© Reuters
By Davit Kirakosyan
Investing.com — Among the biggest deal dispatches of the past week, Sun Pharmaceutical said it would pull Concert Pharma, and Microsoft’s bid to acquire Activision could face an antitrust warning from the EU. Here’s the full list, as covered in real time on InvestingPro. Sign up to receive this news first.
Sun Pharma-Pharma Concert
Sun Pharmaceutical Industries Ltd. (NS:) announced the cash acquisition of Concert Pharmaceuticals Inc (NASDAQ:) for $8 per share, or $576 million. In addition, Concert shareholders will receive a non-marketable contingent value entitlement of up to $3.50 per common share upon the achievement of certain time-based net sales milestones for its lead product candidate deuruxolitinib.
Concert Pharma rose more than 20% on Thursday after the announcement.
Emerson electric offers $7.6 billion for National Instruments
Emerson Electric (NYSE:) said Tuesday it has offered to buy National Instruments (NASDAQ:) for $53 a share in cash, in a deal that values the business at $7.6B.
Emerson CEO Lal Karsanbhai said they had to make their interest in National Instruments public, despite Emerson’s preference for a private deal, due to NI’s announcement of a strategic review and a lack of cooperation in working on one. premium cash transaction in the last eight months. Karsanbhai also mentioned that Emerson is disappointed that NI chose to implement a poison pill rather than engage in discussions on a possible deal, and that he did not respond to his latest offer sent on January 11.
Shares of National Instruments rose more than 10% after Tuesday’s announcement, rising further on Friday after Bernstein highlighted possible alternative suitors to Emerson. The firm sees NI as “a classic go-to target” and says with an unchanged EV of
National Instruments shares closed the week with a 15% gain. Emerson Electric shares fell nearly 7% on Tuesday following the announcement, ending the week more than 10% down.
Shockwave Medical to buy Neovasc
Neovasc (NASDAQ:) shares soared more than 29% after medical shock wave (NASDAQ:) has agreed to acquire the company for $27.25 per share in cash, with an enterprise value of approximately $100 million. Also, Neovasc Shareholders will receive deferred payments of up to approximately $47 million for the achievement of future regulatory milestones in the form of a Contingent Value Right (CVR) per common share to receive payment following final FDA premarket approval to commercialize Neovasc Reduce in the US for the treatment of angina
SWAV shares fell more than 4% on Tuesday and closed the week with a loss of around 10%.
Microsoft-Activision in more trouble
Microsoft (NASDAQ:) may soon receive an antitrust warning from the EU regarding its acquisition of Activision Blizzard (NASDAQ:) for $69 billion, according to Reuters. The European Commission is said to be preparing a statement outlining its concerns about the deal and may send it to Microsoft in the near future. The Commission has until April 11 to make a decision on the deal. Microsoft has stated that they are working with the Commission to address any concerns and that their “goal is to bring more games to more people, and this agreement will further that goal.”
Following the announcement, Activision Blizzard shares fell more than 2% on Tuesday and closed the week with a loss of almost 4%. Microsoft gained 1.3% for the week.
Snowflake-SnowConvert
Snowflake Inc (NYSE:) announced that it will purchase SnowConvert from Mobilize.Net to accelerate legacy migrations to the data cloud. Snowflake’s shares fell 3% on Thursday following the announcement, but rebounded on Friday to close the week with a nearly 3% gain.
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