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Market Update

Family Dollar Receives Higher Offer from Dollar General

Author: Mukesh Buch
Last Update: 11:59 AM ET August 18 2014

12:15 PM New York – Dollar General offered $78.50 per share to Family Dollar. Google likely to acquire JetPac Inc. IBM received regulatory approvals to sale server business to Lenovo for of $2.3 billion. Ingersoll-Rand agreed to acquire Cameron Intl for $850 million.

Tollbooth Index jumped 1.1% or 100.59 to 9,416.44.

Dollar General Corp (DG) surged 10.1% or $5.79 to $63.26 after the discount retailer made a proposal to acquire Family Dollar Stores, Inc. for $78.50 per share in cash, in a transaction valued at $9.7 billion.

The company said shareholders of Family Dollar will receive $466 million of additional aggregate value compared to Dollar Tree''s offer.

Shares of Family Dollar Stores, Inc. climbed 4.4% to $79.44 and shares of Dollar Tree, Inc dropped 2.2% to $54.39.

Google Inc (GOOG) rose 1.5% or $8.56 to $582.04 after the search engines service provider is said to buy JetPac Inc, social travel applications developer. No details of the deal available on the website of JetPac.

International Business Machines Corp (IBM) gained 1.1% or $2.07 to $189.46 after the information technology company received U.S. regulatory approvals to sale its x86-based server business to Lenovo Group Ltd for of $2.3 billion.

Ingersoll-Rand Plc (IR) increased 2.1% or $1.28 to $61.83 after the industrial machinery maker signed an agreement to acquire the assets of Cameron International Corporation’s centrifugal compression unit for $850 million.

The acquisition is expected to close before the end of 2014.

Lannett Company, Inc (LCI) soared 7.2% or $2.72 to $40.62 after the generic pharmaceutical products maker forecasted fourth quarter net sales of about $81 million and diluted earnings per share in the range of 60 cents to 64 cents.

For the year, the company said net sales expected to $274 million and diluted earnings per share between $1.58 and $1.62.

Sensata Technologies Holding N.V soared 6.1% or $2.83 to $49.04 after the Netherlands-based sensors and control systems maker agreed to acquire Schrader group of companies from private equity firm Madison Dearborn Partners, LLC for $1 billion.

The transaction is expected to close during the fourth quarter of this year.

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