Companies whose shares are expected to trade actively in today’s session are Constellation Brands, Inc. (NYSE:STZ), Lufkin Industries, Inc. (NASDAQ:LUFK), Pharmacyclics, Inc. (NASDAQ:PCYC), Obagi Medical Products, Inc. (NASDAQ:OMPI) and Bayer AG (PINK:BAYRY) (ETR:BAYN) (FRA:BAYN).
Constellation Brands, Inc. (NYSE:STZ): Beer makers Grupo Modelo SAB de CV (PINK:GPMCF) and AB InBev said that they have an “agreement in principle” with the Department of Justice to resolve an antitrust lawsuit that attempted to block the merger. AB InBev wants to acquire the remaining 50 percent stake in Modelo. Under the settlement, AB InBev has offered to sell additional assets worth $2.9 billion to rescue the $20.1 billion merger. Shares jumped 2.93 percent to $49.24 in the early session.
Odey Asset Management's Special Situations Fund was down 3.2% in March, compared to its benchmark, the MSCI World USD Index, which was up 3.3%. Through the end of March, the fund is up 8.7%, beating the benchmark's return of 4.9%. Q1 2021 hedge fund letters, conferences and more Odey's Special Situations Fund deploys arbitrage and Read More
Lufkin Industries, Inc. (NASDAQ:LUFK): General Electric Company (NYSE:GE) has announced to acquire Lufkin for about $3 billion in an all-cash deal. GE has offered to pay $88.50 per share, a 38 percent premium over its Friday closing price of $63.93. The deal valued Lufkin at $3.3 billion. Shares surged 37.46 percent to $87.90 in early trading.
Pharmacyclics, Inc. (NASDAQ:PCYC): The biotherapeutics company said that the USFDA has given it additional breakthrough therapy designation to its ibrutinib molecule. Ibrutinib is an oral agent that can be used to treat patients with chronic lymphocytic leukemia by deleting the short- arm of chromosome 17. Shares rose 4.51 percent to $78.96 in the early trading session.
Obagi Medical Products, Inc. (NASDAQ:OMPI): Ending the bidding war for Obagi, Merz Pharma Group withdrew its offer of $385 million to acquire Obagi after Valeant Pharmaceutical increased its offer from $345 million to $420 million. Valeant’s revised offer values Obagi at $24 per share. Shares were down 5.94 percent to $23.90 in the early session.
Bayer AG (PINK:BAYRY) (ETR:BAYN) (FRA:BAYN): The German pharmaceutical company said that its New Drug Application for riociguat molecule has received priority review status by the U.S. Food and Drug Administration. Riociguat has the capabilities to treat two different forms of pulmonary hypertension. American shares of the company traded at $102.95. Shares have gained 52 percent over the last year.