Market Roundup (MSFT, GOOG, PSEC, ALD, ARCC, AAPL, AIG, TRH, RCNI)
Microsoft (NASDAQ: MSFT) said it will continue its strategy to expand its share in China’s Internet search market, regardless of the outcome of the spat between Google (NASDAQ: GOOG) and China. MSFT wants to aggressively promote its search and cloud computing services in the country.
Prospect Capital (NASDAQ: PSEC) has ended a two-month proxy fight by terminating its offer to buy Allied Capital (NYSE: ALD). PSEC said that it has terminated the offer after ALD agreed to be bought by Ares Capital (NASDAQ: ARCC) for an estimated $648 million. ALD has also approved a special dividend of $0.20 per share conditional on the approval of the ARCC sale.
The setting of the April 3 debut for the iPad has helped Apple (NASDAQ: AAPL) reach its all-time high of $218.50. Heavy dollar volume in AAPL is lifting tech as a sector, with the notable exception of Microsoft (NASDAQ: MSFT).
AIG (NYSE: AIG) plans to sell its 13.8% stake in reinsurer Transatlantic Holdings (NYSE: TRH). Based on Thursday's closing price, AIG’s stake is worth about $494 million.
Cable-television provider RCN Corp (NASDAQ: RCNI) said it has agreed to be acquired by media and communications private-equity firm ABRY Partners for $531 million. The purchase price of $15 per share is at a 22% premium to RCNI’s close yesterday and 43% more than RCNI's 30-day average.
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