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.
) 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.
) 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.
) 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
) 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.
) 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
) 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.