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BMW China JV stake increase approved

“BMW AG (BMW.XE) said Friday that shareholders in Hong Kong voted in favor of the group’s proposal to increase its stake in the BMW Brilliance Automotive joint venture in China” writes Nathan Allen for marketwatch.com. BMW said in October that it wanted to increase its ownership of the JV to 75% from 50%, following the relaxation of restrictions on foreign-ownership of China-based companies. The stake increase is set to complete in 2022, when China fully lifts the requirement for auto makers in the country to operate as part of a…

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Corporate America ramps up attacks against shareholder advisory firms

“These attacks are coming from some activist investors, proxy advisory firms” and some politicians” reports washingtonexaminer.com. Top lobbying firms are intensifying attacks on proxy advisers, with corporations seeking to rein in firms serving the interests of the shareholders who ultimately own them, as regulators consider new rules.Jack Reed, D-R.I., David Perdue, R-Ga., Thom Tillis, R-N.C., and others that would mandate the SEC regulate proxy advisers.The agency might also raise the minimum ownership stake necessary for a shareholder to file a proposal that could — if it won majority support —…

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Shareholders are pressuring Amazon to stop selling facial recognition tech to the government

“A group of Amazon shareholders have filed a letter demanding the company to stop selling its facial recognition software to government agencies” writes Eugene Kim for cnbc.com. This is one of the first organized movements by Amazon shareholders putting pressure on the company’s sale of facial recognition software.An Amazon spokesperson pointed to blog posts the company written on the subject noting that there are positive uses of facial recognition, including fighting human trafficking and preventing package theft.The shareholders supporting the letter have over $1.32 billion worth of total assets under…

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for $22 billion in an all-stock deal

“First Data shares rose 17.1 percent to $20.55 in early trading, while Fiserv shares fell 5.4 percent to $71” reports cnbc.com. U.S. financial technology provider Fiserv said on Wednesday it will buy payment processor First Data in a $22 billion deal, making it one of the largest acquisitions in the financial technology sector.Fiserv shareholders will own 57.5 percent of the combined company and First Data shareholders will own 42.5 percent. J.P. Morgan Securities was the financial adviser to Fiserv and Bank of America/Merrill Lynch for First Data.Fiserv offered 0.303 of…

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Fiserv to acquire First Data in all-stock deal with equity value of $22 billion

“Fiserv shareholders will own 57.5% of the combined entity, while First Data shareholders will own the remaining 42.5%” writes Ciara Linnane for marketwatch.com. Fiserv shares fell about 8% premarket on the news, while First Data shares soared 16.9%.Fiserv will pay 0.303 Fiserv shares for each First Data share owned, equal to $22.74, or a 29% premium over the five-day volume weighted average price as of Jan. 15.FDC, +18.13% in an all-stock deal with an equity value of $22 billion that will create a company will a strong footing in payment…

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Pernod Ricard to meet activist Elliott ahead of earnings update: sources

“Although chief executive Alexandre Ricard is expected to present his new strategy plan later this year, some analysts expect Pernod Ricard to give some direction on margins when it publishes first-half earnings on Feb. 7” writes Midwest Communications Inc for 95kqds.com. “Already you have a good company to begin with, you could make it a lot better,” one source said. With sales growing again, Pernod Ricard has said it is time to combine short-term profitability and long-term sustainable growth, prompting analysts at Liberum to say: “We believe the group will…

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Supreme Court to weigh Broadcom bid to end shareholder suit

“WASHINGTON (Reuters) – The U.S. Supreme Court on Friday agreed to hear an appeal filed by a subsidiary of chipmaker Broadcom Inc seeking to put an end to a shareholder lawsuit concerning its 2015 acquisition of Emulex Corp” writes Midwest Communications Inc for 95kqds.com. Gary Varjabedian, an Emulex shareholder, filed a securities class action lawsuit in federal court in California around the time of the deal seeking to prevent it. Source: 95kqds.com

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Flex Pharma to merge with Salarius to accelerate development of cancer treatments

“FLKS, +20.75% said Friday it has reached an agreement to merge with privately held Salarius Pharmaceuticals LLC in a deal aimed at accelerating the clinical development of Salarius’ pipeline of drugs for rare, orphan cancers for which there are no treatments” writes Ciara Linnane for marketwatch.com. Flex shareholders will also have a right to receive warrants six months and one day after close that allow them to buy new shares.Flex shares were halted premarket for the news, but have fallen 89% in the last 12 months, while the S&P 500…

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Bristol-Myers to buy Celgene in a $74 billion deal; Celgene shares surge

“Bristol-Myers Squibb is buying cancer drugmaker Celgene in a cash and stock deal valued at $74 billion, the companies announced Thursday” writes Berkeley Lovelace Jr for cnbc.com. Bristol-Myers Squibb shareholders will own approximately 69 percent of the company, and Celgene shareholders are expected to own 31 percent.Under the agreement, Celgene shareholders will receive one Bristol-Myers Squibb share and $50 in cash for each share held, or $102.43 per share, a premium of 53.7 percent to Celgene’s Wednesday close.The boards of directors of both companies approved the deal, which is expected…

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Bristol-Myers to acquire Celgene in cash-and-stock deal with equity value of about $74 billion

“Under the terms of the deal, Celgene shareholders will receive 1.0 Bristol-Myers share and $50 in cash for each share of Celgene” writes Ciara Linnane for marketwatch.com. Celgene shares surged 33% in premarket trade, while Bristol-Myers shares fell 10.3%.CELG, +25.34% said Thursday they have agreed to merge in a deal in which Bristol-Myers will acquire Celgene for cash and stock with an equity value of about $74 billion.Based on Bristol-Myers closing price on Jan. 2, the deal is worth $102.43 per Celgene share and one CVR. Bristol-Myers shareholders will own…

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