Assurant shares could double-Barron's
NEW YORK, June 25 Insurer Assurant Inc's shares could double because it is emphasizing fee-based businesses while lowering its exposure to its riskier underwriting business, according to a report in Barron's.
NEW YORK Nov 26 Salix Pharmaceuticals Ltd is planning to launch next week $1.35 billion in senior secured debt financing to fund its $2.6 billion acquisition of biopharmaceutical company Santarus Inc, sources told Thomson Reuters LPC.
A bank meeting is set for 1:30 p.m. December 3.
Jefferies leads the transaction together with joint leads Fifth Third, PNC, SunTrust and Sumitomo Mitsui Banking Corp. Natixis and RBS Citizens are senior managing agents.
The debt package is split between a $150 million revolving credit and a $1.2 billion term loan, sources said.
Salix earlier indicated it also intends to finance the transaction with $800 million in cash.
Jefferies declined to comment.
Raleigh, N.C.-based Salix is acquiring Santarus for $32 per share, which represents a 36 percent premium over Santarus' November 6 closing price of $23.53 and a roughly 39 percent premium over Santarus' average closing price for the past 30-day trading period.
The transaction is expected to close in the first quarter of 2014.
June 25 Nestle SA, is being targeted by activist investor Daniel Loeb's hedge fund Third Point LLC, Bloomberg reported, citing people familiar with the matter.