Boston, MA 05/20/2014 (wallstreetpr) – The proposed tie-up of Mallinckrodt PLC (NYSE:MNK) and Questcor Pharmaceuticals Inc (NASDAQ:QCOR) just got over a major hurdle following the U.S. Antitrust approval of the deal, quicker than usual. That marks an important milestone for the two specialty pharmaceuticals that seek to join forces to take advantage of their respective strengths to boost financial performance and portfolio. The companies still face some hurdles towards the tie-up that include shareholder approval from both sides. Mallinckrodt PLC (NYSE:MNK) entered into a definitive agreement with Questcor in April to acquire the latter in cash and stock. As such, shareholders of Questcor, will receive $30 per share in cash and 0.897 shares of Mallinckrodt for every single share of Questcor owned. The deal boils down to $86.10 per share of Questcor. Mallinckrodt PLC (NYSE:MNK) expects to spent a total of $5.6 billion in the transaction that it expects to close by 3Q2014 if all goes well. Mallinckrodt’s performance faltered in the latest quarter whereby the company reported a net income of $11.6 million or $0.20 per share. The results compared unfavorably with a net income of $34 million or $0.59 per share in the same period last year. Revenue in the latest quarter was $557.8 million, below the $585.3 million in revenue generated in 2Q2013.
Targa Resources Partners LP (NYSE:NGLS) said its representatives will present at the upcoming NAPTP 2104 MLP Investor Conference at Ponte Vendra Beach in Florida. The presentation will take place on May 21. The company will highlight its performance, prospects, efforts and challenges before the participating investors. The event comes in the wake of renewed capacity building efforts in the company. The company seeks to make acquisitions to enhance its capacity and support revenue growth. The management also announced cost-saving efforts to support the bottom-line growth. Targa Resources Partners LP (NYSE:NGLS) reported 1Q2014 EPS of 78 cents against 49 cents estimated by analysts. Revenue in the quarter came in at $2.35 billion, beating consensus estimate of $2.21 billion. Both revenue and EPS were up in the quarter.
Shares of LyondellBasell Industries NV (NYSE:LYB) continue to hit new highs as investor confidence firm up in the chemical company. Several analysts have recently issued positive remarks on the stock including TheStreet that considers the stock a “buy.” The company reported its 1Q2014 financial data on April 29, during which it posted EPS of $1.72, against the expected $1.73. However, the company’s future remains promising.
