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Market Update

Icahn Revises Federal Mogul Minority Offer, Twitter to Acquire Magic Pony

Author: Mukesh Buch
Last Update: 2:34 PM ET June 20 2016

2:30 PM New York Elliott Management and Francisco Partners are in preliminary talks with Dell to buy software division for more than $2 billion. Federal-Mogul received revised offer from Icahn Entp for minority stake. Marathon Oil agreed to acquire PayRock for $888 million. Twitter agreed to buy Magic Pony.

Tollbooth Index jumped 135.57 or 1.3% to 10,435.67.

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Elliott Management Corporation, the privately held hedge funds operator and the buyout firm Francisco Partners are in preliminary talks with Dell Inc to buy software division for more than $2 billion.

Federal-Mogul Holdings Corp (FDML) jumped 6.5% or 53 cents to $8.65 after the vehicle and industrial products supplier confirmed that Icahn Enterprises increased offer for minority stake to $8 per share from $7 offer in February.

As of March 31, Icahn Capital LP owns 138.6 million shares of Federal-Mogul Holdings

Marathon Oil Corporation (MRO) soared 9.5% or $1.25 to $14.41 after the oil and gas explorer agreed to acquire PayRock Energy Holdings LLC for about $888 million from venture capital company EnCap Investments boosting its presence in the Oklahoma basin.

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

Twitter Inc (TWTR) jumped 2.2% or 36 cents to $16.47 after the social media network provider agreed to acquire London, U.K.-based machine learning and visual technology startup company Magic Pony Technology for about $150 million.

Jack Dorsey chief executive officer of Twitter said the company plans to expand to live video coverage.

Wal-Mart Stores, Inc (WMT) rose 51 cents to $71.46 after the Wall Street Journal said specialty retailer intends to sell its China-based e-commerce business Yihaodian to second largest domestic online retailer JD.com Inc.

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