slipped Monday after the exchange offered to buy
, a European operator of securities exchanges, for roughly $10.2 billion in cash and stock.
Under the proposal, each NYSE share would convert to a NYSE Euronext share. In return for each Euronext share, shareholders would receive 0.98 NYSE Euronext shares and $27.22 cash. The bid represents a 5% discount to Euronext's share price Friday in Paris, but roughly a 6% premium to the price Wednesday.
Euronext, which is already mulling a competing offer from Germany's Deutsche Boerse, said that it would "consider the two proposals received and other indications of interest" ahead of its annual shareholders meeting scheduled for Tuesday. The combined company would have a market capitalization of $21 billion and oversee some $27 trillion worth of listed companies. Shares of NYSE Group dropped $1.59 or 2.5%, to $62.91 in recent trading.
soared on news the Cleveland-based real estate investment trust agreed to be acquired by
, an affiliate of
Westmont Hospitality Group
, a division of Caisse de depot et placement du Quebec, in a cash transaction valued at roughly $416 million, including debt.
Under the terms of the agreement, each Boykin share will be converted into the right to receive $11 a share in cash, a portion of which will be paid in the form of a dividend prior to closing. Shares gained $1.50, or 16.3%, to $10.70 recently.
Annaly Mortgage Management
gained after Keefe Bruyette upgraded the New York-based REIT to outperform from market perform. Shares jumped 33 cents, or 2.6%, to $12.88 in recent trading.
Credit card giant
announced it was boosting its quarterly dividend by 25%, up 3 cents to 15 cents a share, and buying back up to 200 million shares. The buyback represents about 16% of the 1.2 billion common shares outstanding at April 24. This authorization is a continuation of the company's share repurchase program, which began in September 1994. Shares dropped 32 cents, or slightly more than one-half percent to $51.91 in recent trading.