REalllyyyyy ?
Sanofi comments on Medivation's rejection of proposal; remains committed to combination
Combining Sanofi and Medivation represents a compelling strategic and financial opportunity to drive immediate and certain value for Medivation's shareholders while benefiting patients and both companies' respective stakeholders. Sanofi's all-cash proposal represents over a 50 percent premium to Medivation's two-month volume weighted average trading price (VWAP) prior to takeover rumors.
Sanofi is a disciplined acquirer and has a strong acquisition track-record. While to date Medivation has chosen not to enter into discussions regarding this value-creating transaction, Sanofi remains committed to the combination and looks forward to engaging directly with Medivation shareholders with regard to our proposal.
France's Casino considers taking CNova private, source says - Reuters News
29-APR-2016 14:56:15
By Guillermo Parra-Bernal
SAO PAULO, April 29 (Reuters) - French retailer Casino Guichard Perrachon SA is considering taking CNova NV private as the best option prior to a planned absorption of the underperforming e-commerce unit, a source with direct knowledge of the matter told Reuters on Friday.
Under the plan, Casino CASP.PA would buy out minority shareholders in CNova CNV.O, which would subsequently be split into three separate units located in France, Brazil and Colombia, said the source, who requested anonymity because the structure of the transaction is under discussion.
CNova's French unit CDiscount would be absorbed by Casino's French business, while Nova.com, as CNova's Brazilian section is known, would be merged into Via Varejo SA, Casino's appliance and consumer electronics unit in the country, the source added.
Casino listed CNova on Nasdaq in November 2014. On Thursday, CNova said that a merger of its Brazilian unit with Via Varejo VVAR11.SA is being reviewed. FWN17V19G
According to the source, Casino would fund the buyout with proceeds from the $1.1 billion sale of a Vietnamese grocery chain to Thai billionaire Charoen Sirivadhanabhakdi's TCC Holding Co, which was announced on Friday. Casino has this year raised almost $4.5 billion from asset sales in Asia to reduce debt. (Full Story)
The Paris-based media office for Casino did not have an immediate comment.
About 6 percent of CNova's 441 million shares are publicly traded on the Nasdaq market, making it relatively cheap for Casino to delist the unit, the source said. Based on current prices, the value of a delisting could be about $100 million.
CNova has a market value of about $1.46 billion, with between 40 percent to 45 percent being attributed to the Brazilian business, the source added.
Casino, based in the French city of St-Etienne, took Cnova public in its drive to create an e-commerce pure-play that could fund the expansion of its direct-sales business and marketplaces amid thriving global prospects for the sector.
The IPO priced CNova at $7 a share, helping the French retailer raise a net $190 million at the time. The price came in below Casino's target of $12.50 to $14 for the stock.
That year, rival China's Alibaba Group Holding Ltd broke a global record after fetching $25 billion in an initial public offering.
