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Market Update

Blackstone Agreed to Acquire Willis Tower, Valeant Lifted Salix Offer

Author: Mukesh Buch
Last Update: 9:15 AM ET March 16 2015

12:15 PM New York Blackstone agreed to acquire Willis Tower, in Chicago for $1.3 billion. Life Time Fitness in a deal to go private for about $4 billion. Schulman agreed to buy for $800 million. Scripps Networks agreed to acquire 52.7% stake in Poland-based broadcaster TVN for $619 million.

Tollbooth Index climbed 1.2% or 122.07 to 10,657.84.

Earnings Review

Blackstone Group LP (BX) increased 1.4% or 53 cents to $38.48 after the asset and financial advisor agreed to acquire Chicago-based office complex Willis Tower for $1.3 billion.

Life Time Fitness, Inc (LTM) soared 5.2% or $3.52 to $70.72 after the fitness centers operator agreed to a deal with TPG and Leonard Green & Partners L.P. to go private for $4 billion.

Schulman A Inc (SHLM) climbed 4.6% or $1.92 to $43.99 after the plastic powder resins maker agreed to acquire Citadel Plastics Holdings, Inc for $800 million from private equity firms HGGC and Charlesbank Capital Partners.

The transaction is expected to close in third-quarter of this year.

Scripps Networks Interactive, Inc (SNI) rose 26 cents to $72.17 after the media group agreed to acquire 52.7 % stake in Poland-based broadcaster TVN for $619 million or 584 million from ITI and French media firm Vivendi.

Valeant Pharmaceuticals International Inc (VRX) jumped 2.1% or $3.74 to $201.46 after the specialty pharmaceutical group raises its offer to buy Salix Pharmaceuticals International Inc to $173 per share from $158 per share of initial bid.

The revised offer increases valuation by $1 billion in cash totaling $11.1 billion after Endo International Plc made a competitive bid of $175 per share in cash and stock.

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