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.
Watch List:
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 said.
Solera Holdings Inc. (SLH) agreed to acquire the insurance and
services division of Pittsburgh Glass Works LLC for $280
million.
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.
Write to Maria Armental at maria.armental@wsj.com
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