Dublin-based Shire said Monday it would buy U.S.-based Baxalta for $32 billion in a merger of rare disease drug makers that will catapult the two midsize companies into the same league as Bristol-Myers Squibb.
The companies said they were confident the merger would not run afoul of U.S. laws that prohibit tax-free spinoffs from being used as a “device” to funnel cash to shareholders. Baxalta spun out from parent Baxter International in July. Read more.
With quarterly earnings calls a routine corporate ritual, it’s imperative not to let the cat out of the bag. That may be easier said than done. How can top management guard against unintentionally revealing potentially damaging inside information in the course of responding to analyst and investor queries?
An obvious way is through scripting — anticipating questions that may be troublesome and preparing answers that will yield no hint of problems ahead. But new research raises red flags regarding this practice for both managers and investors. Read more.
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The drug maker says the deal will further its goal of “building the leading biotechnology company focused on rare diseases.”
A professor finds evidence that relying too heavily on scripting can depress stock performance.
The former CEO and his investors say the offer is superior to the company’s reorganization plan, setting up a possible bankruptcy court showdown.
The agency is concerned about liquidity as a “market-wide risk” after the failure last year of a high-yield bond fund.
The decision requires Belgium to recover about $762 million from at least 35 multinationals that benefited from the tax loophole.
The No. 2 U.S. thermal coal miner cites depressed demand and regulatory hurdles for the latest in the industry’s Chapter 11 filings.
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