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Market Update

AbbVie Revised Shire Offer; Delta Air, Zogenix Decline

Author: Mukesh Buch
Last Update: 12:55 PM ET July 08 2014

12:55 PM New York – AbbVie revised its takeover offer for $51.5 billion after rejecting of three previous offers. Delta Air Lines reduced its flights on dispute with Venezuela. Macquarie Infrastructure agreed to acquire the remaining 50% stake of Intl-Matex Tank Terminals for $1 billion.

Tollbooth Index slipped 1.08% or 103.01 to 9,403.42.

Earnings Review

AbbVie Inc (ABBV) dropped 2.7% or $1.56 to $55.85 after the drug-maker increased its revised takeover offer to U.K.-based specialty biopharmaceutical company Shire Plc for about $51.5 billion or £30.1 billion.

AbbVie increased its proposal to £22.44 in cash and 0.8568 ordinary shares of new share for each share of Shire’s.

Delta Air Lines, Inc (DAL) declined 4.1% or $1.51 to $35.39 after the air passengers and cargo operator reduced its flights on disagreement with the Venezuela government held airline receipts.

Mylan Inc (MYL) slipped 50 cents to $50.06 after the pharmaceutical company launched a generic version of hypertension tablet that lowers blood pressure.

Mylan received final approval from the U.S. Food and Drug Administration for its Abbreviated New Drug Application for the the treatment of hypertension.

Macquarie Infrastructure Company LLC (MIC) surged 10.7% or $6.52 to $67.69 after the infrastructure service provider agreed to acquire the remaining 50% stake of International-Matex Tank Terminals, a liquids storage provider for $910 million in cash and $115 million in stock.

The company said its initial stake of 50% in IMTT was acquired in May of 2006.

Zogenix, Inc (ZGNX) tumbled 11.3% or 24 cents to $1.89 after Purdue Pharma received review status from the Food and Drug Administration for its pain removal tablet that strive with Zogenix Zohydro ER.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc