iBankCoin
Home / chessNwine (page 21)

chessNwine

Full-time stock trader. Follow me here and on 12631

OJ SIMPSON’s Bank Foreclosing on His Florida Home

(via TMZ)

OJ Simpson
While OJ Simpson rots in the Big House in Nevada … he’s about to lose his big house in Florida.

According to court records, JPMorgan Chase bank is foreclosing on the 4 bedroom, 4bathroom home OJ owns in Miami. Simpson bought the home in 2000 for $575,000 … but the home was recently assessed at $478,401.

OJ is currently serving time in a Nevada prison for kidnapping, armed robbery and other charges stemming from an incident in 2007, in which OJ took a bunch of sports memorabilia at gunpoint.

Comments »

Billionaire Backers of 2012 Presidential Election

(via Fox Business) 

Money, as we know, talks.

And in this Presidential Primary season it’s not just talking, it’s filibustering.

The new Super PACs ushered in by a pair of federal court rulings allows for single donors whether individuals or unions or companies to make unlimited contributions.

Super PACs aren’t allowed to coordinate directly with the campaigns, but many are making their feelings known.

Three billionaires have made no secret of their support of specific candidates: Meet Sheldon Adelson. The casino king has a net worth of $21.5 billion.

According to Forbes, his company, the Las Vegas Sands, has scored by developing casino properties in Singapore and Macau. But you may be familiar with his American properties — the Venetian and the Palazzo , both in Vegas. He’s also known for developing Comdex, the marquee computer conference event.

Adelson is the son of a taxi driver and dropped out of the City College of New York. His donation of five million to Newt Gingrich helped resuscitate the Speakers’ campaign after the Iowa Caucus.

Then there’s Jon Huntsman Senior, the father of candidate Jon Huntsman, who founded Huntsman Chemical. He has a net worth of more than $1.5 billion.

Huntsman — the company — was once the largest privately held chemical company in the nation, and Huntsman Senior built it acquisition by acquisition.

Spiking oil prices forced the billionaire to sell just under half the company, but he turned that around last year, taking the company public. His investments in the Super PAC backing his son is said to be in the millions.

Finally, Foster Friess, the mutual fund king, is the major financial backer of a Super PAC supporting Rick Santorum. Friess founded his own management firm, Friess Associates, which grew to a nearly $16 billion fund under the name Brandywine. In the 1990’s, it was a top performer posting average annual gains of 20 percent.

Friess is a long time donor to social conservative causes that Santorum has championed. More information on Super PACs and their donors will be made public at the end of the month.

We’ll report on all those numbers, even the wealthy folks contributing to the President’s re-election campaign.

Read more: http://trade.cc/zdf#ixzz1jXphPuoE

 

Comments »

Iran Sends Rare Letter to U.S. Over Killed Scientist

 

 

 

 

 

 (via Reuters) 

Iran said on Saturday it had evidence Washington was behind the latest killing of one of its nuclear scientists, state television reported, at a time when tensions over the country’s nuclear program have escalated to their highest level ever.

In the fifth attack of its kind in two years, a magnetic bomb was attached to the door of 32-year-old Mostafa Ahmadi-Roshan’s car during the Wednesday morning rush-hour in the capital. His driver was also killed.

U.S. Secretary of State Hilary Clinton denied responsibility and Israeli President Shimon Peres said Israel had no role in the attack, to the best of his knowledge.

“We have reliable documents and evidence that this terrorist act was planned, guided and supported by the CIA,” the Iranian foreign ministry said in a letter handed to the Swiss ambassador in Tehran, state TV reported. The Swiss embassy represents U.S. interests in a country where Washington has no diplomatic ties.

The spokesman for Iran’s Joint Armed Forces Staff, Massoud Jazayeri, said: “Our enemies, especially America , Britain and the Zionist regime (Israel), have to be held responsible for their actions.”

Iran in the past has accused Israel of causing a series of spectacular and sometimes bloody mishaps to its nuclear programme. Israeli officials do not comment on any involvement in those events, although some have publicly expressed satisfaction at the setbacks.

Feeling the heat from unprecedented new sanctions, Iran’s clerical establishment has brandished its sword by threatening to block the main Mid-East oil shipping route, starting to enrich uranium at an underground bunker and sentencing an Iranian-American citizen to death on spying charges.

