FDA lifts clinical hold on Fitusiran

Alnylam announces lift of FDA clinical hold on Fitusiran

Alnylam announces lift of FDA clinical hold on Fitusiran. Stockwinners.com
FDA lifts clinical hold on Fitusiran

Alnylam Pharmaceuticals (ALNY) and Sanofi Genzyme, the specialty care global business unit of Sanofi (SNY), announced today that the U.S. Food and Drug Administration has lifted the hold on clinical studies with fitusiran, including the Phase 2 open-label extension study and the ATLAS Phase 3 program.

Alnylam and the FDA had previously reached alignment on new clinical risk mitigation measures, including protocol-specified guidelines and additional investigator and patient education concerning reduced doses of replacement factor or bypassing agent to treat any breakthrough bleeds in fitusiran studies.

The FDA has now approved the protocol amendments and other updated clinical materials for fitusiran studies.

Fitusiran is an investigational RNAi therapeutic targeting antithrombin for the treatment of patients with hemophilia A and B.

It is designed to lower levels of AT with the goal of promoting sufficient thrombin generation to restore hemostasis and prevent bleeding.

Alnylam suspended patient dosing in all ongoing studies of its RNA therapy fitusiran to treat hemophilia A or B, after a patient died of swelling in the brain in a Phase 2 open-label extension trial.

Fitusiran, also known as ALN-AT3SC, is designed to specifically lower levels of antithrombin — a protein that inhibits clotting — to improve production of thrombin, a clotting factor. As such, it aims to create a better balance of clotting components that would prevent bleeding events in hemophilia A and B patients.

Alnylam and the FDA had previously reached alignment on new clinical risk mitigation measures, including protocol-specified guidelines and additional investigator and patient education concerning reduced doses of replacement factor or bypassing agent to treat any breakthrough bleeds in #fitusiran studies.

The FDA has now approved the protocol amendments and other updated clinical materials for fitusiran studies.

ALNY closed at $123.66. It last traded at $128.10. SNY closed at $43.09.


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Aclaris Therapeutics receives FDA approval for Eskata

Aclaris Therapeutics receives FDA approval for Eskata topical solution

FDA approval for Eskata topical solution. Stockwinners
   FDA approves Eskata topical solution

Aclaris Therapeutics (ACRS) announced that the FDA has approved Eskata topical solution, 40% for the treatment of raised seborrheic keratoses, or SKs. SKs are non-cancerous skin growths that affect more than 83 million American adults and can be an aesthetic skin concern.

Seborrheic keratosis  is a common skin growth. It may seem worrisome because it can look like a wart, pre-cancerous skin growth (actinic keratosis), or skin cancer. Despite their appearance, seborrheic keratoses are harmless.

Most people get these growths when they are middle aged or older. Because they begin at a later age and can have a wart-like appearance, seborrheic keratoses are often called the “barnacles of aging.” It’s possible to have just one of these growths, but most people develop several. Some growths may have a warty surface while others look like dabs of warm, brown candle wax on the skin.

SKs tend to increase in size and number with age. The condition is more prevalent than acne, psoriasis and rosacea combined.

The FDA approval of Eskata is based on two pivotal Phase 3 trials that demonstrated the safety and efficacy of Eskata for the treatment of raised SKs.

In these trials, patients received up to two treatments with #Eskata, with one at treatment initiation and a second at week three.

Patients treated with Eskata were more likely to have all four treated SKs completely cleared after two treatments than patients who received placebo.

Treatment with Eskata was generally well tolerated, with the most common side effects being itching, stinging, crusting, swelling, redness and scaling at the site of application.

ACRS closed at $24.72.


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Tiffany seen as a take-over target

Tiffany seen as possible target for big European luxury player

Tiffany seen as a take over target. Stockwinners.com
Tiffany seen as a take over target

Shares of Tiffany (TIF) are on the rise after Citi analyst Paul #Lejuez upgraded the stock to Buy, citing currency tailwinds, tax reform and the increasing probability the jewelry retailer becomes a takeover target of an European luxury conglomerate.

BUY TIFFANY

In a research note to investors, Citi’s Lejuez upgraded Tiffany to Buy from Neutral and raised his price target on the shares to $115 from $92.

The third quarter brought several positive inflection points, he contended, noting that it was the first quarter in several years that the company saw strength in both the fashion category and the high/fine/solitaire category at the same time.

