said it would acquire
for $90 billion. Warner-Lambert's board is expected today to favor the deal, which would form the largest U.S. pharmaceutical company. The latest agreement axed
American Home Products'
initial plans, announced in November, for a $58 billion merger with Warner-Lambert.
The Pfizer and Warner-Lambert union calls for Pfizer to pay 2.75 shares of its stock for every share of Warner-Lambert at 98.31 a share. According to sources, Warner-Lambert could receive up to 9 of the 15 seats on Pfizer's board.
Mergers, acquisitions and joint ventures
, a joint venture between
, said it made a pact with
to test and develop Internet-compatible mobile services. AOL Europe also said it would test its WAP gateway for Web-compatible cellphones and SMS messaging and Mail by Phone services with
said it entered a $2.8 billion stock deal to acquire
. The deal, which values InterVu at $140 a share, calls for Akamai to issue 9.3 million shares for all outstanding shares of InterVu.
said it would buy
in a $2.44 billion stock deal. The terms call for Inprise shareholders to gain 44% control of Corel.
said it entered a three-year deal with
National Discount Brokers
, which would make NBD.com Go2Net's exclusive brokerage service. According to the terms, Go2Net, along with Vulcan Ventures, would invest $30 million in National Discount Brokers with the purchase of 1 million National Discount Brokers shares. Go2Net said it would also get $7.5 million from NBD.com during the deal and its Chairman and CEO Russell Horowitz would take a seat on the National Discount Brokers board.
said it has agreed to buy
for $4.2 billion in stock.
said it would purchase
for $2.95 billion in stock.
has agreed to a 50/50 joint chemicals venture with
, which would have combined assets of more than $6 billion.
said it has agreed to buy
in a stock deal valued at $415 million.
Earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
reported fourth-quarter earnings of 10 cents a share, in line with both the five-analyst estimate and the year-ago report.
posted fourth-quarter earnings of 71 cents a share, beating the 13-analyst estimate of 66 cents and up from the year-ago 37 cents.
reported a fourth-quarter loss of 16 cents a share, narrower than both the six-analyst estimate of a 26-cent loss and the year-ago 20-cent loss.
Offerings and stock actions
said it has agreed to sell 1.8 million shares at 42 a share through a private placement offering.
Group 1 Software
said it set a 3-for-2 stock split.
said it set a 3.8 million-share repurchasing program.
said it tapped its president, Doron Cohen, as it new CEO.
For analysis of the market's preopen tone and trends, see the Wake-Up Call, published separately.