General Motors (GM
) is in a deal to sell a 51% controlling interest in General Motors Acceptance Corp. (GMAC) to a consortium of investors led by Cerberus Capital Management. It expects to receive about $14 billion in cash from the deal over three years.
Lucent Technologies (LU
) agreed to be acquired by Alcatel (ALA
) in a stock deal, for 0.1952 Alcatel American Depositary Shares per Lucent share. Alcatel shareholders will own about 60% of the combined company and Lucent shareholders will own about 40%.
Shares of Incyte (INCY
) fell sharply Monday after the company discontinued development of DFC due to a recently observed increase in frequency of grade 4 hyperlipasemia in HIV patients. It cuts $98 million to $105 million 2006 cash use guidance to between $88 million and $95 million and $92 million to $98 million research and development to between $82 million and $88 million.
) is to sell its Caribbean and Latin American telecom operations in three separate deals, including a deal to sell its 28.5% interest in the Venezuelan telecom Cia Anonima Nacional Telefonos de Venezuela (VNT
) to an entity jointly owned by the Mexican tycoon Carlos Slim's telecoms America Movil (AMX
) and Telefonos de Mexico (TMX
Ameristar Casinos makes a $2.25 billion bid for Aztar (AZR
), at $42.00 cash per Aztar share.
Constellation Brands (STZ
) is in a deal to acquire Vincor for C$1.52 billion. It says the deal will be modestly accretive to fiscal year 2007 comparable earnings per share.
Bausch & Lomb (BOL
) says it is working with health-care authorities in the U.S. and Asia to investigate an increase in the number of rare fungus infections among contact-lens wearers.
) shares halted. The company enters an amended agreement with Novartis (NVS
) providing the company to increase its offer to buy a 56% stake it does not currently own for $48 cash per share.
Valero Energy (VLO
) says that a unit of Valero GP Holdings LLC has filed a registration statement with the Securities and Exchange Commission for an initial public offering of about 37% of its units representing limited liability company interests.
) and Best Buy (BBY
) are to offer Hewlett-Packard's high-definition TVs, including Liquid Crystal Display and plasma models. In late August, Best Buy also will add Hewlett-Packard's MediaSmart TV in select US markets. Best Buy plans to open its first Best Buy-branded store in Shanghai.
Alderwoods Group (AWGI
) agrees to be acquired by Service Corp. International in a $856 million deal, at $20 cash per Alderwoods share.
) sees better-than-expected $1.20 first quarter earnings per share (EPS,) excluding special items and assuming an effective tax rate of 35%. Given management's outlook for the performance of the business for the remainder of the year, it raises 2006 EPS guidance to between $5.85 and $6.35.
) agrees to be acquired by Iconix in a $119 million deal, at $7.50 per Mossimo share, comprised of $3.25 in Iconix stock, and $4.25 in cash.