NEW YORK -- Automotive replacement tires company TBC said it would buy auto services provider Midas (MDS) for $11.50 a share, or about $310 million in cash.
The deal includes the assumption of about $137 million in debt and pension liabilities.
The offer price represents a 75% premium over Midas' closing price of $6.58 on Aug. 11, 2011, when Midas announced it would conduct a strategic review, and a 28% premium over the closing share price on Monday.
Midas shares were surging 27.3% to $11.44 in premarket trading Tuesday.
Urban Outfitters (URBN) reported a 9% rise in fourth-quarter net sales to $731 million. Earnings for the quarter were $39.3 million, or 27 cents a share. Analysts polled by Thomson Reuters, on average, were expecting EPS of 29 cents on revenue of $741.35 million. Shares were off 6% to $27.75.
Pharmacy benefits managers Express Scripts (ESRX) and Medco Health (MHS) will hold off on completing their $29 billion deal, providing antitrust regulators with more time to finish evaluating the deal, Medco said in a a Securities and Exchange Commission filing. Medco shares were rising 1.7% to $69.51; Express Scripts shares were rising 1.6% to $54.28.
Google and Facebook are set to begin trial in New Delhi on Tuesday to face charges they didn't censor objectionable content from their sites, The Wall Street Journal reported. If convicted, executives from the companies could face jail time and the companies could face fines, lawyers following the case said, the newspaper reported. Google shares were up 0.5% to $608.
Chipmaker Intel (INTC) is looking into creating an online pay TV service that can be accessed from TV sets, computers and mobile devices, as it looks to get in on the competitive pay-TV business. Intel shares were up 0.5% to $27.13.
Johnson & Johnson (JNJ) is facing a U.S. government demand to hike its offer by $800 million from an initial proposal to settle a federal civil investigation into marketing of the antipsychotic Risperdal, Bloomberg reported. The stock was up 0.2% to $65.25.
Yahoo! (YHOO) filed a lawsuit against its partner Facebook, accusing the social networking giant of patent infringement. The lawsuit, filed in federal court in San Jose, details patents related to messaging, social networking, privacy, customization and advertising. "Yahoo! has invested substantial resources in research and development through the years, which has resulted in numerous patented inventions of technology that other companies have licensed," said a Yahoo!spokesman. "Unfortunately, the matter with Facebook remains unresolved and we are compelled to seek redress in federal court -- we are confident that we will prevail." Facebook expressed surprise at Yahoo!'s legal action. "We're disappointed that Yahoo's effort to engage with us was limited to a few short phone calls and that we continue to learn of new developments about a long-time partner through the press," a spokesman said in an email. "We will defend ourselves vigorously against these puzzling actions."
FactSet Research (FDS) is expected by analysts to post fiscal second-quarter earnings of $1 a share on revenue of $198.2 million.
Pacific Sunwear (PSUN) will post a fourth-quarter loss Tuesday of 22 cents a share on sales of $245.4 million, according to analysts.
Drug giant AstraZeneca (AZN) is suing the U.S. Food and Drug Administration to extend some of its exclusive rights on the top-selling anti-psychotic drug Seroquel. -- Written by Joseph Woelfel and Andrea Tse
>To contact the writer of this article, click here: Joseph Woelfel Related links:
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