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Market Update

Allergan to Reject Valeant Deal, Coach Lowered Outlook

Author: Mukesh Buch
Last Update: 12:45 PM ET June 23 2014

12:25 PM New York – Coach lowered its outlook. Ennis net dropped 6%. Harbinger intends to acquire Central Garden & Pet for $750 million.Oracle plans to buy Micros Systems worth $5.3 billion. Wisconsin Energy acquired Integrys Energy for $5.8 billion.

Allergan, Inc (AGN) slid 4 cents to $165.28 after the board recommended shareholders not to sell the shares to Valeant Pharmaceuticals for its hostile takeover offer of 0.83 shares of Valeant or $72 cash a stock. Allergan said the bid was """"""""grossly inadequate"""""""" and shareholders should reject it.

Chief executive officer David E.I. Pyott said the company can increase shareholder value more than offered by Valeant.

Coach Inc (COH) declined 2.2% or 78 cents to $33.96 after the handbags and luggage retailer lowered its same store sales in fiscal 2015 from the North America to drop in the range of mid-to-high-teen percentage.

Coach expects to incur pre-tax charges between $250 million and $300 million.

Ennis, Inc (EBF) fell 15 cents to $15.44 after the commercial printing services provider said net sales in the first-quarter ending in May increased 1.9% to $141.2 million.

Net income in the quarter dropped 5.6% to $8.03 million or 31 cents a diluted share compared to $8.51 million or 33 cents.

Harbinger Group Inc (HRG) gained 1.5% or 19 cents to $13.13 after the consumer and personal care products maker intends to acquire retailer Central Garden & Pet Co for $10 per share or alternatively it agree to acquire its pet business for $750 million.

Oracle Corporation (ORCL) rose 23 cents to $41.05 after the enterprise software developer plans to buy Micros Systems in a $5.3 billion to expand its offerings for the hospitality and retail businesses.

Oracle offered $68 per share to the shareholders of Micros, representing a premium of 3.4% to Friday’s close.

Wisconsin Energy Corp (WEC) dropped 2.1% or $1.02 to $45.87 after the electric utility provider plans to acquire Integrys Energy Group Inc. for about $5.8 billion in cash and stock to form a Midwest electric and natural gas delivery company.

Both companies'' boards unanimously approved the deal and the deal is expected to close in the summer of 2015.

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