State TV said a “letter of condemnation” had also been sent to Britain, saying the killing of Iranian nuclear scientists began after the head of Britain’s MI6 spy service announced intelligence operations against states seeking nuclear weapons.

The West says Iran’s nuclear programme is aimed at building a bomb. Tehran says it has the right to peaceful nuclear power.

Tehran has urged the U.N. Security Council and Secretary-General Ban Ki-moon to condemn the latest killing.

After years of international sanctions that had little impact on Iran, U.S. President Barack Obama signed new measures on New Year’s Eve that, if fully implemented, would make it impossible for most countries to pay for Iranian oil.

Washington is requiring that countries gradually reduce their purchases of Iranian oil in order to receive temporary waivers from the sanctions.

The European Union is expected to unveil similar measures next week, and announce a gradual oil embargo among its member states, who collectively buy about a fifth of Iran’s exports.

The combined measures mean Iran may fail to sell all of the 2.6 million barrels a day of exports it relies on to feed its 74 million people. Even if it finds buyers, it will have to offer steep discounts, cutting into its desperately-needed revenue.

On Tuesday shipping sources told Reuters Iran was storing an increasing supply of oil at sea – as much as 8 million barrels – and was likely to store more as it struggles to sell it.

Iran denies it is having trouble: “There has been no disruption in Iran’s crude exports through the Persian Gulf … We have not stored oil in the Gulf because of sanctions as some foreign media reported,” oil official Pirouz Mousavi told the semi-official Mehr news agency on Friday.

The sanctions are causing real hardship on the streets, where prices for basic imported goods are soaring, the rial currency has plummeted and Iranians have been flocking to sell rials to buy dollars to protect their savings.

The pain comes less than two months before a parliamentary election, Iran’s first since a presidential vote in 2009 that was followed by eight months of street demonstrations.

Iran’s authorities successfully put down that revolt by force, but since then the “Arab Spring” has shown the vulnerability of authoritarian governments in the region to protests fueled by anger over economic difficulty.

CLASH THREAT

Iran has threatened to block the Strait of Hormuz leading to the Gulf if sanctions are imposed on its oil exports, and has threatened to take unspecified action if Washington sails an aircraft carrier through the strait, an international waterway.

Military experts say Tehran can do little to fight the massive U.S.-led fleet that guards the strait, but the threats raise the chance of a miscalculation that could lead to a military clash and a global oil crisis.

The Pentagon said on Friday that small Iranian boats had approached close to U.S. vessels in the strait last week, although it said it did not believe there was “hostile intent.”

The United States and Israel have not ruled out military action if diplomacy fails to resolve the nuclear dispute. Iran says it would retaliate if attacked.

The tension has caused spikes in global oil prices in recent weeks, although prices eased at the close of last week’s trading on the prospect of reduced demand in economically stricken European countries. Brent crude fell 82 cents to settle at $110.44 a barrel on Friday.

The chances for an imminent easing of tension look even more remote as the nuclear deadlock continues because of Iran’s refusal to halt the sensitive nuclear work.

Last week Iran began enriching uranium underground – the most controversial part of its nuclear programme – at a bunker deep below a mountain near the Shi’ite holy city of Qom.

Nuclear talks with major powers collapsed a year ago. Iran says it wants the talks to resume, but the West says there is no point unless it is willing to discuss a halt to uranium enrichment, which can be used to make material for a bomb.

(Additional reporting by Mitra Amiri; Writing by Parisa Hafezi; Editing by Peter Graff)

Comments »

WATCHING FOOTBALL LIKE A BOSS

(via NY POST) 

Beef, booze and babes — it’s the ultimate Giant playoff road trip.

A Wall Street fat cat has paid a ridiculous $240,000 to fund a rolling party on wheels in a luxury packed RV that is making the 20 hour trek to Lambeau Field for Big Blue’s matchup against Green Bay tomorrow.

Joining the road trippers are two beautiful waitresses, a driver and even the executive chef at Old Homestead Steakhouse, which sold the trip.

Peter Serafin, 57, a married, Manhattan-born Green Bay Packer fan, is taking the trek with five diehard Giant fan pals. The crew is riding high on the hog with hundreds of pounds of prime beef, lobster, shrimp, caviar and enough booze to get an entire NFL team plastered.