Further, Lejuez argued that the shares look attractive as currency tailwinds and tax reform should benefit the company’s earnings.

The analyst also told investors that he sees increasing probability that the jewelry retailer will become a target of an European luxury conglomerate, making Tiffany’s risk/reward that much more favorable.

Management seems to understand the challenges and opportunities and they are not sitting still, he pointed out, making the analyst more optimistic that the changes he has seen thus far have Tiffany on a better path for success.

WHAT’S NOTABLE

Earlier in the month, KeyBanc analyst Edward #Yruma also upgraded Tiffany to Overweight from Sector Weight, with a $115 price target, saying he believes the positive 1% Americas comparable sales growth in the third quarter points to the early stages of a more broad-based sales recovery.

Recent strength in silver jewelry is now being augmented by early signs of improvement in higher-end jewelry, Yruma argued, adding that he views Tiffany as a “strong brand.”

PRICE ACTION

In Thursday’s trading, shares of Tiffany have gained over 3% to $99.27.


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Teva Pharmaceutical suspends its dividend

Teva to cut over 25% of workforce, suspends dividend 

14,000 people will lose their jobs

Teva suspends its dividend

Teva Pharmaceutical Industries (TEVA) announced a restructuring plan intended to “significantly reduce its cost base, unify and simplify its organization and improve business performance, profitability, cash flow generation and productivity.”

The two year restructuring plan is intended to reduce Teva’s total cost base by $3B by the end of 2019, out of an estimated cost base for 2017 of $16.1B.

More than half of the reduction is expected to be achieved by the end of 2018.

The company expects to record a restructuring charge as a result of the implementation of the plan in 2018 of at least $700M, mainly related to severance costs, with additional charges possible following decisions on closures or divestments of manufacturing plants, R&D facilities, headquarters and other office locations.

These steps are expected to result in the reduction of 14,000 positions globally – excluding the impact of any future divestments – over 25% of Teva’s total workforce – over the next two years.

The majority of the reductions are expected to occur in 2018, with most of the affected employees being notified within the next 90 days.

Restructuring efforts will be done in accordance with applicable local requirements.

Consultations with the relevant employee representatives will begin in the near term.

In addition to the restructuring plan, Teva is announcing the following measures to address the company’s financial situation: The company will immediately suspend dividends on ordinary shares and ADSs, while dividends on mandatory convertible preferred shares will be evaluated on a quarterly basis per current practice; Teva’s annual bonus for 2017 will not be paid due to the fact that the company’s financial results are significantly below our original guidance for the year; The company will continue to review the potential for additional divestment of non-core assets;

Teva will provide full guidance for 2018 in February with the annual results and will share a longer-term strategic direction for the company later in 2018.

TEVA closed at $15.70. It last traded at $17.65.


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Ampio Pharmaceuticals reports positive osteoarthritis data

Ampio says Phase 3 clinical trial of Ampion met its primary endpoint

Ampio says Phase 3 clinical trial of Ampion met its primary endpoint. Stockwinners
Ampio says Phase 3 clinical trial of Ampion met its primary endpoint

Ampio Pharmaceuticals (AMPE) reported that the Phase 3 clinical trial of Ampion met its primary endpoint with 71% of Ampion treated patients meeting the OMERACT-OARSI responder criteria, which exceeds the physician reported threshold of 30% for a meaningful treatment in severe osteoarthritis of the knee (p less than 0.001).

Osteoarthritis, commonly known as wear-and-tear arthritis, is a condition in which the natural cushioning between joints — cartilage — wears away. When this happens, the bones of the joints rub more closely against one another with less of the shock-absorbing benefits of cartilage. The rubbing results in pain, swelling, stiffness, decreased ability to move and, sometimes, the formation of bone spurs.

While it can occur even in young people, the chance of developing osteoarthritis rises after age 45. According to the Arthritis Foundation, more than 27 million people in the U.S. have osteoarthritis, with the knee being one of the most commonly affected areas. Women are more likely to have osteoarthritis than men.

Responders experienced, on average a 53% decrease in pain as measured by WOMAC A and a 50% improvement in function as measured by WOMAC C and a 45% improvement in quality of life as measured by Patient Global Assessment.

In the secondary endpoints, Ampion treated patients achieved statistical significance in a composite endpoint of pain and function from baseline in both categories at 12 weeks (p less than 0.001), which was supported by an increase in quality of life as measured by patient global assessment (p less than 0.001).

