NEW YORK, June 30, 2017 /PRNewswire/ --
U.S. stocks dropped sharplyon Thursday this week and the Dow Jones had the biggest one-day drop in more than a month, as a result of the technology sector resuming its sell-off. The financial sector emerged to be the true winner this week. The losses in the tech sector were so
When it comes to mergers and acquisitions, a recent JPMorgan research showed global M&A activity slowed down so far this year. According to a report by CNBC, various market watchers have projected that corporate deals would remain 'robust' this year despite fresh political and economic challenges, but the chances of matching the record breaking year of 2015 are small. However, this week has had several major announcements of important mergers and acquisitions.
Staples, Inc. (NASDAQ: SPLS) on Wednesday agreed to sell itself to private equity firm, Sycamore Partners for $6.9 billion. Under the agreement, Staples' stockholders will receive $10.25 per share in cash for each share of common stock they own. Staples shares surged more than 8 percent to $9.93 per share on Wednesday and rose another 1.6 percent on Thursday. Over the past few years, Staples has been declining in sales and gross profits with stores shrinking in numbers. Sycamore specializes in retailers and already owns specialty retailer Talbots, web-based retailer, Hot Topic and clothing company, The Limited.
Dutch health technology company, Koninklijke Philips NV (NYSE: PHG) on Wednesday announced that it agreed to buy U.S. cardiovascular device maker Spectranetics Corp. (NASDAQ: SPNC) for 1.9 billion euros ($2.16 billion) including debt. Under the term of the agreement, Philips will be paying Spectranetics shareholders at $38.50 per share, which represents around 27% premium on Spectranetics' closing share price on Tuesday. Spectranetics shares jumped as much as 26.23 percent to $38.38 on Wednesday. Spectranetics experienced significant growth in recent years. Philips is hoping to expand its health care sector as seven of Philip's ten biggest financial deals have been in health. Philips expects Spectranetics to make sales of $293 million to $306 million this year, and is expecting growth revenues of double-digit rates in 2018.
Walgreens Boots Alliance Inc. (NASDAQ: WBA), the second biggest pharmacy store chain in the United States, on Thursday announced that it had ended its deal to buy out Rite Aid Corporation (NYSE: RAD), after failing to win antitrust approval. Instead, Walgreens plans to purchase 2,186 Rite-Aid stores for $5.18 billion. Rite Aid's shares plunged as much as 26.46 percent to $2.89 per share after the news, while Walgreens shares were up 1.66 percent to $78.37 per share. With this new deal, Walgreens would be operating more than 10,200 stores and expects about $400 million of cost savings. In addition, Walgreens will have to pay Rite Aid $325 million for terminating the merger. Under the original agreement, Walgreens will take over nearly 4,600 Rite Aid stores and expects around $1 billion of cost savings.
Follow us on Twitter for real time Financial News Updates: https://twitter.com/FinInsiders
Follow and talk to us on Instagram: https://www.instagram.com/financialinsiders/
Facebook Like Us to receive live feeds: https://www.facebook.com/financialinsiders/
FinancialInsiders.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially-driven digital space, video production and integration of social media, FinancialInsiders.com creates 100% unique original content. FinancialInsiders.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.
For further information: Media Contact: [email protected] +1-212-381-6028
Subscribe to our Free Newsletters!
Opportunistic infections are microbial infections that can cause disease in persons with a weak ...
The state health insurance programs provide health care support to the below poverty line (BPL) ...
There is a lining between the lungs and chest wall known as Pleura. The dismissal of pleura by a ...View All