CHAD RACHMAN/NEW YORK POST
BIG CHEESE: Peter Serafin (in No. 12 jersey) and pals are traveling to Wisconsin in style, partaking in a pricey party staffed by the Old Homestead.
“It’s exciting,” Serafin told The Post. “I can’t wait. I wish I was in Green Bay tailgating right now. It’s like a dream come true.”

Serafin’s wife has to be the most supportive woman on Earth; today is his 28th wedding anniversary.

“Fortunately, my wife understood this is a one-shot deal,” he said.

“I wanted to throw this out there,” said Old Homestead owner Marc Sherry. “I mean, who wouldn’t want this?”

The $240,000 road trip:

* 1,086 miles to travel in a 70-foot RV

* 5 Giant fans and a “cheesehead”

* 2 beautiful waitresses

* 3 TVs

* 26 bottles of champagne

* 65 Kobe beef burgers

* 100 gallons of beer

* 150 pounds of prime beef

* 10 live lobsters

* 6 seats on the 50-yard line

[email protected]

Read more: http://trade.cc/yyn

 

Comments »

NCAA COULD BE CLOSER TO A COLLEGE FOOTBALL PLAYOFF SYSTEM

(via)

NCAA President Mark Emmert would support a four-team playoff in college football — as long as the field doesn’t grow.

After giving his annual state of the association speech Thursday in Indianapolis, Emmert acknowledged he would back a small playoff if that’s what Bowl Championship Series officials decide to adopt.

“The notion of having a Final Four approach is probably a sound one,” Emmert said when asked what he heard coming out of New Orleans this week. “Moving toward a 16-team playoff is highly problematic because I think that’s too much to ask a young man’s body to do. It’s too many games, it intrudes into the school year and, of course, it would probably necessitate a complete end to the bowl system that so many people like now.”

Emmert spoke two days after the 11 Bowl Championship Series conferences met to discuss possible changes to the system starting in 2014, but there is no consensus yet.

BCS Executive Director Bill Hancock said Tuesday that 50-60 possibilities for various changes were presented during a deliberate meeting in New Orleans, where Alabama beat LSU in the BCS title game Monday night. Hancock anticipates it will take another five to seven meetings to reach a conclusion in July.

One possibility is the four-team playoff, or the so-called plus-one approach, that would create two national semifinals and a championship game played one week later. The original proposal, made in 2008 by the commissioners of the Southeastern Conference and Atlantic Coast Conference, was emphatically shot down by the leaders of the Big Ten, Pac-10, Big East, Big 12 and Notre Dame.

The BCS title game pits the nation’s top two teams based on poll and computer rankings.

But momentum is clearly growing for a larger playoff system.

Big Ten Commissioner Jim Delany acknowledged this week that he would now consider the prospect of a four-team field.

“Four years ago, five of us didn’t want to have the conversation,” Delany told reporters earlier this week. “Now we all want to have the conversation.”

Then on Thursday, the BCS picked up another major endorsement for a potential playoff.

Emmert has long said he expected changes to the BCS system and has repeatedly offered to help the BCS debate if they want it. The NCAA licenses bowl games, but does not run them. It also has no direct authority over the BCS system.

But a small, four-team tournament could be the perfect remedy for what many still consider a flawed system.

“I see a lot of ways that a Final Four model could be successful,” Emmert said.

Read more: http://trade.cc/yud

Comments »

FLASH: Car Sinks into Hudson River, 1 Person Rescued

(Via) 

A car went into the Hudson River Thursday morning at 96th Street and the Henry Hudson Parkway, and one person has been pulled from the water.

Divers were searching for more possible victims.

An FDNY spokesman said someone called in shortly after 10 a.m. to report the car in the water.

The rescued person has been taken to a hospital.

 

Comments »

COMPREHENSIVE #CES 2012 DAY 2 PREVIEW

 

 (via)

Consumer Electronics Show: Complete coverage

The Consumer Electronics Show is in full swing now, with keynotes Wednesday focusing on some higher-level trends in the consumer technology world.

In the morning, Xerox, Verizon Communications and Ford will discuss innovation and its role in their companies’ success. In the afternoon, high-level marketing and communications officers from AT&T, General Electric, Hyundai, Facebook, Wal-Mart and Unilever will discuss marketing and branding on a global scale.

