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Market Update

U.S. Movers: Bridgepoint, Cal-Maine, Dell, MTS, Novartis, Tesla


Author: Mukesh Buch
ticker.com
Last Update: 11:14 AM ET April 01 2013

11:00 AM New York – German based private equity group Bridgepoint agreed to acquire Oasis Healthcare worth £185 million. Dell filed preliminary proxy materials for merger. Russian mobile phone operator MTS acquired 25.1% stake in MTS Bank. Novartis lost patent case in India.

Bridgepoint the Germany based private equity group agreed to acquire Oasis Healthcare, Britain’s dental chains worth £185 million from Duke Street Capital.

Cal-Maine Foods, Inc. (CALM) rose 1.9% to $43.37 after the shell eggs producer said net sales in the third quarter ending on March 2 climbed 18.7% to $360.4 million. Net income in the quarter surged 17.2% to $30.6 million or $1.27 a diluted share compared to $26.1 million or $1.09.

Dell, Inc. (DELL) fell 0.4% to $14.27 after the personal computer maker filed preliminary proxy materials to inform shareholders in connection with proposed acquisition of Dell by affiliates of Silver Lake Partners and Michael S. Dell.

The company said under the agreement of February 5, shareholders of Dell would receive $13.65 in cash for each share in a total transaction valued at approximately $24.4 billion. This is a 37% premium to Dell’s 90-day average price and a 25% premium to the unaffected price prior to reports in the media.

Gibson Guitar Inc. the guitar maker said that it was buying a majority share in Japanese audio equipment manufacturer TEAC Corporation at a price agreed between the parties of 31 yen a share in a transaction valued 4.88 billion yen or $51.9 million in cash.

Mobil''nye TeleSistemy OAO (MBT) slid 0.7% to $20.59 after the Russia based telecommunication industry acquired 25.1% stake in MTS Bank OJSC for 5.09 billion rubles.

In accordance with the terms, Sistema’s direct ownership in MTS Bank reduced from 87.1% to 65.25%.

Novartis AG, the Switzerland based healthcare products maker said Indian Supreme Court dismissed the company’s breakthrough medicine patent for Glivec.

Novartis said, the company provides Glivec free of charge to 95% of patients prescribed the drug in India.

""Novartis has never been granted an original patent for Glivec in India.” said Ranjit Shahani, Vice Chairman and Managing Director, Novartis India Limited.

Tesla Motors Inc. (TSLA) surged 14.8% or $5.67 to $43.66 after the electric vehicles maker said sales of the company''s model S car exceeded its target provided in February. Sales exceeded 4,750 units compared to 4,500 units from prior outlook.

Tesla improved its first quarter guidance to net profit on both GAAP and non-GAAP.

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