Market Wrap: China Liquidity Fears Hit Market; Neiman Marcus to Go Public; Merger Monday!
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Market wrap for June 24th
End of the Day: S&P 500 down 19.3 to 1,573.09; Dow Jones down 139.8 to 14,659.56; Nasdaq down 36.5 to 3,320.76
* Markets started off lower Monday following the People's Bank of China saying that it was seeking to calm liquidity fears by announcing that overall liquidity of the banking system was "reasonable," but at the same time is calling for higher requirements, more prudence and increased liquidity from banks. For more on the statement, click here.
* Tenet Healthcare Corporation (NYSE: THC) and Vanguard Health Systems, Inc. (NYSE: VHS) signed a definitive agreement whereby Tenet will acquire Vanguard for $21 per share in an all cash transaction.
* Vodafone (Nasdaq: VOD) announced that, following discussions with Kabel Deutschland, it intends to launch a voluntary public tender offer for 100% of the share capital of Kabel Deutschland. Vodafone intends to deliver Kabel Deutschland shareholders a total value of €87 in cash for each Kabel Deutschland Share comprising €84.50 per share in cash pursuant to the voluntary public tender offer plus the payment of the €2.50 dividend per share announced by Kabel Deutschland on 20 February 2013.
* Neiman Marcus filed a registration with the U.S. SEC for an initial public offering (IPO) of its common stock. The proposed maximum offering price is $100 million.
* Keynote (Nasdaq: KEYN) reported entering into a definitive agreement to be acquired by an affiliate of leading private equity investment firm Thoma Bravo, LLC in an all-cash transaction valued at approximately $395 million. Under the terms of the agreement, pending shareholder approval, Keynote stockholders will receive $20.00 in cash for each share of Keynote common stock.
* Microsoft Corp. (Nasdaq: MSFT) and Oracle Corp. (Nasdaq: ORCL) announced
* Market pressures hit Apple (Nasdaq: AAPL) today, sending the stock below $400 for the first time since April 24, 2013. Shares hadn't closed below $400 since April 22, 2013.
End of the Day: S&P 500 down 19.3 to 1,573.09; Dow Jones down 139.8 to 14,659.56; Nasdaq down 36.5 to 3,320.76
* Markets started off lower Monday following the People's Bank of China saying that it was seeking to calm liquidity fears by announcing that overall liquidity of the banking system was "reasonable," but at the same time is calling for higher requirements, more prudence and increased liquidity from banks. For more on the statement, click here.
* Tenet Healthcare Corporation (NYSE: THC) and Vanguard Health Systems, Inc. (NYSE: VHS) signed a definitive agreement whereby Tenet will acquire Vanguard for $21 per share in an all cash transaction.
* Vodafone (Nasdaq: VOD) announced that, following discussions with Kabel Deutschland, it intends to launch a voluntary public tender offer for 100% of the share capital of Kabel Deutschland. Vodafone intends to deliver Kabel Deutschland shareholders a total value of €87 in cash for each Kabel Deutschland Share comprising €84.50 per share in cash pursuant to the voluntary public tender offer plus the payment of the €2.50 dividend per share announced by Kabel Deutschland on 20 February 2013.
* Neiman Marcus filed a registration with the U.S. SEC for an initial public offering (IPO) of its common stock. The proposed maximum offering price is $100 million.
* Keynote (Nasdaq: KEYN) reported entering into a definitive agreement to be acquired by an affiliate of leading private equity investment firm Thoma Bravo, LLC in an all-cash transaction valued at approximately $395 million. Under the terms of the agreement, pending shareholder approval, Keynote stockholders will receive $20.00 in cash for each share of Keynote common stock.
* Microsoft Corp. (Nasdaq: MSFT) and Oracle Corp. (Nasdaq: ORCL) announced
* Market pressures hit Apple (Nasdaq: AAPL) today, sending the stock below $400 for the first time since April 24, 2013. Shares hadn't closed below $400 since April 22, 2013.
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