Market Updates
U.S. Movers: Packaging Corp, Sears Holdings, Sohu.com
Mukesh Buch
16 Sep, 2013
New York City
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Packaging Corp agreed to acquire Boise for $1.27 billion. Sears intends to obtain $1 billion loan. Sohu, Sogou and Tencent form a strategic partnership and Tencent invested $448 million in cash in Sogou.
[R]11:35 AM New York – Packaging Corp agreed to acquire Boise for $1.27 billion. Sears intends to obtain $1 billion loan. Sohu, Sogou and Tencent form a strategic partnership and Tencent invested $448 million in cash in Sogou.[/R]
Packaging Corporation of America surged 6.4% or $3.52 to $58.07 after the corrugated boxes maker agreed to acquire Boise Inc. ((BZ)) for $1.27 billion or $12.55 a share in cash, 26% premium to Friday’s closing price $9.96.
Share of Boise climbed 25.9% to $12.54.
Sears Holdings Corporation gained 1.4% or 83 cents to $61.25 after the specialty retailer intends to obtain senior secured term loan of up to $1 billion to reduce the borrowing costs. If approved, the loan would be issued under retailer''s current $3.2 billion revolving credit agreement.
Sohu.com Inc soared 6.3% or $4.12 to $68.87 after the China-based online media company and Sogou Inc. with Tencent Holdings Limited said to establish strategic partnership to strengthen Sogou as a leader in China market for search and internet services for the mobile platform.
Tencent has invested $448 million in cash in Sogou and merged its Soso search related businesses.
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