>>> Joseph A Bank Clothiers Inc Men's Wearhouse comments on rejection of offer

Joseph A Bank Clothiers Inc Men's Wearhouse comments on rejection of offer
- Given Jos. A. Bank's repeated expressions of interest in engaging in good faith discussions about a possible combination with Men's Wearhouse, we are surprised that Jos. A. Bank has rejected our proposal. The Men's Wearhouse all-cash proposal to acquire Jos. A. Bank has compelling strategic logic and the potential to deliver substantial benefits to our respective shareholders, employees and customers. While it is our strong preference to work collaboratively with Jos. A. Bank to realize the benefits of this transaction, we are continuing to carefully consider all of our options to make this combination a reality, including nominating director candidates at Jos. A. Bank's next annual meeting of shareholders.

(BFW) BlackRock Says It’s Added to Turkey Positions in Recent Days

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BlackRock Says It’s Added to Turkey Positions in Recent Days 2013-12-23 15:07:43.388 GMT

By Isobel Finkel Dec. 23 (Bloomberg) -- “We have been adding to positions in Turkey, especially in the financial sector, over the last few days, as valuations are now compelling (and for the first time in many months are now overweight relative to our benchmark),” Sam Vecht, head of the emerging markets specialist team at Blackrock in London, said in emailed comments today. * “While we watch the political situation in Turkey, and in all emerging markets very closely, we do think, that in Turkey, lots of bad news is already in the price” * “Historically, in emerging markets it has paid off to be brave when others are fearful” * NOTE: BlackRock is the world’s biggest money manager * NOTE: BlackRock to Third Point Blindsided as Turkey Shares Plummet, NSN MY0FI36TTDSQ <GO>

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To contact the editor responsible for this story: Isobel Finkel at +90-212-317-3911 or ifinkel1@bloomberg.net

(BFW) French Conseil D’Etat Cancels Direct 8 Purchase Authorization

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BN 12/23 14:28 *FRENCH CONSEIL D'ETAT CANCELS DIRECT 8 AUTHORIZATION

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French Conseil D’Etat Cancels Direct 8 Purchase Authorization 2013-12-23 14:33:44.961 GMT

By David Whitehouse Dec. 23 (Bloomberg) -- France’s Conseil d’Etat cancels the authorization for the purchase of Direct 8 and Direct Star granted to Canal+ by competition authorities, France’s highest court says on its web site. * Competition regulator must reexamine the matter by July 1, 2014, the Conseil D’Etat says in its ruling.

Link to Company News:{MMT FP <Equity> CN <GO>} Link to Company News:{TFI FP <Equity> CN <GO>} Link to Company News:{AN FP <Equity> CN <GO>} Link to Company News:{VIV FP <Equity> CN <GO>}

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To contact the editor responsible for this story: David Whitehouse at +33-1-5365-5059 or dwhitehouse1@bloomberg.net

>>> McKesson: Elliott's game of chicken continues... who blinks first? - ISI Gro

McKesson: Elliott's game of chicken continues... who blinks first? - ISI Group 

ISI Group notes, Elliott Associates (owns or has an interest economically equivalent to over 25% of Celesio) announced an update on its view of Celesio, including an irrevocable binding commitment to reject McKesson's current tender offer for Celesio. Elliott reiterated that it will not accept MCK's tender offer unless the terms of the offer are improved. They still cannot foresee Elliott's true desire or ability to successfully create value in Celesio's business absent a relationship with McKesson, and see a break-up scenario for Celesio as significantly more value destructive for Celesio shareholders, including Elliott, than it is for MCK shareholders. continue to remain buyers of MCK on any weakness and would add aggressively if the shares were to fall below the $150 level in the event of a deal break.

>>> Dynamics Research to be acquired by Engility (EGL) for $11.50 per share in c

Dynamics Research to be acquired by Engility (EGL) for $11.50 per share in cash; expected to be accretive to EGL’s 2014 earnings and significantly accretive to 2015 earnings and beyond (7.25 )
  • Engility (EGL) and Dynamics Research announced that they have entered into a definitive agreement under which Engility will acquire DRC.
  • Under the terms of the agreement, Engility will commence a tender offer for all outstanding shares of DRC common stock at a price of $11.50 in cash for each outstanding share.
  • The transaction, which was unanimously approved by the boards of directors of both companies, is expected to be accretive to Engility's 2014 earnings and significantly accretive to 2015 earnings and beyond. The acquisition is anticipated to close during the first quarter of 2014, subject to customary closing conditions and regulatory approval.

