In the news: Burger King looks North, Roche to buy InterMune and more


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Monday headlines include: Burger King bidding to become Canadian, Roche making an offer for InterMune, shareholders pressuring Ann Inc. to sell itself, Allergan shareholders calling for a special meeting and a Russian government official saying his country is not planning to shut down McDonald's.

Burger King

Second-place U.S. hamburger chain Burger King ( BKW ) is reportedly in talks to buy Canada's Tim Hortons ( THI ). The new company would be worth about $18 billion and be based in Canada after a so-called tax inversion. 3G Capital, which already controls about 70 percent of Burger King will hold a majority of the new company, with existing shareholders of the two companies holding the remainder.


In Monday's second big merger announcement, Swiss drugmaker Roche agreed to buy InterMune ( ITMN ) for $74 per share, or $8.3 billion. That price represents a premium of about 38 percent to InterMune's closing price on Friday and a 63 percent premium to the stock's price on Aug. 12, when rumors that the company could be acquired first started to circulate. InterMune, which has one product, is not yet profitable. The company's product, pirfenidone, is a treatment for a fatal scarring of the lungs known as idiopathic pulmonary fibrosis.

Ann Inc.

Shareholders at Ann Inc. ( ANN ) are pressuring the company to put itself up for sale. Engine Capital and partner Red Alder have urged the company's board to explore. The two firms, which have a combined stake of about one percent of the company's common stock, believe the company is a good candidate to be purchased by a private equity firm and say that given the likelyhood of an increase in interest rates, they believe the company should start considering deals now.


Shareholders controlling 31 percent of the shares of Allergan ( AGN ) have asked for a special meeting, endorsing a request by William Ackman and Valeant Pharmaceuticals (VRX). Ackman is currently Allergan's largest shareholder and has a bid on the table in partnership with Valeant to buy Allergan for $52 billion. Allergan has been trying to fight off the hostile bid from Ackman and Valeant.


Russia's Deputy Prime Minister, Arkady Dvorkivich, said Saturday that the country has no plans to close the McDonald's (MCD) restaurant chaing. The statement comes after multiple restaurants were closed by health and safety inspectors last week. Russia and the West are currently exchanging sanctions over Russia's participation in the unrest in Ukraine.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing Taxes
Referenced Stocks: BKW , THI , ITMN , ANN , AGN

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