Here are Thursday’s top stories:
Lowe’s Companies, Inc. (NYSE:LOW) has not increased its previous bid for Canadian home improvement retailer Rona, but instead creates a microsite to help showcase its offer to the shareholders. Currently, institutional investors support a Lowe’s-Rona merger, but the government of Quebec does not.
AT&T Inc. (NYSE:T) purchases the troubled spectrum owner NextWave Wireless, Inc. (WAVE) for as much as $650 million. Broken down, $600 million is in assumed debt, $25 million is in cash, and $25 million is in contingent payment. NextWave owns spectrum in the widely-used AWS band and the WCS band, which AT&T wants to see opened up for 4 gigabyte services. The FCC is expected to look at the deal quite carefully if its recent actions are indicators, plus due to its long history with NextWave. Incidentally, shares of the latter are up more than 400 percent in mid-afternoon trading.
One day after the disastrous tech glitch, Knight Capital Group, Inc. (NYSE:KCG) is talking to Virtu Financial regarding a merger or capital infusion, say sources that are probably linked to the former. Virtu participates in the high-speed trading arena as well. Knight shares have lost more than half their value on the day and are still falling.
Don’t Miss: Will Knight Be Rescued From This DISASTER?
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