When treated with Ampion (n=144), patients experienced significant improvement in a composite endpoint of pain and function compared to all KL 4 saline-treated patients (n=206) in Ampion phase 3 clinical trials (p less than 0.001).

Ampion was well tolerated with treatment-emergent adverse events comparable to those of placebo in all single-injection studies of Ampion. There were no drug-related serious TEAEs associated with the Ampion arm.

The safety and tolerability profile of Ampion is consistent with previous studies. To date, Ampion has been given to over 900 patients with no reported drug-related serious TEAEs.

Ampio plans to present a more detailed analysis of the Phase 3 and pooled data at an upcoming scientific meeting as well as submission for publication.

AMPE closed at $1.75.


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Disney goes shopping

Disney to acquire 21st Century Fox after spinoff of certain units for $52.4B

Disney to acquire 21st Century Fox for $52.4B

The Walt Disney Company (DIS) and Twenty-First Century Fox, Inc. (FOXA, FOX) announced that they have entered into a definitive agreement for Disney to acquire 21st Century Fox, including the Twentieth Century Fox Film and Television studios, along with cable and international TV businesses, for approximately $52.4B in stock.

Building on Disney’s commitment to deliver the highest quality branded entertainment, the acquisition of these complementary assets would allow Disney to create more appealing content, build more direct relationships with consumers around the world and deliver a more compelling entertainment experience to consumers wherever and however they choose.

Immediately prior to the acquisition, 21st Century Fox will separate the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network into a newly listed company that will be spun off to its shareholders.

Under the terms of the agreement, shareholders of 21st Century Fox will receive 0.2745 Disney shares for each 21st Century Fox share they hold.

The exchange ratio was set based on a 30-day volume weighted average price of Disney stock. Disney will also assume approximately $13.7B of net debt of 21st Century Fox.

The acquisition price implies a total equity value of approximately $52.4B and a total transaction value of approximately $66.1B which includes consolidated assets along with a number of equity investments.

SKY NEWS

Prior to the close of the transaction, it is anticipated that 21st Century Fox (FOX, FOXA) will seek to complete its planned acquisition of the 61% of Sky (SKYAY) it doesn’t already own. 21st Century Fox remains fully committed to completing the current Sky offer and anticipates that, subject to the necessary regulatory consents, the transaction will close by June 30, 2018.

Assuming 21st Century Fox completes its acquisition of Sky prior to closing of the transaction, The Walt Disney Company (DIS) would assume full ownership of Sky.

DIS closed at $107.61. FOX closed at $32.34.


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Same day delivery coming to Target

Target to buy same-day delivery platform Shipt for $550M in cash 

Same day delivery coming to Target. Stockwinners.com
Same day delivery coming to Target

Target (TGT) announced it has agreed to acquire Shipt, Inc., an online same-day delivery platform, for $550M in cash.

Target will leverage its network of stores and Shipt’s proprietary technology platform and community of shoppers to quickly and efficiently bring same-day delivery to guests across the country.

The acquisition significantly accelerates Target’s digital fulfillment efforts, bringing same-day delivery services to guests at approximately half of Target stores by early 2018.

The service will be offered from the majority of Target stores, and in all major markets, before the 2018 holiday season.

At launch, Target will offer same-day delivery of groceries, essentials, home, electronics and other products, while expanding the products offered over time.

By the end of 2019, same-day delivery will include all major product categories at Target.

The transaction is subject to customary closing conditions and is expected to close prior to the end of calendar year 2017. This all-cash acquisition will be immaterial to Target’s near-term financial results.

It is expected to be modestly accretive to the company’s earnings per share in 2018, while accelerating digital and total sales growth over the medium term.

“We laid out an ambitious strategic agenda in early 2017, which included a focus on giving our guests a number of convenient ways to shop with Target, whether it’s ordering online and picking up in one of our stores, driving up to pick up an order, or taking advantage of services like our new Restock program.

With Shipt’s network of local shoppers and their current market penetration, we will move from days to hours, dramatically accelerating our ability to bring affordable same-day delivery to guests across the country,” said John Mulligan, EVP and COO for Target.

“By the 2018 holiday season, we will be servicing every major market across the country with same-day delivery, and Shipt’s service-oriented approach aligns well with Target’s commitment to delivering an exceptional shopping experience for our guests.”

TGT is up $1.10 to $62.13 on the news.