>>> US Gapping down:

Gapping down:

Following news: TSRO -7.16% (announces successful achievement of Primary Endpoint in each of two Phase 3 trials of Rolapitant for the prevention of Chemotherapy-induced nausea & vomiting ), TSEM -5.69% (still checking), NBG -3.94% (still checking for anything specific), TIF -2.89% (ordered to pay Swatch ~$449.5 mln in damages from Dutch arbitration; TIF sees $2.30-2.35 (~63% impact) to FY14 EPS)

Analyst comments: MU -2.21% (downgraded to Underperform from Neutral at BofA/Merrill)

>>> Vitran receives offer of $6.50 per share from Transforce

Vitran receives offer of $6.50 per share from Transforce (stock halted) (6.14 +0.04)
Co announced that it has received an unsolicited offer from an affiliate of TransForce Inc. to acquire all of the outstanding common shares of Vitran for US$6.50 in cash per share. The Board of Directors of Vitran has determined, after receiving the advice of its financial advisors and legal counsel, that the TransForce Offer constitutes a "Superior Proposal" as defined in the arrangement agreement among Vitran, 2398946 Ontario Inc. and North Channel of Georgian Bay Holdings Ltd., announced on December 9, 2013. In accordance with the terms of the Manitoulin Agreement, Vitran has provided notice of such determination to Manitoulin Transport.
  • At this time, the Board has not changed its recommendation with respect to the pending transaction with Manitoulin Transport. Under the terms of the Manitoulin Agreement, Manitoulin has a period of five business days, expiring at 11:59 pm EST on December 31, 2013, during which it can offer to amend the terms of the Manitoulin Agreement.
  • If, within the Response Period, Manitoulin offers to amend the Manitoulin Agreement such that the Board determines that the TransForce Offer would cease to be a Superior Proposal, Vitran will be required to enter into an amendment to the Manitoulin Agreement and implement the amended agreement. If, within the Response Period, Manitoulin does not offer to amend the Manitoulin Agreement, or if the proposed TransForce Offer continues to be a Superior Proposal following a proposed amendment to the Manitoulin Agreement, Vitran intends to accept the TransForce Offer, terminate the Manitoulin Agreement and pay to Manitoulin Transport the agreed termination fee of US$4 million, all in accordance with the terms of the Manitoulin Agreement.

>>> Xyratex To Be Acquired by Seagate for $13.25/shr (27% premium to prior close

Xyratex Group Limited To Be Acquired by Seagate for $13.25/shr (27% premium to prior close) in deal valued at $374M; Seagate sees earnings accretion in FY15
- Seagate Technology plc (NASDAQ: STX), a world leader in storage solutions, and Xyratex Ltd (NASDAQ: XRTX), a leading provider of data storage technology, today announced that they have entered into a definitive agreement under which Seagate will acquire all outstanding shares of Xyratex in an all-cash transaction valued at $13.25 per share, or a total of approximately $374 million, including approximately $80 million in cash on Xyratexs balance sheet as of August 31, 2013. The consideration represents a premium of approximately 27% per share over Xyratexs stock price at the close of trading on December 20, 2013.
- Xyratex has developed a leading hard disk drive (HDD) capital test equipment business. The acquisition of this business will further strengthen Seagates vertically integrated supply and manufacturing chain for disk drives and ensure uninterrupted access to important capital equipment. The acquisition also expands Seagates storage solutions portfolio by adding Xyratexs industry-leading enterprise data storage systems and high-performance computing business. Seagate will operate this business as a standalone entity and will focus on opportunities to improve and expand the business.
- The transaction has been approved by Xyratexs Board of Directors and is subject to customary closing conditions, including review by regulatory bodies and approval by Xyratex shareholders. Baker Street Capital, Xyratexs largest shareholder, has agreed to vote its shares in favor of the transaction. The transaction is currently expected to close in mid-calendar year 2014. Seagate expects to finance the transaction from existing cash balances and the transaction is not subject to any financing conditions.
- Seagate currently expects the transaction to be neutral to Seagates earnings per share in its fiscal year 2015. Seagate expects positive cash flow immediately following the transaction and expects revenue contribution to be between $500-$600 million in its fiscal year 2015.