Stock Market Today - Pfizer, Allergan in Deal Talks
The talks value Allergan at $150 billion, potentially the drug industry's largest ever deal. Also: Activist investor Starboard Value urged Yahoo! to end plans to sell stake in Alibaba.
NEW YORK (TheStreet) --
Pfizer (PFE) is in advanced talks to buy
Action Alerts PLUS charity portfolio holding
Allergan (AGN), according to
a report by Bloomberg. The talks value Allergan at $150 billion, which would make it the drug industry's largest-ever deal. Two sources quoted by Bloomberg said the price being discussed is $370 to $380 per share.
- The closely-watched IPO of Square was priced some 25% below what was hoped, at around $9 a share, according to sources quoted by Reuters. The San Francisco-based company had set a price range of $11 to $13 per share for the IPO earlier in November. That was below the $15.46 investors paid last year, in the company's most recent private financing round.
- Activist investor Starboard Value has urged Yahoo! (YHOO) to halt its plans to sell its stake in Alibaba (BABA), the Wall Street Journal reports. This is a U-turn from its position last year, when Starboard asked Yahoo! to spin off its Alibaba stake, and it has to do with the activist investor's fear that Yahoo! would incur a big tax bill.
- Market data suggest oil traders prepare for a further fall in oil prices in March, as the winter is expected to be mild in the Northern hemisphere and Iranian oil begins to flow as sanctions are lifted. Iraq may also increase oil output next year.
- The Bank of Japan refrained from expanding even further its already huge monetary stimulus program, in a sign that it hopes the technical recession the economy finds itself in is temporary.
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