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T-Mobile to launch TV service

T-Mobile acquires TV tech company Layer3 TV, launch new TV service

T-Mobile to Launch TV Service - Stockwinners
T-Mobile to Launch TV Service
T-Mobile (TMUS) US resident and CEO John Legere unveiled the next phase in the Un-carrier’s mobile video strategy, announcing plans to launch a disruptive new TV service in 2018.

To fuel that, Legere also announced the Un-carrier has signed a definitive agreement to acquire TV technology innovator Layer3 TV, Inc. and will work with Layer3 TV’s leading technology and talent to create T-Mobile’s new TV service.

People love their TV, but they hate their TV providers. And worse, they have no real choice but to simply take it – the crappy customer service, clunky technology and outrageous bills loaded with fees! That’s where we come in. We’re gonna fix the pain points and bring real choice to consumers across the country,” said John Legere, president and CEO of T-Mobile.

“It only makes sense for the Un-carrier to do to TV what we’re doing to wireless: change it for good! Personally, I can’t wait to start fighting for consumers here!”

T-Mobile added: “Currently, Layer3 TV delivers a product that seamlessly integrates the best of television, streaming online video content and social media and is available in five cities across the US. With Layer3 TV’s leading technology and talented team, T-Mobile plans to launch its own disruptive new TV service next year, tapping into the amazing content available from creators today to disrupt legacy cable and satellite TV’s distribution model.

The Un-carrier’s new TV service will take full advantage of T-Mobile’s nationwide retail presence, top-rated brand and award-winning sales and customer care organizations.”

Legere also said that services like Netflix (NFLX) are “absolutely booming.” Says TV service plans part of long-term Un-carrier strategy for video and mobile entertainment. Says legacy TV model “utterly broken,” looks like wireless from a few years ago. Legere expects the Layer3 deal to close in the next few weeks.

TMUS is up 82 cents to $64.30.


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Apple becomes Finisar’s Santa Clause

Apple awards Finisar $390M from Advanced Manufacturing Fund

Apple awards Finisar $390M from Advanced Manufacturing Fund. Stockwinners.com
Apple awards Finisar $390M from Advanced Manufacturing Fund.

Apple (AAPL) announced that Finisar (FNSR) will receive $390M from its $1B Advanced Manufacturing Fund.

“The award will enable Finisar to exponentially increase its R&D spending and high-volume production of vertical-cavity surface-emitting lasers.

Apple says that Finisar is going to work on both research & development and high-volume production of optical communications components. The most complicated components are the vertical-cavity surface-emitting lasers (VCSELs) used in the iPhone X for Face ID, Animoji, Portrait mode and other face-mapping technologies.

But Finisar also works on proximity sensors including the ones in the AirPods.

And it’s quite easy to understand why Apple is investing in Finisar. There are simply not enough suppliers in this field today. In the fourth quarter of 2017 alone, the company will purchase 10 times more VCSEL wafers than the entire VCSEL production in the world during the fourth quarter of 2016. So Apple needs to foster production.

VCSELs power some of Apple’s most popular new features, including Face ID, Animoji and Portrait mode selfies made possible with the iPhone X TrueDepth camera, as well as the proximity-sensing capabilities of AirPods,” Apple said in a press release.

It added that Finisar will transform a 700,000-square-foot manufacturing plant in Sherman, Texas, into the “high-tech VCSEL capital of the US.”

Apple’s award will create more than 500 high-skill jobs at the Sherman facility.

FNSR closed at $19.30. It last traded at $23.00.


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Genentech and AbbVie report positive Leukemia data

Genentech says Venclexta, Rituxan reduces risk of disease progression or death in Leukemia patients

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Venclexta is being developed by AbbVie (ABBV) and Genentech

Genentech, a member of the Roche Group (RHHBY), announced the first results from the pivotal Phase III MURANO study evaluating Venclexta plus Rituxan compared to bendamustine plus Rituxan for the treatment of people with relapsed or refractory chronic lymphocytic leukemia.

The results showed that a fixed duration of treatment with Venclexta plus Rituxan significantly reduced the risk of disease progression or death by 83% compared with BR.

No new safety signals were observed. Venclexta is being developed by AbbVie (ABBV) and Genentech, a member of the Roche Group. It is jointly commercialized by the companies in the United States and commercialized by AbbVie outside of the United States.

Data from the MURANO study will be submitted to global health authorities, including the U.S. Food and Drug Administration, which has granted Breakthrough Therapy Designation for Venclexta in combination with Rituxan for the treatment of relapsed or refractory CLL based on promising results from the Phase Ib M13-365 study.

