On Friday, Shares of Motorola Solutions Inc (NYSE:MSI), gain +1.89% to $66.34.
Motorola Solutions (MSI) declared the preliminary results of its modified “Dutch Auction” tender offer, which expired at the end of the day on Thursday, Sept. 3, 2015.
Based on the preliminary count by the depositary for the tender offer, a total of about 21.6 million shares of the company’s common stock were properly tendered and not withdrawn at or below a price of $66.50 per share. Additionally, about 11.4 million shares were tendered through notice of guaranteed delivery at or below the price of $66.50.
In accordance with the terms and conditions of the tender offer and based on the preliminary count by the depositary, Motorola Solutions anticipates to accept for payment an aggregate of about 30.1 million shares of its common stock at a purchase price of $66.50 per share, for an aggregate cost of about $2.0 billion, not taking into account fees and expenses regardingthe tender offer. As such, Motorola Solutions has determined that the preliminary proration factor for the tender offer is about 94 percent. These shares represent about 14.5 percent of the shares that were outstanding as of Aug. 7, 2015.
The tender offer was made following Motorola Solutions’ Offer to Purchase dated Aug. 7, 2015, and the related Letter of Transmittal, in which the company offered to purchase up to $2.0 billion of shares of its common stock at a price per share not less than $61.00 and not greater than $66.50, which documents were filed with the Securities and Exchange Commission on Aug. 7, 2015.
Motorola Solutions may purchase additional shares in the future in the open market subject to market conditions and private transactions, tender offers or otherwise. Under applicable securities laws, however, Motorola Solutions may not repurchase any shares until Sept. 21, 2015. Whether Motorola Solutions makes additional repurchases in the future will depend on many factors, counting but not limited to its business and financial performance, the business and market conditions at the time, counting the price of the shares, and other factors Motorola Solutions considers relevant.
Motorola Solutions, Inc. provides mission-critical communication infrastructure, devices, software, and services in North America, Latin America, the Asia Pacific, the Middle East, Europe, and Africa. The company operates in two segments, Products and Services.
Shares of Mylan NV (NASDAQ:MYL), inclined 1.33% to $48.05, during its last trading session.
Mylan N.V. (MYL) declared that the U.S. Patent and Trademark Office (PTO) has instituted an inter partes review (IPR) proceeding on all claims against a third Copaxone® 40 mg/mL patent, U.S. Patent No. 8,969,302, owned by Yeda Research & Development Co., Ltd. and licensed to Teva Pharmaceuticals Industries Ltd. The patent relates to methods for the treatment of multiple sclerosis through the administration of at least three 40 mg/mL subcutaneous injections of glatiramer acetate per week.
On Aug. 25, 2015, Mylan declared that the PTO instituted IPR proceedings against two related Copaxone® 40 mg/mL patents, U.S. Patent Nos. 8,232,250 and 8,399,413, on all claims. The oral hearing for all three IPRs has been planned for May 12, 2016.
In August 2014, the U.S. Food and Drug Administration accepted Mylan’s abbreviated new drug application (ANDA) filing for a three times per week Glatiramer Acetate Injection 40 mg/mL, the generic version of Copaxone 40 mg/mL Mylan believes it is one of the first companies to have filed a substantially complete ANDA containing a Paragraph IV certification for this product and anticipates to be eligible for 180 days of marketing exclusivity in the U.S. upon final FDA approval.
Mylan N.V., through its auxiliaries, develops, licenses, manufactures, markets, and distributes generic, branded generic, and specialty pharmaceuticals worldwide. The company provides generic or branded generic pharmaceutical products in tablet, capsule, injectable, or transdermal patch forms, in addition to active pharmaceutical ingredients (APIs).
Finally, Ciena Corporation (NYSE:CIEN), ended its last trade with -2.05% loss, and closed at $22.51.
Ciena Corp. was downgraded to “hold” from “buy” at Deutsche Bank.
Deutsche Bank believes that consensus earnings expectations at $1.57 for 2016 and $2 for 2017 are high for the communications company “given limited operating leverage.”
The firm cited weak near-term demand for Ciena. Deutsche Bank added that Ciena’s Web 2.0 portfolio is still in trials and likely won’t affect revenues through 2017.
Ciena stated fiscal third quarter 2015 results yesterday, which Deutsche Bank called “a mixed bag.” Non-GAAP net income for the 2015 fiscal third quarter was 37 cents per diluted share or $50.7 million, contrast to 32 cents per diluted share or $40.9 million in the same quarter in 2014.
Ciena Corporation provides equipment, software, and services that support the transport, switching, aggregation, service delivery, and administration of voice, video, and data traffic on communications networks worldwide.
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