Hans Vestberg, president and chief executive of Ericsson, will also give a keynote address in the afternoon. The Swedish company is in a transition year. Ericsson ended its consumer electronics partnership with Sony but faces a greater demand for its mobile and wireless management services than ever before. The keynote speech should have some insights into the future of the mobile industry, even if it likely won’t have any flashy consumer product announcements.

This is also a day for policy at CES, with panels addressing a range of technology policy issues. Wednesday’s congressional panel features Reps. Marsha Blackburn (R-Tenn.), Lee Terry (R-Neb.), Cliff Stearns (R-Fla.), Darrell Issa (R-Calif.) and John Shimkus (R-Ill.), and probably will address the thorny issue of online piracy and copyright. Federal Communications Chairman Julius Genachowski is also speaking with the Consumer Electronics Association president, Gary Shapiro, while commissioners Mignon Clyburn and Robert McDowell will discuss spectrum and other policy issues on a panel moderated by The Washington Post’s Cecilia Kang.

Related stories:

Privacy rights activists worry about potential abuse of high-tech devices featured at CES event

CES 2012: What is an ultrabook, anyway?

PHOTOS: Cool gadgets unveiled at CES

Comments »

FLASH: Orange-Juice Futures Trade at Highest Level Since 1977

(via)

Futures of frozen orange juice concentrate in New York surged on concerns that the presence of a fungicide in samples from Brazil could crimp supplies.

January-delivery orange juice hit $2.12 per pound, the highest front-month price since November 1977. The more actively-traded March contract was recently trading 10.7% higher at $2.0775 per pound on ICE Futures U.S

The Food and Drug Administration is testing orange juice for a fungicide and says it will order the product removed from the market if it poses a public health risk.

In a letter dated Jan. 9 to the Juice Products Association, an industry group, the FDA said a juice company reported “low levels” of carbendazim, a fungicide, in its and its competitors products.

The FDA said the fungicide was used on the 2011 orange crop in Brazil, the world’s largest grower of oranges and the biggest producer of orange juice.

Florida oranges produce about three-quarters of U.S. orange-juice concentrate supplies, and imports cover the rest. About 75% of those imports come from Brazil.

Comments »

Tim Tebow Declines to Endorse Any Presidential Candidates Despite Courtship

Sensing the excitement and loving his message, Tebow is also being courted by Republican presidential candidates. The quarterback recently told The Associated Press he’s been asked by more than one of the contenders for his support. He wouldn’t name names, but did say he’d declined the offer.

“I think you have to have so much trust in who you support, just from product endorsements to endorsing a candidate because if that person or company does something (bad), it reflects on you,” said Tebow, who’s a pitchman for Nike, Jockey and FRS energy drink.

Tebow has, however, placed himself in the political realm before – two Super Bowls ago when he starred in a Focus on the Family commercial with his mother sharing the story of how she gave birth to him in the Philippines in 1987 after spurning a doctor’s advice to have an abortion for medical reasons. After being criticized for that ad, he didn’t do an encore and instead tries to toe the line of showing his religion without shoving it down people’s throats.

That hasn’t stopped people from mocking him – and worse.

After Tebow was particularly bad in an ugly loss to Buffalo on Dec. 24, comedian and talk show host Bill Maher sent out a tweet that basked in the QB’s misfortune, blaming Jesus for the loss. “And on Xmas Eve! Somewhere in hell Satan is tebowing, saying to Hitler `Hey, Buffalo’s killing them,’” Maher tweeted.

Maher, in turn, was roundly ripped for the post.

Less toxic was the recent skit on “Saturday Night Live,” where “Jesus” materializes in the locker room with an actor portraying Tebow, admits he is pulling some strings during these Bronco games, then after being told the New England Patriots are next on the schedule, suggests Tebow substitute his playbook, “the holy Bible,” for one with some Xs and Os.

The “SNL” Jesus also concedes that he, personally, prays to the Broncos place-kicker, Matt Prater, whose excellence has defined what the Tebow sensation has been about for most of this season: a bunch of teammates, motivated by a less-than-perfect leader who never gives up, coming together and picking each other up when the going gets tough.

A great story line that has held most of the year.

The twist on Sunday, though, was that for the first time this season, it could reasonably be argued that Tebow was a one-man show. In the win over Pittsburgh, he completed five passes of 30 yards or more. And with his defense struggling, he threw a perfect strike for the game-winner to receiver Demaryius Thomas, who didn’t have to change his stride and, thus, ran untouched into the end zone.

