Top 10 News for 9/19 - 9/23: Twitter on the Auction Block; Allergan Bolsters NASH Effort; Microsoft Returns Value
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
- JPMorgan (JPM) Reports Q4 EPS of $1.71
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2. Viacom’s (Nasdaq: VIAB)(Nasdaq: VIA) announced that Tom Dooley, Interim President and Chief Executive Officer, has informed the Board of his decision to depart the Company. Viacom also announced that it expects Q4 EPS of 0.65 - $0.70, versus the consensus of $0.89, and has ended the process of seeking a minority investor in Paramount Pictures at this time, in order to consider all options available to the Company.
3. Shares of Sarepta Therapeutics (Nasdaq: SRPT) ran higher earlier in the week after the U.S. Food and Drug Administration approved the company's Exondys 51 (eteplirsen) injection, the first drug approved to treat patients with Duchenne muscular dystrophy (DMD). Exondys 51 is specifically indicated for patients who have a confirmed mutation of the dystrophin gene amenable to exon 51 skipping, which affects about 13 percent of the population with DMD. For more color, click here.
4. Early Tuesday, Allergan plc (NYSE: AGN) and Tobira Therapeutics, Inc. (Nasdaq: TBRA) announced that they have entered into a definitive agreement under which Allergan will acquire Tobira for an upfront payment of $28.35 per share, in cash, and up to $49.84 per share in Contingent Value Rights (CVRs) that may be payable based on the successful completion of certain development, regulatory and commercial milestones, for a total potential consideration of up to $1.695 billion.
5. FedEx (NYSE: FDX) reported Q1 EPS of $2.90, which was $0.09 better than the analyst estimate of $2.81. Revenue for the quarter came in at $14.7 billion versus the consensus estimate of $14.61 billion. Excluding TNT Express-related integration and Outlook restructuring program costs and TNT Express intangible asset amortization, FedEx forecasts fiscal 2017 earnings of $11.85 to $12.35 per diluted share. (The Street was at $11.97.)
6. Infoblox Inc. (NYSE: BLOX) announced that it has entered into a definitive agreement to be acquired by Vista Equity Partners. Under the terms of the agreement, Infoblox stockholders will receive $26.50 per share of common stock in cash, or about $1.6 billion.
7. Eldorado Resorts, Inc. (Nasdaq: ERI) and Isle of Capri Casinos, Inc. (Nasdaq: ISLE) announced that they have entered into a definitive merger agreement whereby Eldorado will acquire all of the outstanding shares of Isle of Capri for $23.00 in cash or 1.638 shares of Eldorado common stock, at the election of each Isle of Capri shareholder, reflecting total consideration of approximately $1.7 billion, inclusive of $929 million of long-term debt of Isle of Capri and its subsidiaries.
8. In lieu of buying a bolt-on company, Microsoft (Nasdaq: MSFT) announced that its board of directors declared a quarterly dividend of $0.39 per share, reflecting a 3 cent or 8 percent increase over the previous quarter's dividend. The board of directors also approved a new share repurchase program authorizing up to $40 billion in share repurchases.
9. Brookfield Infrastructure (NYSE: BIP) and institutional clients of Brookfield Asset Management (NYSE: BAM), including CIC Capital Corporation, GIC Private Limited and others, announced on Friday that they have reached agreement to acquire a 90% controlling stake in Nova Transportadora do Sudeste S.A., a system of natural gas transmission assets in the southeast of Brazil currently owned by Petroleo Brasileiro S.A., for approximately $5.2 billion. Brookfield managed entities will hold a controlling interest in the Consortium. Brookfield Infrastructure's investment will be a minimum of approximately 20% of the transaction, representing approximately $825 million of the transaction consideration payable on closing. The remainder will be owned by institutional partners. Petrobras, as a 10% owner in NTS, will have customary governance rights commensurate with the size of its interest.
10. TerraForm Power, Inc. (Nasdaq: TERP) and TerraForm Global (Nasdaq GLBL) announced on Monday that, at the recommendation of the companies' Corporate Governance and Conflicts Committee, the companies' Board of Directors has initiated a process to explore and evaluate potential strategic alternatives to maximize stockholder value, including a merger or sale of its entire business.
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