RTRS - FRANCE'S CASINO CONSIDERS SPLITTING CNOVA'S FRENCH, BRAZILIAN BUSINESS, MERGING THEM INTO GROUP, SOURCE SAYS
Gapping down
In reaction to disappointing earnings/guidance: MOH -12.5%, SYNA -12.1%, SRCL -11.3%, NSR -10.4%, NPTN -10%, ESI-9.1%, ARII -8.7%, MOBL -8.5%, HCLP -6.9%, (commences $40 mln public offering of common units representing limited partnership interests in the Partnership), WDC -5.6%, BCOV -5.2%, FLEX -5%, GILD -4.8%, GRPN -4.7%, YGE -4%, SHEN-3.9%, EYES -3.2%, PSX -2.9%, SWKS -2.8%, RBS -2.8%, SGEN -2.7%, ATEN -2.5%, AAN -2.4%, TRGP -2.4%, BMRN -2.3%,ELLI -1.9%, SNY -1.9%, CPHD -1.4%, TEF -1.4%, BVN -1.2%, IMGN -1.2%, MCO -1%, CHDN -0.7%
M&A news: APOL -2.4% (adjourns special meeting of shareholders, 58% voted FOR the proposed acquisition)
Other news: BIOC -20.6% (proposed registered public offering of its common stock/warrants), AKS -9.6% (prices 52 mln shares of common stock at $4.40 per share), SDR -8.6% (reduces quarterly distribution to $0.101/unit from $0.183/unit), ALR -6.2% (obtains requisite lender approval for extension to file 10-K; provides update relating to the pending merger transaction with Abbott (ABT)), CNC -3.3% (MOH sympathy) WRE -3.2% (upsizes offering by 625K shares and prices 4.625 mln common shares at $28.20 per share), WCG -2.1% (MOH sympathy) BRX -1.8% (prices 20 mln share common stock offering by selling stockholders affiliated with Blackstone Real Estate Partners (BX) at $25.20/share)
Analyst comments: FCAU -1.9% (downgraded to Underperform from Neutral at BofA/Merrill), DB -1.4% (downgraded to Underperform from Mkt Perform at Keefe Bruyette), F -1.1% (downgraded to Neutral from Buy at BofA/Merrill)
In reaction to disappointing earnings/guidance: MOH -12.5%, SYNA -12.1%, SRCL -11.3%, NSR -10.4%, NPTN -10%, ESI-9.1%, ARII -8.7%, MOBL -8.5%, HCLP -6.9%, (commences $40 mln public offering of common units representing limited partnership interests in the Partnership), WDC -5.6%, BCOV -5.2%, FLEX -5%, GILD -4.8%, GRPN -4.7%, YGE -4%, SHEN-3.9%, EYES -3.2%, PSX -2.9%, SWKS -2.8%, RBS -2.8%, SGEN -2.7%, ATEN -2.5%, AAN -2.4%, TRGP -2.4%, BMRN -2.3%,ELLI -1.9%, SNY -1.9%, CPHD -1.4%, TEF -1.4%, BVN -1.2%, IMGN -1.2%, MCO -1%, CHDN -0.7%
M&A news: APOL -2.4% (adjourns special meeting of shareholders, 58% voted FOR the proposed acquisition)
Other news: BIOC -20.6% (proposed registered public offering of its common stock/warrants), AKS -9.6% (prices 52 mln shares of common stock at $4.40 per share), SDR -8.6% (reduces quarterly distribution to $0.101/unit from $0.183/unit), ALR -6.2% (obtains requisite lender approval for extension to file 10-K; provides update relating to the pending merger transaction with Abbott (ABT)), CNC -3.3% (MOH sympathy) WRE -3.2% (upsizes offering by 625K shares and prices 4.625 mln common shares at $28.20 per share), WCG -2.1% (MOH sympathy) BRX -1.8% (prices 20 mln share common stock offering by selling stockholders affiliated with Blackstone Real Estate Partners (BX) at $25.20/share)
Analyst comments: FCAU -1.9% (downgraded to Underperform from Neutral at BofA/Merrill), DB -1.4% (downgraded to Underperform from Mkt Perform at Keefe Bruyette), F -1.1% (downgraded to Neutral from Buy at BofA/Merrill)
Gapping up
