11:45 AM New York – Ascena Retail agreed to acquire apparel retailer Ann for $2 billion. Par Pharmaceutical agreed to be acquire by U.K.-based Endo International for $8 billion. Elbit Systems net declined 8% but revenues jumped 4%. Kite Pharma net loss widened. W.P. Carey net tumbled 69%.
Tollbooth Index slipped 0.3% or 28.83 to 10,749.50.
Ascena Retail Group Inc
) jumped 2.9% or 42 cents to $14.63 after the specialty retailer agreed to acquire women''s apparel retailer Ann, Inc for about $2 billion in cash and stock, a 21.4% premium over the closing price of Ann on May 15.
Under terms, Shareholder of Ann will receive $37.34 in cash and 0.68 of Ascena shares.
The transaction is expected to close in the second-half.
Shares of Ann, Inc surged 20% to $46.45.
Par Pharmaceutical Companies, Inc
, the generics drugs-maker agreed to be acquire by the U.K.-based privately held and specialty healthcare solution provider Endo International Plc for $8.05 billion in cash and shares from private investment firm TPG Capital, L.P.
The transaction is expected to close in the second-half of this year.
Elbit Systems Ltd
) slumped 2.1% or $1.70 to $77.69 after the Israel-based defense electronics products provider reported revenues in the first-quarter ending in March jumped 3.5% to $706.6 million from a year ago period.
Net income in the quarter declined 7.5% to $44.6 million or $1.04 per diluted share compared to $48.2 million or $1.13 from the same quarter last year.
) climbed 2.1% or 67 cents to $34.10 after the China-based online market place agreed to acquire 10% stake in Chinese software firm Kingdee International Software Group for about $171 million or HK$1.3 billion.
The transaction is expected to close in the second-quarter of this year.
Kite Pharma Inc
) plunged 7.4% or $3.71 to $46.31 after the clinical-stage biopharmaceutical company said revenues in the first-quarter ending in March was $2.9 million from a year ago period.
Net loss in the quarter widened to $15.1 million or 36 cents per diluted share compared to $3.7 million or 66 cents from the same quarter last year.
W.P. Carey Inc
) fell 31 cents to $64.42 after the real estate developer said total revenues in the first-quarter ending in March slipped 1.6% to $204.8 million from a year ago period.
Net income in the quarter tumbled 68.7% to $36.1 million or 34 cents per diluted share compared to $115.5 million or $1.27 from the same quarter last year.