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Market Update

Merck Buys Idenix for $3.9 B; Tyson Foods Offers $7.8 B for Hillshire

Author: Mukesh Buch
Last Update: 12:38 PM ET June 09 2014

11:50 AM New York – American Energy agreed to acquire oil and gas assets in Texas, Ohio and West Virginia for $4.25 billion. Analog Devices acquired Hittite Microwave for $2 billion. Merck agreed to acquire Idenix for $3.85 billion. Tyson Foods acquire Hillshire Brands in $7.8 billion.

Apple Inc. (AAPL) increased 0.3% to $92.60 after the stock split 7-for-1 and closed at $645.57 at close on Friday.

American Energy Partners LLP, the oil and gas explorer agreed to acquire oil and gas assets in Texas, Ohio and West Virginia for $4.25 billion.

Analog Devices, Inc (ADI) climbed 5.6% or $2.96 to $55.64 after the chip-maker said it agreed to buy Hittite Microwave Corp for $78 per share or $2 billion in cash to strengthen its radio frequency and signal conversion chip business.

Comverse Inc (CNSI) plunged 6.8% or $1.70 to $23.26 after the billing software provider said total revenue in the first-quarter ending in April declined 23.5% to $119.1 million.

Net loss in the quarter widened to $16.1 million or 72 cents a diluted share compared to $3.1 million or 14 cents.

Family Dollar Stores, Inc (FDO) increased $8.68 or 14% after activist investor Carl Icahn and his affiliates acquired 10.7 million shares for about $265 million, according to regulatory filing.

Dollar General Corp (DG) soared 11% or $6.25 to $64.26 on the speculation that the company may merge with Family Dollar.

Idenix Pharmaceuticals Inc (IDIX) surged $16.89 or 233% to $24.12 after Merck agreed to acquire the developer of experimental Hepatitis C drugs for $24.50 a share or about $3.9 billion.

Merck & Co., Inc (MRK) fell 12 cents to $57.73.

NeuStar Inc. (NSR) dropped 8% to $24.52 after an internal communication that was inadvertently was posted on the Federal Communications Commission website indicated the government agency may transfer a contract with the company to Ericsson AB.

Ferrellgas Partners, L.P (FGP) slipped 1.1% or 31 cents to $26.40 after the propane and related equipment distributor reported total revenue in the third-quarter ending in April soared 19.7% to $722.1 million.

Net income in the quarter rose 1.6% to $44.9 million or 57 cents a diluted share compared to $44.2 million or 56 cents.

Tyson Foods, Inc (TSN) declined 4.6% or $1.86 to $38.26 after the meat producer offered a binding deal to Hillshire Brands Co. outbidding Pilgrim’s Pride Corp, a unit of Brazilian meat producer JBS SA. Tyson offered $63 a share in cash valuing the company at $7.8 billion.

Tyson had previously offered $50 per share that valued Hillshire at $6.8 billion including $500 million in debt.

TravelCenters of America LLC (TA) surged 8.8% or 72 cents to $8.87 after the travel centers operator stated revenues in the fourth-quarter ending in December rose 0.5% to $1.91 billion.

Net in the quarter swung to profit $11.97 million or 39 cents a diluted share compared to a loss of $2.46 million or 8 cents.

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