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Market Update

Mylan Offers $27 B to Perrigo, Solera to go Private for $6.5 B

Author: Mukesh Buch
Last Update: 12:42 PM ET September 14 2015

12:30 PM New York – Apple started accepting pre-orders for the iPhone 6s and iPhone 6s Plus. Mylan offered to acquire Perrigo Co for $27 billion. Solera agreed to be acquired by privately held Vista Equity Partners for $6.5 billion.

Tollbooth Index slipped 67.26 or 0.7% to 10,281.79.

Earnings Review

Apple Inc (AAPL) gained 1.3% or $1.51 to $115.71 after the mobile and media devices maker started accepting pre-orders for the new phones, iPhone 6s and iPhone 6s Plus.

The phones will start shipping on September 25.

Aquinox Pharmaceuticals Inc jumped 5.2% or 90 cents to $18.16 after the clinical stage pharmaceutical company’s shareholder Baker Brothers acquired 2.48 million share at a price of $15.50 each.

The offer was as a part of the previously announced offering of 5.5 million shares.

Mylan NV rose 5 cents to $48.70 after the U.K.-focused pharmaceutical company made formal offer to acquire Ireland-based Perrigo Company Plc for $75 in cash and 2.3 Mylan shares for each share of Perrigo or about $27 billion.

Shareholders of Perrigo will own approx 40% of the combined company and the offer and withdrawal rights will expire on November 13.

Solera Holdings Inc soared 8.7% or $4.30 to $53.75 after the insurance industry software maker agreed to be acquired by an affiliate of private equity firm Vista Equity Partners for $6.5 billion, a premium of 53% to the closing price on August 3.

The transaction is expected to close in the first-quarter of 2016.

W.W. Grainger, Inc (GWW) slumped 3% or $6.63 to $215.30 after the industrial equipment distributor said sales in August declined 2% in 21 selling days.

Sales in Canada plunged 22% while sales in other businesses jumped 6%.

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