Lululemon's founder fights back; Integrys rallies
NEW YORK (MarketWatch) - Shares of Integrys Energy Group Inc. and Central Garden & Pet Co. jumped in premarket trade Monday while actions from Lululemon Athletica Inc.'s founder pushed shares higher.
Gainers
Integrys Energy Group Inc. shares surged 14%. Wisconsin Energy Corp. said Monday it agreed to acquire Integrys in a cash-and-stock deal worth about $9.1 billion, including debt. The combined company will be called WEC Energy Group Inc. The per-share value of the deal represents a premium of about 17% to Integrys' close on Friday. Shares of Wisconsin Energy inched down 0.8%.
Central Garden & Pet Co. shares jumped 12%. Philip Falcone's Harbinger Group Inc. on Monday offered to buy Central Garden & Pet for $10 a share in cash. That represents a premium of nearly 28% from the closing price on June 6, the last trading day before Harbinger released its previous letter stating its interest in discussing a transaction. Harbinger also proposed an alternate deal in which it would buy the company's pet unit for $750 million in cash.
Shares of Lululemon Athletica Inc. rose 5.4%. The yoga-apparel company's founder, Dennis 'Chip' Wilson, is reportedly working with Goldman Sachs bankers as he seeks to influence the company's operations, according to The Wall Street Journal. Wilson gave up his role as Lululemon's chairman last month.
AbbVie Inc. shares rose 1.8%. The pharmaceutical company on Monday lifted the midpoint of its 2014 per-share earnings guidance by six cents, now expecting adjusted earnings of $3.06 to $3.16 a share.
Decliners
FMC Corp. shares fell 1.8%. The chemical company said Monday it updated its second-quarter and full-year guidance for earnings as the company's agricultural solutions unit has performed worse than expected. FMC now sees adjusted second-quarter earnings of 95 cents a share to $1.05 a share and full-year adjusted earnings of $4.10 a share to $4.30 a share.
Top tickers trending
ORCL Oracle Corp. on Monday agreed to acquire Micros Systems Inc. for $68 a share in cash, in a deal valued at about $5.3 billion. The transaction is expected to close in the second half. 'We expect this transaction to be immediately accretive to Oracle's earnings on a non-GAAP basis and to expand over time,' said Safra Catz, Oracle's president and chief financial officer.
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