“He was the same Tim, calm and collected,” Thomas said. “He took it one play at a time and was in the huddle and said, `It’s either we win or we go home.’”

READ THE FULL STORY HERE 

Comments »

Iran Sentences American Man to Death in CIA Case

(via)

TEHRAN, Iran (AP) – An Iranian court has convicted an American man of working for the CIA and sentenced him to death, state radio reported Monday, in a case adding to the accelerating tension between the United States and Iran.

Iran charges that as a former U.S. Marine, Amir Mirzaei Hekmati received special training and served at U.S. military bases in Iraq and Afghanistan before heading to Iran for his alleged intelligence mission. The radio report did not say when the verdict was issued. Under Iranian law, he has 20 days to appeal.

The 28-year-old former military translator was born in Arizona and graduated from high school in Michigan. His family is of Iranian origin. His father, a professor at a community college in Flint, Michigan, has said his son is not a CIA spy and was visiting his grandmothers in Iran when he was arrested.

His trial took place as the U.S. announced new, tougher sanctions against Iran over its nuclear program, which Washington believes Tehran is using to develop a possible atomic weapons capability.

Iran, which says it only seeks nuclear reactors for energy and research, has sharply increased its threats and military posturing against stronger pressures, including the U.S. sanctions targeting Iran’s Central Bank in attempts to complicate its ability to sell oil.

The U.S. State Department has demanded Hekmati’s release.

The court convicted him of working with a hostile country, belonging to the CIA and trying to accuse Iran of involvement in terrorism, Monday’s report said.

In its ruling, a branch of Tehran Revolutionary Court described Hekmati as a mohareb, an Islamic term that means a fighter against God, and a mofsed, or one who spreads corruption on earth. Both terms appear frequently in Iranian court rulings.

In a closed court hearing in late December, the prosecution asked for the death penalty for Hekmati.

The U.S. government has called on Iranian authorities to grant Swiss diplomats access to him in prison. The Swiss government represents U.S. interests in Iran because the two countries don’t have diplomatic relations.

Hekmati is a dual U.S.-Iranian national. Iran considers him an Iranian since the country’s law does not recognize dual citizenship.

His father, Ali Hekmati, and family friend Muna Jondy, an attorney who has been speaking on behalf of the family, did not immediately respond to emails and phone messages left at their offices before business hours Monday morning.

Similar cases against Americans accused of spying have heightened tensions throughout the years-long standoff over Iran’s nuclear program.

Iran arrested three Americans in July 2009 along the border with Iraq and accused them of espionage, though the Americans said they were just hiking in the scenic and relatively peaceful Kurdish region of northern Iraq.

One of them was released after a year in prison, and the other two were freed in September in deals involving bail payments that were brokered by the Gulf sultanate of Oman, which has good relations with Iran and the U.S.

On Dec. 18, Iran’s state TV broadcast video of Hekmati delivering a purported confession in which he said he was part of a plot to infiltrate Iran’s Intelligence Ministry.

In a statement released the same day, the Intelligence Ministry said its agents identified Hekmati before his arrival in Iran, at Bagram Air Field in neighboring Afghanistan. Bagram is the main base for American and other international forces outside Kabul, the Afghan capital.

It is not clear exactly when he was arrested. Iranian news reports have said he was detained in late August or early September.

Hekmati’s father, Ali, said in a December interview with The Associated Press, that his son was a former Arabic translator in the U.S. Marines who entered Iran about four months earlier to visit his grandmothers.

At the time, he was working in Qatar as a contractor for a company “that served the Marines,” his father said, without providing more specific details.

Comments »

Um…WTF?! White House Threw Secret ‘Alice in Wonderland’ Bash During Recession

(via New York Post)

It was the tea party the Obamas just couldn’t resist.

A White House “Alice in Wonderland” costume ball — put on by Johnny Depp and Hollywood director Tim Burton — proved to be a Mad-as-a-Hatter idea that was never made public for fear of a political backlash during hard economic times, according to a new tell-all.

“The Obamas,” by New York Times correspondent Jodi Kantor, tells of the first Halloween party the first couple feted at the White House in 2009. It was so over the top that “Star Wars” creator George Lucas sent the original Chewbacca to mingle with invited guests.

The book reveals how any official announcement of the glittering affair — coming at a time when Tea Party activists and voters furious over the lagging economy, 10-percent unemployment rate, bank bailouts and Obama’s health-care plan were staging protests — quickly vanished down the rabbit hole.

