On Wednesday, Shares of Microsoft Corporation (NASDAQ:MSFT), lost -0.14% to $44.24.
Microsoft Corporation, declared plans to restructure the company’s phone hardware business to better focus and align resources. Microsoft also declared the reduction of up to 7,800 positions, primarily in the phone business. As a result, the company will record an impairment charge of about $7.6 billion related to assets associated with the acquisition of the Nokia Devices and Services (NDS) business in addition to a restructuring charge of about $750 million to $850 million.
“We are moving from a strategy to grow a standalone phone business to a strategy to grow and create a vibrant Windows ecosystem counting our first-party device family,” Nadella said. “In the near-term, we’ll run a more effective and focused phone portfolio while retaining capability for long-term reinvention in mobility.”
Microsoft will record a charge in the fourth quarter of fiscal 2015 for the impairment of assets and goodwill in its Phone Hardware segment, related to the NDS business. This charge has no impact on cash flow from operations and is nondeductible for income tax purposes. Based on the new plans, the future prospects for the Phone Hardware segment are below original expectations. Accordingly, the company concluded that an impairment adjustment of its Phone Hardware segment assets and goodwill of about $7.6 billion is required.
Microsoft Corporation develops, licenses, markets, and supports software, services, and devices worldwide. The company’s Devices and Consumer (D&C) Licensing segment licenses Windows operating system and related software; Microsoft Office for consumers; and Windows Phone operating system.
Shares of American International Group, Inc. (NYSE:AIG), declined -1.69% to $61.16, during its last trading session.
American International Group, declared the results as of the early participation date of its formerly declared cash tender offer for the notes and debentures issued or guaranteed by AIG listed in the table below. As formerly declared, the early participation date for the tender offer was 5:00 p.m., New York City time, on July 1, 2015. The complete terms of the tender offer are set forth in the offer to purchase dated June 18, 2015 and the related letter of transmittal. The expiration date of the tender offer is 11:59 p.m., New York City time, on July 16, 2015, unless extended. The payment date for this tender offer will be promptly following its expiration and is predictable to be on or about July 20, 2015. Consummation of the tender offer is subject to a number of conditions, counting a financing condition (as described in the Offer to Purchase). Withdrawal rights for the tender offer expired at 5:00 p.m., New York City time, on July 1, 2015 and have not been extended.
American International Group, Inc. provides insurance products and services for commercial, institutional, and individual customers in the United States, the Asia Pacific, and internationally.
Finally, Mindray Medical International Limited (NYSE:MR), ended its last trade with 0.24% gain, and closed at $25.51.
Mindray Medical International, declared a definitive agreement to acquire the remaining stake in Wuhan Dragonbio Surgical Implant Co., Ltd. for about US$72.6 million.
Dragonbio is a domestic medical orthopedic-product provider that specializes in trauma, spine, joint and other surgical products. Preceding to today’s declaration, Mindray already has a controlling stake of Dragonbio, which was attained in 2012. The transaction will be funded through Mindray’s existing cash reserves and is predictable to close in July. Mindray anticipates the deal to have non-material impact on its 2015 financial results.
“Since we attained a majority stake of Dragonbio in 2012, the integration has been well on track,” said Mr. Minghe Cheng, Mindray’s Co-Chief Executive Officer and Chief Planned Officer. “We are optimistic about the prospects of the orthopedic consumable market in China and have therefore decided to make Dragonbio our wholly owned partner. The transaction is predictable to assist us manage and expand the business more efficiently and effectively through our strong capital position, large-scale operational experience and worldwide presence.”
Mindray Medical International Limited develops, manufactures, and markets medical devices worldwide. The company operates in three segments: Patient Monitoring and Life Support Products, In-Vitro Diagnostic Products, and Medical Imaging Systems.
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