By Dow Jones Business News,
May 13, 2014, 09:26:00 AM EDT
Among the companies with shares expected to actively trade in Tuesday's session are Allergan Inc. ( AGN ), DirecTV ( DTV )
and Elizabeth Arden Inc. (RDEN).
Valeant Pharmaceuticals International Inc. (VRX) said it plans to improve its offer for Allergan later this month to
show its commitment to completing a takeover of the Botox maker. The company said it plans to provide further details
during a webcast May 28. Allergan shares edged up 1.7% to $162.40 premarket.
AT&T Inc. (T) is moving to seal a takeover of DirecTV that could value the satellite-television provider at some $50
billion, people familiar with the matter said. An agreement could be reached in two weeks if not sooner, according to
the people. DirecTV edged up 3% to $89.80 premarket.
BioFuel Energy Corp. ( BIOF ), which counts David Einhorn's Greenlight Capital as a major shareholder, disclosed in a
regulatory filing that its shares are in danger of being delisted from the Nasdaq exchange. The company said it intends
to appeal. Shares slumped 17% to $5.15 premarket.
Elizabeth Arden said Monday its board is exploring strategic alternatives, as the beauty products company reported
steep sales declines and a wider fiscal third-quarter loss. Shares dropped 20% to $28.44 premarket.
Halozyme Therapeutics Inc. ( HALO ) said Monday an independent data-monitoring panel supports continued enrollment of
patients in its experimental pancreatic-cancer treatment, with proposed modifications to the trial. The
biopharmaceutical company had halted enrollment and dosing last month in a phase-2 trial of the treatment, PEGPH20.
Shares surged 17% to $8.80 premarket.
McKesson Corp.'s (MCK) fiscal fourth-quarter earnings rose 43% on the drug wholesaler's broad sales growth. The
company benefited from its 75.75% stake in Germany-based Celesio AG. The Celesio deal was expected to boost McKesson's
leverage in negotiations with generic drug manufacturers and broaden its footprint geographically. Shares edged up 2.8%
to $179.12 premarket.
Rackspace Hosting Inc. (RAX) said its first-quarter profit sank 6.6% as higher costs offset an increase in revenue.
The web infrastructure provider's results, however, topped expectations. Shares climbed 13% to $31.21 premarket.
Corinthian Colleges Inc. ( COCO ) said Monday it has reached an agreement with lenders, averting danger of default--for
now. The for-profit college operator said it will seek additional waivers or amendments to its credit facilities after
June 30, when it expects again to violate the terms of its lending agreements.
Merck & Co. (MRK) agreed to sell some ophthalmology assets to Santen Pharmaceutical Co. for distribution in Japan as
well as markets in the Asia Pacific region and Europe. Merck will receive a $600 million upfront payment for the sale,
as well as additional payments pegged to sales milestones. The deal is expected to close within a few months, Merck
Solera Holdings Inc. (SLH) agreed to acquire the insurance and services division of Pittsburgh Glass Works LLC for $
Vantiv Inc. (VNTV) agreed to acquire payment technology company Mercury Payment Systems LLC from investment firm
Silver Lake Group LLC for $1.65 billion. Payment processor Vantiv said the deal would increase its growth in the
integrated payments sector.
Timber conglomerate Weyerhaeuser Co. (WY) said Monday it intends to split off its home-building unit and merge the
operations with a unit of TRI Pointe Homes Inc. (TPH). The Washington real-estate company had disclosed the plans in
November under a so-called Reverse Morris Trust transaction, which would allow the company to avoid a large tax penalty
as long as holders control more than 50% of the merged company's stock.
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