Venclexta was granted accelerated approval by the FDA in April 2016 for the treatment of people with CLL with 17p deletion, as detected by an FDA approved test, who have received at least one prior therapy.

The MURANO study is part of the company’s commitment in the United States to convert the current accelerated approval of Venclexta to a full approval.

MURANO is a Phase III open-label, international, multicenter, randomized study evaluating the efficacy and safety of Venclexta in combination with Rituxan compared to bendamustine in combination with Rituxan.

All treatments were of fixed duration. The study included 389 patients with relapsed or refractory chronic lymphocytic leukemia who had been previously treated with at least one, but not more than three, lines of therapy.

Patients were randomly assigned in a 1:1 ratio to receive either Venclexta plus Rituxan or BR.

The primary endpoint of the study is investigator-assessed progression-free survival. Secondary endpoints include PFS assessed by independent review committee, overall response rate, complete response rate, overall survival, minimal residual disease status, duration of response, event-free survival and time to next CLL treatment.

RHHBY closed at $30.26. ABBV closed at $96.47.


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FDA approves OMIDRIA for use in pediatric patients

Omeros secures FDA approval of OMIDRIA for use in pediatric patients

Omeros jumps after detailing FDA meeting on IgA nephropathy program. See Stockwinners.com for details
Omeros secures FDA approval of OMIDRIA for use in pediatric patients
Omeros Corporation (OMER) announced that the U.S. Food and Drug Administration approved Omeros’ supplemental new drug application following review of efficacy and safety data from a pediatric clinical trial, expanding the indication for OMIDRIA 1% / 0.3% to include use in pediatric patients.
OMIDRIA, used during cataract surgery or intraocular lens replacement, prevents intraoperative miosis and reduces postoperative pain.
FDA approved the sNDA for OMIDRIA under priority review.
The successful clinical trial was conducted in 78 pediatric patients randomized to either OMIDRIA or phenylephrine administered intraoperatively.
Together with the label expansion now including both pediatric and adult patients, FDA also granted OMIDRIA an additional six months of U.S. market exclusivity.
Under section 505A of the Federal Food, Drug, and Cosmetic Act, this six-month extension of market exclusivity is attached to the term of the drug’s patents listed in FDA’s Orange Book.
OMER closed at $18.69. It last traded at $21.50.


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Repros Therapeutics sold for about $20 million

Allergan to acquire Repros Therapeutics for 67c per share

Repros sold for $20M. Stockwinners.com
Repros sold for $20M.

Repros Therapeutics (RPRX) announced that it has entered into a definitive agreement under which Allergan (AGN), through a subsidiary, will acquire Repros for a cash payment of 67c per share.

The company’s Board of Directors has unanimously approved the transaction.

Under the terms of the merger agreement, a subsidiary of Allergan will commence a cash tender offer to purchase all of the outstanding shares of Repros common stock for 67c per share. T

he closing of the tender offer is subject to customary closing conditions, including the tender of a majority of the outstanding shares of Repros common stock.

The merger agreement contemplates that Allergan, through its subsidiary, will acquire any shares of Repros that are not tendered into the offer through a second-step merger, which will be completed as soon as practicable following the closing of the tender offer.

Pending approvals, Repros anticipates the transaction will close during the first quarter of 2018.

RPRX closed at $0.47.


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ANZ’s life insurance businesses sold for $2.14 billion

Zurich enters agreement to acquire ANZ’s life insurance businesses in Australia 

ANZ's life insurance businesses sold for $2.14B. See Stockwinners.com
ANZ’s life insurance businesses sold for $2.14B

Zurich Insurance Group (ZURVY) yesterday announced that it has entered into an agreement to acquire 100% of ANZ’s (ANZBY) life insurance businesses, OnePath Life, in Australia for A$2.85B, or $2.14B.

Both parties expect the transaction, which is subject to regulatory approval, to be completed by the end of 2018.

The transaction price comprises A$1B of upfront reinsurance commissions, expected to be paid subject to regulatory approval in May 2018 with the remaining balance paid on completion.

The acquisition is expected to contribute to the Group’s profitability from day one, generating strong cash flows which will support future dividend growth.

The transaction will also increase the proportion of stable life protection-based earnings, reducing overall Group earnings volatility and increasing the proportion of life earnings remitted as cash back to the Group.

