Mergers and Acquisitions Recap: Nokia DISAPPOINTED, Torchmark BUYS Family Heritage Life
Nokia Corporation (NYSE:NOK) shares jumped in early trading on chatter that Lenovo, which recently passed by the former for market share in China, is interested in the struggling firm. However, Nokia’s bad luck again reared its ugly head as Lenovo executive Gianfranco Lanci put the kabosh on the speculation, remarking that, “This must be a joke. There’s nothing ongoing.”
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It must be a day for false acquisition hopes. Laboratory Corporation of America Holdings (NYSE:LH) shares shot up in early trading on reports that it might receive a takeover offer from a private equity consortium of TGP and Bain, that could bring between $3 billion and $4 billion. However (again), the company later said that “it has no knowledge of any rumored buyout plans and is not in current discussions with any firms to effect such a transaction.”
Torchmark Corporation (NYSE:TMK) will purchase the individual supplemental health product supplier Family Heritage Life Insurance Co. of America for a price of $218.5 million. The buyer says that the transaction will be immediately accretive by contributing between 1 and 3 cents to operating earnings per share in 2012, and 13 to 17 cents in 2013.
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