Among the companies with shares expected to actively trade in
Monday's session are Avon Products Inc. (AVP), Groupon Inc. (GRPN)
and Keryx Biopharmaceuticals Inc. (KERX).
Fragrance maker Coty Inc. offered to acquire Avon Products Inc.
(AVP) in a cash deal that values the struggling door-to-door beauty
products seller at roughly $10 billion. Coty is offering $23.25 a
share to Avon shareholders, a 20% premium to Friday's closing
price. Shares jumped 20% in premarket trade Monday to $23.32. Avon
said Monday the bid is opportunistic and substantially undervalues
the company, adding it remains confident in its stand-alone
prospects and is committed to its previously announced CEO
search.
Groupon lowered its reported fourth-quarter results after the
daily-deals service discovered it had to set aside more money for
customer refunds. Auditor Ernst & Young also discovered a
"material weakness in its internal controls" for the year,
prompting shares to slump 11% to $16.31 premarket.
Keryx Biopharmaceuticals Inc. (KERX) and Aeterna Zentaris Inc.
(AEZS) reported the combined use of perifosine and the
chemotherapy-drug capecitabine as a treatment for refractory
advanced colorectal cancer didn't meet a Phase 3 clinical trial's
primary endpoint. Shares of Keryx dropped 52% to $2.39 premarket
and Aeterna was down 64% at 78 cents as the companies said the
study of 468 patients at 65 U.S. sites found perifosine with
capecitabine didn't improve the overall survival rate when compared
with capecitabine alone.
Towerstream Corp. (TWER) has signed a Wi-Fi agreement with a
national wireless carrier utilizing its current and future rooftop
assets, the company said in a filing with the Securities and
Exchange Commission late Friday. Shares of the wireless broadband
network services provider jumped 25% to $5.95 premarket.
AVI BioPharma Inc. (AVII) said a 24-week study showed that
eteplirsen had a statistically significant effect in raising the
level of a key protein, dystrophin, in boys with Duchenne muscular
dystrophy. Shares of AVI BioPharma tumbled 29% to $1.10
premarket.
"The Hunger Games" reached $251 million in domestic box-office
receipts, according to preliminary studio estimates, and handily
fended off two newcomers to remain in the No. 1 spot for the second
weekend in a row. Shares of Lions Gate Entertainment Corp. (LGF)
added 1.7% to $14.15 in recent premarket trading.
Hartford Financial Services Group Inc. (HIG) agreed to buy back
$2.43 billion in securities from Allianz SE (ALIZF, AZSEY, ALV.XE)
in order to give the company financial flexibility and improve its
capital structure. Hartford shares inched up 1.4% to $21.37
premarket.
Watchlist
Ener1 Inc. (HEVVQ), a manufacturer of rechargeable car
batteries, said it emerged from Chapter 11 bankruptcy as a
privately held company.
Medtronic Inc. (MDT) said it reached an agreement in principle
to settle all claims in a previously disclosed federal shareholder
class action for $85 million.
Huntington Bancshares Inc. (HBAN) agreed to acquire the assets
and deposits of a failed Michigan bank, in a Federal Deposit
Insurance Corp.-assisted takeover, adding to the regional bank's
footprint.
-Edited by Corrie Driebusch and Drew FitzGerald; write to
corrie.driebusch@dowjones.com