Nov 16, 2012 (M2 PRESSWIRE via COMTEX) --
Valeant Pharmaceuticals International (NYSE: VRX) $53.32. Today announced that the U.S. Federal Trade Commission (FTC) has completed its review of the proposed acquisition of Medicis Pharmaceutical Corporation (NYSE: MRX) $42.79, by Valeant and has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) without conditions. The grant of early termination is effective as of November 15, 2012.
The proposed merger remains subject to other customary closing conditions, including the approval of the Medicis's stockholders at its special meeting of stockholders scheduled for December 7, 2012. The Company expects to close the merger within four business days following satisfaction of all closing conditions.
What They Do: Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics.
Outdoor Channel Holdings (Nasdaq: OUTD) $7.19. Today announced that its board of directors unanimously approved a definitive merger agreement with InterMedia Outdoors Holdings, LLC ("IMOH LLC") which in turn controls The Sportsman Channel, a national cable television network for outdoor enthusiasts, and InterMedia Outdoors, Inc., a multi-media company that publishes 15 market leading outdoor magazines, 20 leading websites and is a leading television producer in the category. IMOH LLC is controlled by InterMedia Partners VII, L.P., a private equity investment fund.
The transaction will take the form of a cash and stock election merger in which the Company's stockholders will be entitled to receive for each share, subject to proration, either $8.00 in cash or one share of stock in IMOH Inc. An aggregate of $115 million will be available for the Company's stockholders electing cash such that, as result of the transaction, the stockholders of the Company are expected to own approximately 32.4% of IMOH Inc. In connection with the transaction, the Company's board has also approved a 25 cent per share special dividend which will be paid on or about December 7, 2012 to stockholders of record as of the close of business on November 27, 2012. The Company expects that IMOH Inc. will be listed for trading on NASDAQ.
What They Do: Outdoor Channel Holdings, Inc. owns and operates Outdoor Channel and Winnercomm Inc. Nielsen estimated that Outdoor Channel had approximately 38.1 million cable, satellite and telco subscribers for November 2012.
Cyberonics (Nasdaq: CYBX) $46.60. Today announced results for the quarter ended October 26, 2012. Operating results for the second quarter of fiscal 2013 compared to the second quarter of fiscal 2012 include: Net sales of $63.0 million, an increase of 17% from $53.7 million; Record worldwide unit sales of 3,230, an increase of 16%; U.S. epilepsy unit sales increased by an estimated 12%; Income from operations of $20.2 million, an increase of 34% from $15.1 million; and Adjusted non-GAAP income per diluted share of $0.44 compared with $0.32, an increase of 36%.
What They Do: Cyberonics, Inc. is a medical technology company with core expertise in neuromodulation.
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