Visa Inc. (NYSE: V) on Wednesday announced that on March 31, 2011, it had deposited $400 million into the litigation escrow account previously established under the Company's retrospective responsibility plan. Under the terms of the Plan, the $400 million deposit has the effect of a repurchase by the Company of 5,419,273 shares of class A common stock at approximately $73.81 per share, on an as-converted basis, by reducing the as-converted class B common stock share count from 125,253,161 to 119,833,888. The deposit and price per share calculations were conducted in accordance with the Company's certificate of incorporation using the volume-weighted average price over the 8-day pricing period from March 25, 2011, through April 5, 2011. As a result of the deposit, the conversion rate applicable to the Company's class B common stock has decreased from 0.5102 to 0.4881 as of March 31, 2011.
Cephalon, Inc. (NASDAQ: CEPH) announced Wednesday that after a thorough review, its Board of Directors has formally rejected Valeant Pharmaceuticals International, Inc.'s March 29th unsolicited proposal to purchase the Company for $73 per share. In a letter to Valeant CEO J. Michael Pearson, the full text of which is included below, the Cephalon Board of Directors concluded, after an analysis by its financial and legal advisors, that Valeant's non-binding proposal is inadequate and not in the best interests of Cephalon's shareholders.
DISH Network Corporation (NASDAQ: DISH) announced Wednesday that it was selected as the winning bidder in the bankruptcycourt auction for substantially all of the assets of Blockbuster, Inc. DISH Network's winning bid was valued at approximately $320 million. After certain adjustments are made at closing of the transaction, includingadjustments foravailable cash and inventory, DISH Network expects to pay approximately $228 million in cash to acquire Blockbuster at the closing which is expected to occur in the second quarter of 2011.
Orchid Cellmark Inc (NASDAQ: ORCH) soared more than 38% in Wednesday's pre-market trading after it agreed to be bought by $2.80 a share. The deal values Orchid at a premium of 80 cents, or 40% over its closing price of $2 a share on Tuesday.
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