Market Overview

Market Roundup (MXGL, RSH, TM, NOVL, VNO)


According to unidentified sources, Max Capital Group (NASDAQ: MXGL) will soon be announcing the purchase of privately-held Harbor Point Ltd for roughly $1.3 billion in a merger of property-casualty reinsurance firms.

RadioShack (NYSE: RSH) shares are soaring high on rumors of a private-equity buyout. RSH’s calls are selling at 10 times the average volume and at 12 times put volume. The most active calls are those for March $20.

Toyota (NYSE: TM) said that its decision to end its production at NUMMI (its former joint venture with GM) is ultimate. The company has, however, committed $250 million to fund the transition support for workers so that production can continue till April 1.

Novell (NASDAQ: NOVL) shares have soared after Elliott Associates offered to take NOVL private for $5.75 per share. However, several analysts do not think NOVL will receive better competing bids and advise investors to take profits now. Some analysts have also warned investors of a long takeover battle.

Some sources are said to have indicated that Vornado Realty Trust (NYSE: VNO) may jump into the bidding war for General Growth Properties (OTC: GGWPQ). A spokesperson at VNO has declined to comment on "rumor or speculation."

Read more from Benzinga's Company news.

Posted-In: Market RoundupNews Rumors Intraday Update Markets


Related Articles (MXGL + NOVL)

View Comments and Join the Discussion!