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4:10 PM New York – Euronet Worldwide pursues Moneygram International with a higher offer forcing Jack Ma controlled Ant Financial to revise its offer. Movado reaffirmed net sales forecast. Syros Pharmaceuticals net loss narrowed. Albertsons plans to acquire Sprouts Farmers Market.
Tollbooth Index slid 8.55 to 11,680.96.
Moneygram International Inc (MGI) edged up 1 cent to $16.30 after money transfer services provider said it received unsolicited merger proposal on March 14 from Euronet Worldwide, Inc for $15.20 per share in cash or $1 billion.
The board of directors said the offer from Euronet is ""superior proposal"" to the one received from Ant Financial Services Group, China''s online payment market and affiliate of Alibaba Group Holding Ltd. controlled by billionaire Jack Ma.
On January 26, MoneyGram signed an agreement with Ant Financial under which MoneyGram agreed to merge with Ant Financial for $13.25 per share in cash.
Movado Group, Inc (MOV) declined 5.5% or $1.30 to $22.30 after the watch designer and distributor said net sales in the fourth-quarter ending in January slumped 8.7% from a year ago to $130.8 million.
Net income in the quarter plunged 34.1% to $5.2 million or 22 cents per diluted share from $7.9 million or 34 cents in the same quarter last year.
Movado reaffirmed net sales in fiscal 2018 in the range of $515 million to $530 million and operating income between $50 million and $55 million and net income between $33 million and $36.3 million and diluted earnings per share in the range of $1.40 to $1.55.
Syros Pharmaceuticals Inc (SYRS) fell 8 cents to $15.86 after the biopharmaceutical products maker stated revenues in the fourth-quarter ending in December were $0.3 million from a year ago. (The company had not provided comparable revenues for the same period a year ago).
Net loss in the quarter narrowed to $10.9 million or 47 cents per diluted share from $11.9 million or $5.14 in the same quarter last year.
Sprouts Farmers Market Inc (SFM) slumped 1.4% or 30 cents to $21.72 after Bloomberg reported grocery retailer Albertsons Companies Inc is in preliminary merger talks with the organic grocery retailer.