11:55 AM New York – Allergan rejected unsolicited proposal of $46 billion from Valeant Pharma. Bridgepoint Education plunged on quarterly net loss. Gogo surged after net loss narrowed. Hillshire Brands agreed to acquire Pinnacle Foods for $4.23 billion. MannKind net loss widened.
) slipped 74 cents to $160.42 after the multi-specialty health care company said its Board of Directors has unanimously rejected the unsolicited proposal made by Valeant Pharmaceuticals International, Inc. of April 22 valued nearly $46 billion.
The board noted the proposal undervalues the company and creates significant risks and uncertainties and not in the best interests of the company and its stockholders.
Bridgepoint Education Inc
) plunged 11.9% or $1.90 to $14.02 after the postsecondary education services provider said revenues in the first-quarter ending in March were $160.5 million and net loss in the quarter was to $4.40 million and diluted loss per share was 10 cents.
) surged 8.2% or 97 cents to $12.90 after the inflight internet access provider said revenues in the first-quarter ending in March climbed 35% to $95.7 million.
Net loss in the quarter narrowed to $16.9 million or 20 cents a diluted share compared to $32.5 million or $4.77.
Hillshire Brands Co
) climbed 3.5% or $1.32 to $38.28 after the packaged meat and frozen bakery products retailer agreed to acquire Pinnacle Foods Inc, includes its brands Duncan Hines, Bird''s Eye, Hungry Man and Aunt Jemima in a cash-and-stock deal for $4.23 billion.
Including the outstanding debt of Pinnacle, total value offered in a cash and stock transaction valued at $6.6 billion.
Under the terms, each share of Pinnacle will be exchanged for $18 in cash and 0.50 shares of Hillshire Brands common stock.
Both companies'' boards unanimously approved the acquisition and expected to close up to September.
In morning trade, shares of Pinnacle Foods Inc surged 20.5% to $36.70
) gained 1.6% or 10 cents to $6.32 after the biopharmaceutical company reported said revenues in the first-quarter ending in March was nil.
Net loss in the quarter widened to $52 million or 14 cents a diluted share compared to $41 million or 15 cents.
Repros Therapeutics Inc
) climbed 4.9% or 74 cents to $15.92 after the biotechnology company said total revenue in the first-quarter ending in March doubled to $2000.
Net loss in the quarter widened to $8.55 million or 37 cents a diluted share compared to $7.37 million or 41 cents.
The reproductive health products maker said research and development expenses climbed 16% to $7.3 million and general and administrative expenses jumped 15% to $1.2 million from a year ago.