Wall Street Brief: Dells BIG Deal, Facebook Suits Up, Nokia’s DOWNFALL
Dell (NASDAQ:DELL) has emerged as the “strategic bidder” for Quest Software (NASDAQ:QSFT) after the company had announced a $25.50 per share buyout offer on Thursday, reported Reuters. The deal has a $2.15 billion value. In previous talks between the two companies, Dell had floated a $23-$26 per share buyout price but talks broke down.
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After Nokia’s (NYSE:NOK) shares fell 16 percent on Thursday, the company is looking more like a possible takeover target for buyers who see as still having a possible future with smartphones. Nokia is trading at a 38 discount to its net assets, along with the lowest price-sales multiple for communications-equipment makers; it also has more than 10,000 patents.
Hong Kong Exchanges & Clearing is the auction winner to purchase the London Metal Exchange with its BP 1.39 billion bid after beating out Intercontinental Exchange (NYSE:ICE). The deal represents the exchange’s first overseas acquisition, according to Bloomberg. For LME, the 135-year-old exchange manages over 80 percent of the global trade in industrial-metal futures and its sets benchmark prices for copper, aluminum and nickel.
Facebook (NASDAQ:FB) will point some fingers at Nasdaq (NASDAQ:NDAQ) for its weak post-IPO performance as it plans to file motion–possibly on Friday–to combine all the shareholder lawsuits against it, reported The New York Times. It is likely that the lead underwriters will join in the motion: Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS) and JPMorgan (NYSE:JPM).
Research in Motion (NASDAQ:RIMM) had paid its former co-CEOs Jim Balsillie and Mike Lazaridis $8 million and $4 million, respectively, upon resigning earlier in the year amid the company’s declining earnings and stock price. RIM rationalized the payments on Thursday by saying that the pair “revolutionized the worldwide wireless industry…and forever changed how the world communicates.”
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