Notable Mergers and Acquisitions of the Day 7/2 (BBI/CC, NVT/NOK, NSTR)
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- Shares of Blockbuster Inc. (NYSE: BBI) are trading 10% higher in pre-open action after the company announced that is has decided to withdraw its proposal to acquire Circuit City (NYSE: CC).
BBI CEO Jim Keyes said, "Based on market conditions and the completion of our initial due diligence process, we have determined that it is not in the best interest of Blockbuster's shareholders to proceed with an acquisition of Circuit City."
- NAVTEQ (NYSE: NVT) today announced that Nokia (NYSE: NOK) has received unconditional approval from the European Commission for its planned acquisition of NAVTEQ. With this, Nokia now has received all approvals for the purchase. The parties expect to close the deal within the next five business days.
- Tang Capital Partners, LP today announced that it has made a proposal to acquire Northstar Neuroscience, Inc. (NASDAQ: NSTR) in a negotiated transaction for a price of $2.25 per share in cash.
Northstar Neuroscience closed at $1.50 per share yesterday.
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