In the news this morning: Dell's board gets two new offers to consider, Blackberry sales were weak on opening weekend in the U.S., AstraZeneca settled with two rival who wanted to sell generic Crestor and Best Buy's founder returns to the company as chairman emeritus.
Computer-maker Dell (DELL) said Monday that a special committee of its boad will negotiate with Blackstone Group (BX) and Carl Icahn on new bids for the company. Both bids are rivals to a $24 billion offer from a group lead by company founder Michael Dell and Silver Lake Partners that valued the company at $13.65 per share. Blackstone's bid would value the company at more than $14.25 per share while Icahn would offer to buy up to 58 per cent of the company's shares for $15 per share.
Research in Motion
The new device from Blackberry-maker Research in Motion (BBRY) received some bad news after Jim Suva, an analyst at Citigroup, reported in a research note that the launch of the compan'ys new Blackberry Z10 was less successful than anticipated after strong showings in Europe and Canada. The note said low support for the product by AT&T (T) was “shocking” as the carrier signed more people to Apple (AAPL) and Samsung products than to the Z10.
Drugmaker AstraZeneca (AZN) settled a legal case over its patent on cholesterol drug Crestor. The company is relying on sales of Crestor as sales of its other products have fallen. Watson Laboratories, A unit of Activis (ACT), and Egis both agreed that the patent on Crestor was valid. Both had been trying to develop a alternative chemical version of the drug. The deal allows Watson to start selling a generic version of the drug on May 2, 2016 with a fee of 39 percent of net sales to be paid to AstraZeneca. That period will run until pediatric exclusivity runs out on July 8, 2016.
Richard Schulze, the founder of electronics retailer Best Buy (BBY), will return to the company as chairman emeritus. Schulze has also nominated Brad Anderson and Al Lenzmeier to sit on the company's board of directors effective immediately. Schulze's nominations are pursuant to a previously disclosed agreement between Schulze and the company.