TLV Recap - Jan. 5
TASE ends down week. Wix buyback gets Israel court okay. NewMed merger opposed
TA-35 index down 0.4% for the week
Broader TA-125 down 0.3%
Real estate index bucks market, up 1.4%
Amdocs reportedly drops 1$88 million Mycom OSI takeover
Amdocs (NYSE:DOX) has reportedly scrapped its previously announced deal to buy UK developer Mycom OSI for $188 million, news outlet Light Reading reported.
According to the report, Amdocs told analysts on Dec.13 that UK competition regulators were taking too long to approve the deal.
"We have a list of other stuff that we're looking at, and we just wanted to get it over with and not mess around with it because the market is not waiting," Light Reading quoted Amdocs president of Technology and Head of Strategy, Anthony Goonetilleke as saying.
Capricorn rejects shareholder’s plan to block NewMed merger deal
Scotland-based upstream energy firm Capricorn Energy (LON:CNE) in an open letter to shareholders has rejected a plan of its third-largest investor Palliser to abandon a proposed merger with NewMed Energy (TLV:NWMD), Reuters reported.
Capricorn said Palliser’s plan overstated the company’s value and was based on “outdated and incorrect facts and assumptions" including the assumption that it was able to return $620 million to shareholders.
Capricorn plans to hold a general meeting on Feb. 1 regarding Palliser's board overhaul call in order to block the deal. The company expects to vote on the NewMed deal on or around the same date.
Teva, other generic makers hit with patent suit over cannabis-derived therapy
Jazz Pharmaceuticals (NASDAQ:JAZZ) filed a patent infringement lawsuit against several generic makers including Teva (NYSE:TEVA, TLV:TEVA) for seeking FDA approval to market generic versions of cannabis-derived therapy Epidiolex, news outlet Fierce Pharma reported.
Jazz’s Epidiolex, which was approved by the FDA in 2018, is used to treat seizures from Lennox-Gastaut syndrome, tuberous sclerosis complex, or Dravet syndrome.
Wix secures court approval for up to $110 million buyback program
An Israeli court allowed Wix.com (NASDAQ:WIX) to extend its buyback program for an additional six months through July 4, 2023, the website software maker said in a press release.
The program envisages buying back up to $110 million of the company’s ordinary shares and/or convertible notes.
Thanks for reading TLV Strategist! Subscribe for free to receive new posts and support my work.