MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Thursday, May 23
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10:28 PM DISH moves closer to getting financing for its $25.5B bid for Sprint (S), receiving signed commitment letters from 5 banks for $9B, reports the WSJ. Dish hasn't yet paid commitment fees as Charlie Ergen is waiting for Sprint's board to declare Dish's offer potentially superior to SoftBank's (SFTBF.PK) $20.1B bid. Earlier, Dish responded to SoftBank's touting of the benefits of it gaining control of Sprint. 4 Comments
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7:14 PM Tempur-Pedic International (TPX) says shareholders have approved the company's name change to Tempur Sealy International, at the company's annual meetingheld yesterday. The new name recognizes the combination of Tempur-Pedic and Sealy. The shares will continue to trade on the NYSE under the symbol "TPX." Comment!
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7:05 PM WhiteWave (WWAV) announces the completion of its spinoff from Dean Foods (DF). In addition, its board has authorized a $150M share repurchase program. The primary purpose of the program will be to offset dilution from WhiteWave’s equity compensation plans, but the company reserves the option to make discretionary, opportunistic purchases as well. WWAV +0.7%, DF +0.3% AH. Comment!
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3:49 PM Getting the go-ahead from the CA Public Utilities Commission, Sprint (S) and SoftBank (SFTBF.PK) announce they've received all necessary state regulatory approvals for their transaction (Softbank's purchase of a majority stake in Sprint). Next up is the FCC and a government panel which reviews foreign investments. DISH has yet to win these state approvals, maybe giving an edge to SoftBank which can promise a speedier and more certain closing. 1 Comment
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1:48 PM BioTime (BTX -0.2%) says its shareholders have overwhelmingly approved the planned acquisition of stem cell-related assets from Geron (GERN). The green light was given at a special meeting of shareholders, with at least 32.5M votes coming in favor from the 34.5M shares represented and voted. Comment!
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1:25 PM Elan's (ELN +3%) board has rejected the sweetened takeover bid from Royalty Pharma, saying it "continues to grossly undervalue" the company, with board chairman Robert Ingram adding that it's "no more than an opportunistic attempt to acquire our company at a substantial discount at our shareholders' expense." It urges shareholders to reject the offer, noting also that it's reducing the acceptance threshold to 50% plus one share from 90%. 1 Comment
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8:45 AM More on Rue21 (RUE): An initial 40-day "go-shop" period process will start today during which the retailer can try to reel in another bid. A low termination fee of ~$10M makes this a feasible option. If Apax Partners lands Rue21 it will have its work cut out for it after the company reported a tough comparable store sales decline of 4.6% for Q1. (PR) Comment!
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