In reaction to strong earnings/guidance: GNW +17.1%, GIMO +16.6%, AMZN +12%, EXPE +10.8%, EHTH +10.2%, LOGM+9.9%, YRCW +9.7%, P +9.6%, OUTR +8.5%, LNKD +7.9%, SNMX +7.8%, LNKD +7.3%, SKYW +6.8%, CYBE +6.8%, CLD+6.8%, BGS +6.1%, SHPG +5.9%, CBM +5.7%, OFIX +5.4%, RCL +4.9%, QLIK +4.8%, BIDU +4.5%, TNDM +3.9%, NLNK+3.9%, HST +3.7%, SCSS +3.6%, ALDR +3.3%, NWL +3.3%, ERJ +3.1%, JNPR +2.5%, ENVA +2.5%, AZN +2.5%, ABAX+2.4%, NVO +2.4%, AIV +2.3%, DRAD +2.3%, NUS +2.2%, DLR +2.2%, VFC +2.1%, PEG +2.1%, N +2%, GLPG +1.8%,AMC +1.8%, ALGN +1.6%, (also additional $300 mln to its existing share repurchase program), ATHN +1.5%, CPN +1.4%, AEM+1.3%, IDXX +1.2%, PSO +1.2%, AZPN +1.1%, TFSL +1.1%, PFG +0.9%
M&A news: ROVI +7.5% (To acquire TIVO for $1.1 bln), TIVO +6.4% (to be acquired by Rovi (ROVI) for $10.70/share, or ~$1.1 bln), NWBI +6.3% (Northwest Bancshares to acquire $1.7 bln in deposits and 18 First Niagara Branches in Buffalo New York subject to closing of the $1.0 bln merger with KeyCorp/First Niagara Financial Group)
Select metals/mining stocks trading higher: FCX +4.7%, CLF +3.7%, MT +2.7%, SLW +2.5%, HL +2.2%, KGC +2.1%,VALE +2%, PAAS +1.6%, NEM +1.5%
Other news: PRGN +73.1% (continued momentum higher), SDRL +13.3% (amends secured credit facilities), REN +2.6% (says has not reached an agreement on the terms of a Possible Transaction with various noteholders, discussions are not ongoing at this time), PCLN +2.1% (following EXPE results), GLPG +1.8% (Galapagos and AbbVie (ABBV) expand their cystic fibrosis collaboration; milestones increased from $350 to $600 mln), TBPH +1.1% (upsizes offering and prices 4,765,000 ordinary shares at $21.00 per share), .
In reaction to strong earnings/guidance: GNW +17.1%, GIMO +16.6%, AMZN +12%, EXPE +10.8%, EHTH +10.2%, LOGM+9.9%, YRCW +9.7%, P +9.6%, OUTR +8.5%, LNKD +7.9%, SNMX +7.8%, LNKD +7.3%, SKYW +6.8%, CYBE +6.8%, CLD+6.8%, BGS +6.1%, SHPG +5.9%, CBM +5.7%, OFIX +5.4%, RCL +4.9%, QLIK +4.8%, BIDU +4.5%, TNDM +3.9%, NLNK+3.9%, HST +3.7%, SCSS +3.6%, ALDR +3.3%, NWL +3.3%, ERJ +3.1%, JNPR +2.5%, ENVA +2.5%, AZN +2.5%, ABAX+2.4%, NVO +2.4%, AIV +2.3%, DRAD +2.3%, NUS +2.2%, DLR +2.2%, VFC +2.1%, PEG +2.1%, N +2%, GLPG +1.8%,AMC +1.8%, ALGN +1.6%, (also additional $300 mln to its existing share repurchase program), ATHN +1.5%, CPN +1.4%, AEM+1.3%, IDXX +1.2%, PSO +1.2%, AZPN +1.1%, TFSL +1.1%, PFG +0.9%
M&A news: ROVI +7.5% (To acquire TIVO for $1.1 bln), TIVO +6.4% (to be acquired by Rovi (ROVI) for $10.70/share, or ~$1.1 bln), NWBI +6.3% (Northwest Bancshares to acquire $1.7 bln in deposits and 18 First Niagara Branches in Buffalo New York subject to closing of the $1.0 bln merger with KeyCorp/First Niagara Financial Group)
Select metals/mining stocks trading higher: FCX +4.7%, CLF +3.7%, MT +2.7%, SLW +2.5%, HL +2.2%, KGC +2.1%,VALE +2%, PAAS +1.6%, NEM +1.5%
Other news: PRGN +73.1% (continued momentum higher), SDRL +13.3% (amends secured credit facilities), REN +2.6% (says has not reached an agreement on the terms of a Possible Transaction with various noteholders, discussions are not ongoing at this time), PCLN +2.1% (following EXPE results), GLPG +1.8% (Galapagos and AbbVie (ABBV) expand their cystic fibrosis collaboration; milestones increased from $350 to $600 mln), TBPH +1.1% (upsizes offering and prices 4,765,000 ordinary shares at $21.00 per share), .