Dennison’s office products group in response to a U.S. Justice Department statement that said the deal was being abandoned following threats of a civil lawsuit by anti-trust authorities. The DPJ had said that the proposed acquisition "would have substantially lessened competition in the sale of labels and sticky notes." The deal was initially announced in January and is a $550 million cash purchase by 3M. While it is not a complete takeover of Avery Dennison, the DOJ said it would have left Avery without its brand or the sales and distribution system necessary to compete in the sticky notes market. In a statement, 3M said, "3M and Avery Dennison are committed to working together to explore options to address the DOJ’s concerns, obtain regulatory approval and complete a transaction between the parties."
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