Financial stocks are mixed, with the NYSE Financial Sector Index
turning sharply lower, sinking about 1.0% and the S&P Financial
100 Index still holding a 0.4% advance.
In company news, BRE Properties (
) is down 2.3% at $57.96 a share this afternoon, or about 5 cents
under the non-binding $58.01 per share buyout offer it received
from Essex Properties (
Based on its 77.19 million shares outstanding, the $4.5-billion
offer BRE confirmed this morning is about $500 million less than
the rumored deal ESS was said to have proposed last week. The
takeover speculation ignited a nearly 11% rise for BRE shares
during last Wednesday's session and shares continued to inch higher
on Thursday and Friday as well.
The deal ESS currently is proposing would pay BRE shareholders
$12.33 in cash and provide them with 0.2971 of an ESS share in
exchange for each BRE share they now own. The two apartment
landlords have since agreed to exclusive talks to work on a
BRE also said it has begun a process to review its strategic
options and has hired Wells Fargo Securities and the Latham &
Watkins LLP law firm to assist with those efforts. ESS shares are
ahead 0.1% at $154.20 each.
In other sector news,
(+) LTS, (+3.9%) Exercises options received in a $14.2-mln
offering by Lipocine Inc (
) to purchase 223,800 shares at $8.25 each, or $1.8 mln overall.
LPCN shares fell 7.8% after the deal priced Nov. 27 and remain
under the offering price.
(-) FCEA, (-2.0%) Swings to a fiscal Q3 profit on a gain tied to
a joint venture but posted a loss with its funds from operations on