BofA, Zynga, Sprint Nextel, Illumina High Demand Stock Movers Mar. 29th

Bank of America Corp (NYSE:BAC): Bank of America is on the right track, according to Chairman Chad Holliday. In his annual proxy letter, Holliday looks to reassure investors, and says the bank is turning the corner as it recovers from a period of economic downturn and aftermath, the Charlotte Business Journal reports. He says “There is work ahead, of course, but [our] moves have positioned the company to compete effectively, create greater stockholder value, and generate the returns the stockholders deserve.”

Zynga Inc (NASDAQ:ZNGA): Zynga announced the pricing of 42,969,153 shares of its Class A common stock at $12.00 per share in a secondary offering. All of the shares will be sold by existing stockholders. As part of the offering, all selling stockholders, as well as all officers and directors, have agreed to lock-up agreements that extend the transfer restrictions on their shares until at least 90 days following the offering. Morgan Stanley and Goldman, Sachs are the joint bookrunning managers. BofA Merrill Lynch, Barclays Capital and J.P. Morgan also are joint bookrunning managers, and Allen & Company is a senior co-manager for the offering.

Sprint Nextel Corporation (NYSE:S): The CFO of Sprint Joseph Euteneuer, told investors his company could do spectrum hosting deal with Dish Network (NASDAQ:DISH) in the future, reports Reuters.

Illumina, Inc. (NASDAQ:ILMN): Roche (RHHBY) announced that it has increased its offer price for all outstanding publicly-held shares of Illumina (NASDAQ:ILMN) to $ 51.00 per share in cash. All other terms and conditions of the tender offer remain unchanged. Severin Schwan, Chief Executive Officer of Roche, said: Based on our discussions with Illumina shareholders we have seen interest to accelerate the takeover process. As a result, we are increasing our offer price to US$ 51.00 per share. Roche’s preference continues to be a negotiated transaction. We look forward to the possibility of a swift completion that offers immediate value to Illumina’s shareholders.”

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com