BofA, Barnes & Noble, Sirius XM Radio Generate High Stock Volume April 30th
Bank of America Corp (NYSE:BAC): Directors of Bank of America have rejection accusations that the bank’s proposed $20B settlement of litigation over the acquisition of Merrill Lynch was made “on the cheap,” Reuters reports. The directors, who maintain that there was “nothing collusive” about the settlement talks, said shareholders had no authority to block the settlement and called their $5B damages claim “outrageous.”
Barnes & Noble, Inc. (NYSE:BKS): Barnes & Noble and Microsoft (NASDAQ:MSFT) announced the formation of a strategic partnership in a new Barnes & Noble subsidiary, which will build upon the history of strong innovation in digital reading technologies from both companies. The partnership will accelerate the transition to e-reading, which is revolutionizing the way people consume, create, share and enjoy digital content. The new subsidiary, referred to in this release as Newco, will bring together the digital and College businesses of Barnes & Noble. Microsoft will make a $300M investment in Newco at a post-money valuation of $1.7B in exchange for an approximately 17.6% equity stake. Barnes & Noble will own approximately 82.4% of the new subsidiary, which will have an ongoing relationship with the company’s retail stores. Barnes & Noble has not yet decided on the name of Newco.
Sirius XM Radio Inc (NASDAQ:SIRI): Sirius XM Radio (NASDAQ:SIRI) and Volkswagen of America (VLKAY) announced customers who purchase 2013 model year vehicles equipped with RNS 510 and RNS 850 navigation systems will receive a 4-year subscription to SiriusXM Traffic, providing access to traffic speed and flow information along with accident information.
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