Intel Wins European Approval for Altera, Icahn Lifts Bid for Pep Boys

Mukesh Buch
29 Dec, 2015
New York City

GE agreed to acquire privately held gas turbine maker Metem Corp. European Commission approved the merger between Altera and Intel. Icahn Entp lifted Pep Boys-Manny Moe offer to $1 billion.

[R]11:35 AM New York – GE agreed to acquire privately held gas turbine maker Metem Corp. European Commission approved the merger between Altera and Intel. Icahn Entp lifted Pep Boys-Manny Moe offer to $1 billion.][/R]

Tollbooth Index jumped 116.88 or 1.1% to 10,942.74.

Earnings Review

Anavex Life Sciences Corp ((AVXL)) declined 5.9% or 42 cents to $6.61 after the clinical-stage biopharmaceutical company said net loss in the year ending in September widened to $12.1 million or 65 cents per diluted share compared to $10 million or $1.02 per share from the same quarter last year.

General Electric Company ((GE)) gained 1.1% or 33 cents to $31.23 after the diversified industrial conglomerate agreed to acquire privately held heavy-duty gas turbine maker Metem Corporation.

Intel Corporation ((INTC)) rose 15 cents to $35.08 after the European Commission approved acquisition of Altera Corporation for about $16.7 billion.

Pep Boys-Manny Moe and Jack ((PBY)) soared 7.1% or $1.23 to $18.62 after the automobile parts and services retailer received revised offer from activist investor’s Icahn Enterprises L.P. for $18.50 per share or $1 billion in cash.

The bid was $2 per share higher from Icahn''s earlier offer and $1.50 better than the Japan-focused tire maker Bridgestone Americas, Inc. The initial offer of Bridgestone was for $15 per share.

Towers Watson & Co ((TW)) jumped 2.4% or $3.25 to $137.80 after the professional services provider and the U.K.-focused insurance and brokerage services provider Willis Group Holdings Plc will trade under the ticker WLTW after the merger.

Tower Watson agreed to merge with Willis Group in an $18 billion and S&P Dow Jones Indices announced the combined companies will be added to the S&P 500 Index after the close of trading on January 4.

Willis Group will replace Fossil Group Inc in the the S&P 500 and Fossil Group will replace Towers Watson & Co in the S&P MidCap 400 after the close of trading on January 4.