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Market Update

Ann Surges on Takeover Speculation, Roche and InterMune in a Deal

Author: Mukesh Buch
Last Update: 12:19 PM ET August 25 2014

12:15 PM New York – Ann Inc soared 6% on takeover speculation. Burger King is in talks to acquire Canada-based doughnut-and-coffee chain Tim Hortons. Goldman Sachs agreed to settle mortgage-backed securities in $1.2 billion. Roche agreed to acquire InterMune Inc for $8.3 billion in cash.

Tollbooth Index gained 0.4% or 34.74 to 9,544.72.

Earnings Review

Ann Inc (ANN) soared 6.3% or $2.37 to $39.89 after the activist investor approach the parent company of the women’s apparel and accessories retailer Ann Taylor and LOFT brands.

The specialty retailer expected to fetch approx $2.52 billion.

Burger King Worldwide Inc surged 16.9% or $4.57 to $31.68 after the fast food restaurant operator is in talks to buy Canada-based Tim Hortons Inc, the doughnut-and-coffee chain to create one of the world''s biggest fast-food restaurant.

The merged company may achieve $22 billion in sales and more than 18,000 restaurants in 100 countries.

Goldman Sachs Group Inc (GS) jumped 2.3% or $4.02 to $179.49 after the investment company reached agreements with the Federal Housing Finance Agency to settlement on claims for about $1.2 billion that it failed to disclose risks on mortgage bonds it sold to residential mortgage-backed securities purchased by Fannie Mae and Freddie Mac over the 2005-2007 period.

Under the terms, Goldman repurchases the RMBS for $3.15 billion.

Oak Hill Capital Partners, L.P, the private equity group plans to acquire Berlin Packaging LLC, a container maker from Bahrain-based investment firm Investcorp Bank BSC for $1.43 billion.

Roche Holding AG rose 0.5% to 267.30 francs after the Switzerland-based pharmaceuticals company agreed to acquire U.S.-based biotech company InterMune Inc for $8.3 billion in cash.

The company also decided not to bid for the remaining stake in the Japan-based drug-maker Chugai Pharmaceutical Company.

Under the terms, Roche will tender to acquire all outstanding shares of InterMune by end of this month.

Renren Inc (RENN) gained 1.8% or 6 cents to $3.29 after the China-based social-network services provider expected to report a 7 cent loss on revenue of $21.9 million.

Regado Biosciences Inc tumbled 59.5% or 1.69 to $1.14 after the biopharmaceutical company said it terminates phase 3 trial for a late-stage trial for a blood-clot drug permanently.

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