In view of these earnings benefits, Zurich expects to raise its current BOPAT ROE target by 50 basis points by 2019.

The transaction is also expected to increase the level of overall cash remittances over the 2017-2019 planning period by A$300M.

As part of the transaction, Zurich will enter into a 20-year distribution agreement with ANZ in Australia to distribute life insurance products through bank channels.

The acquisition is expected to be funded through a mixture of Zurich’s internal cash resources and senior debt, and is expected to reduce Zurich’s capital position only modestly.

ZURVY closed at $30. ANZBY closed at $21.53.


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Autoliv to spin off its electronics segment

Autoliv to spin off its electronics segment

Autoliv to split into two companies

Autoliv (LIV) announced that its Board of Directors has concluded its strategic review and decided to prepare for a spin-off of its Electronics business segment, creating a new, independent publicly traded company during the third quarter of 2018.

The analyses conducted under the strategic review concluded that the assumptions made at the time of the initial announcement in September 2017 to separate the company hold true.

Through the separation, additional value for shareholders and other stakeholders will be created by the ability to better address two distinct, growing markets with leading product offerings.

The spin-off will be by a payment of a dividend of the common stock of the new Electronics company on a pro rata basis to the holders of common shares of Autoliv as of a yet to be determined record date.

As part of the preparation for the spin-off, the Electronics business is expected to receive a cash injection from Autoliv, with the underlying objective of Autoliv to remain strong investment grade.

The intent is for the spin-off to be tax free to stockholders both in the US and Sweden.

A Form 10 registration statement for the transaction will be filed with the Securities and Exchange Commission during the first half of 2018.

It will include historical financial information for the Electronics business on a stand-alone basis for the fiscal years 2015-2017 and other details regarding the proposed spin-off.

After the spin-off, Autoliv’s current Passive Safety segment would continue to operate under the Autoliv name, with continued listings on the New York Stock Exchange and Nasdaq Stockholm.

The Electronics business will assume a new company name to be announced at a later stage.

It is also expected to be listed in the United States and Sweden.

Both companies are to be headquartered in Stockholm, Sweden.

Forward looking full year 2018 indications for the stand-alone entities are expected to be given in connection with Autoliv’s Q4 2017 earnings release.

The spin-off is expected to be completed during the third quarter of 2018 subject to market, regulatory and certain other conditions, including approval by Autoliv’s board of directors.

There can be no assurance regarding the ultimate timing of the spin-off or that the spin-off will ultimately occur. Further updates to the progress of the separation and stock market listing process will be provided in a timely manner.

LIV closed at $127.75. It last traded at $129.25.


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Canadian Solar receives go-private offer

Canadian Solar announces receipt of ‘go-private’ offer of $18.47 per share

canadian-solar receives going private offer. Stockwinners.com
Canadian Solar receives going private offer

Canadian Solar (CSIQ) announced that its board has received a preliminary, non-binding proposal letter, dated December 9, from its Chairman, President and CEO Shawn Qu, to acquire all of the outstanding common shares of the company not already beneficially owned by Dr. Qu and his wife, Hanbing Zhang, in a “going-private” transaction for cash consideration of $18.47 per common share.

The board has formed a special committee of independent and disinterested directors to consider the proposed transaction.

The company expects that the Special Committee will retain independent advisors, including independent legal and financial advisors, to assist it in this process.

“The Board cautions the Company’s shareholders and others considering trading in the Company’s securities that the Board has just received the Proposal Letter and has not had an opportunity to carefully review and evaluate the Proposed Transaction or make any decision with respect to the Company’s response to the Proposal Letter.

The Board also cautions that there can be no assurance that any definitive offer relating to the Proposed Transaction or any other transaction will be made by Dr. Qu or any other person, that any definitive agreement with respect to the Proposed Transaction or any other transaction will be executed or that the Proposed Transaction or any other transaction will be approved or consummated,” the company stated.

ANALYST COMMENTS

Coker Palmer analyst Brad Meikle believes the offer to take Canadian Solar private by its CEO and Founder “puts in a floor value for the company.” The analyst, however, believes Canadian Solar’s fair value is “significantly higher” than the $18.47 per share offer. If the company does end up going private, it will be at a “significantly” higher price than today’s offer, Meikle tells investors. The analyst notes his fair value estimate for Canadian Solar is $32 per share and his upside target is $45 per share.

CSIQ closed at $18.20.


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