Markets & Finance

Conestoga Hooking Up with D&E Communications


Wal-Mart (ENE) is trading higher on hopes consumers will take advantage of holiday discounts.

CS First Boston says Enron (ENE) is undervalued and maintains hold.

Merrill says Activision's (ATVI) new snowboard game appears to be off to a slow start.

Conestoga Enterprises (CENI) signed a conditional merger agreement with D&E Communications, subject to the termination of Conestoga's merger agreement with NTLEOS (NTLO). Terms: $33 cash per Conestoga share.

Dynegy (DNY) is coming under increasing pressure to walk away from its deal to acquire Enron (NE) due to a slide in the price of Enron shares and mounting financial problems, according to press reports.

Telescope maker Meade Instruments (MEAD) expects Q3 earnings per share not to exceed $0.04 (excluding non-cash ESOP charges) on sales not exceeding $37M. The company cites recent cancellations and reductions in pre-holiday orders from several retailers.

Merrill Lynch (MER) will sell its Canadian private client business to CIBC. Also, CIBC will acquire Merrill's Investment Managers Canada Inc. unit. The final combination purchase price will be C$475M-C$650M, with expectations between C$500M-C$600M.

Vivus (VVUS) withdrew its application for ALIBRA, its second-generation product for treatment of erectile dysfunction.

R.J. Reynolds (RJR) will acquire privately-held Santa Fe Natural Tobacco Co. for $320M in cash.

Ivax Corp. (IVX) received notification from the FDA that its abbreviated new drug application for metformin hydrochloride tablets in 500mg, 625mg, 750mg, 850mg, and 1000mg strengths is approvable.


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