“White House officials were so nervous about how a splashy, Hollywood-esque party would look to jobless Americans — or their representatives in Congress, who would soon vote on health care — that the event was not discussed publicly and Burton’s and Depp’s contributions went unacknowledged,” the book says.

However, the White House made certain that more humble Halloween festivities earlier that day — for thousands of Washington-area schoolkids — were well reported by the press corps.

Then the Obamas went inside, where an invitation-only affair for children of military personnel and White House administrators unfolded in the East Room.

Unbeknownst to reporters, the State Dining Room had also been transformed into a secretive White House Wonderland.

Tim Burton decorated it “in his signature creepy-comic style. His film version was about to be released, and he had turned the room into the Mad Hatter’s tea party, with a long table set with antique-looking linens, enormous stuffed animals in chairs, and tiered serving plates with treats like bone-shaped meringue cookies,” reports the book, which The Post purchased at a Manhattan bookstore.

“Fruit punch was served in blood vials at the bar. Burton’s own Mad Hatter, the actor Johnny Depp, presided over the scene in full costume, standing up on a table to welcome everyone in character.”

The Obamas’ daughters, Malia and Sasha, then 11 and 8 respectively, “sat at the table, surrounded by a gaggle of their friends, and then proceeded to the next delight, a magic show in the East Room.”

Kantor’s book details more personal aspects of the Obama White House, serving up glimpses of the first couple’s marriage, parenting, sometimes tense handling of staff issues and even the president’s sly sense of humor when it comes to race.

One morning during his Senate campaign, Obama didn’t show up to a meeting with donors. “After a frantic search, a white staffer named Peter Coffey called Obama’s barbershop to find that, yes, he was there.”

The president confronted Coffey about the call later that day.

“ ‘The relationship between a black man and his barber is sacred,’ Obama bellowed . . . ‘For failing to understand this truth, your punishment is to watch the movie “Barbershop.” And for further punishment, you will then watch the sequel, “Barbershop 2.” ’ ”

Often White House staffers found themselves in the middle of husband-and-wife quarrels.

“The advisors could feel hopelessly caught between husband and wife,” Kantor writes. “The Obama marriage was awkward for everyone: for the aides, for the president . . . and for the first lady.”

Johnny Depp played host, as the Mad Hatter, at a 2009 White House bash, but a new book says it was kept quiet from the press for fear of backlash amid the recession.

POST PHOTO COMPOSITE

TEA PARTY! Johnny Depp played host, as the Mad Hatter, at a 2009 White House bash, but a new book says it was kept quiet from the press for fear of backlash amid the recession.

Read more: http://trade.cc/wog#ixzz1isybd2Tk

Comments »

HUGE PREMIUM: Bristol-Myers Squibb To Buy Inhibitex For About $2.5 Bln – Update

(via)

Biopharmaceutical firm Bristol-Myers Squibb Co. (BMY: News ) Sunday said it will acquire hepatitis C drug developer Inhibitex Inc. (INHX: News ) for $26.00 per share in cash pursuant to a cash tender offer and second step merger. The boards of directors of both companies have approved the deal, valued at about $2.5 billion. The lead HCV asset of Inhibitex is INX-189, an oral nucleotide polymerase or NS5B inhibitor in Phase II development that has exhibited potent antiviral activity.

The acquisition is expected to be dilutive to Bristol-Myers Squibb’s earnings through 2016, with an expected impact on earnings per share of about $0.04 in 2012 and around $0.05 in 2013. Inhibitex’s board agreed to recommend that its shareholders tender their shares in the offer. In addition, shareholders with beneficial ownership of about 17% of Inhibitex’s common stock reached agreements with Bristol-Myers to support the transaction and to tender their shares in the tender offer.

Also, the deal provides for both the parties to effect a merger to be completed following the tender offer closure, which would result in all shares not tendered in the tender offer being converted into the right to receive $26.00 per share cash, Bristol-Myers added.

Lamberto Andreotti, chief executive, Bristol-Myers Squibb stated, “The acquisition of Inhibitex builds on Bristol-Myers Squibb’s long history of discovering, developing and delivering innovative new medicines in virology and enriches our portfolio of investigational medicines for hepatitis C.” Commenting on the transaction, Russell Plumb, President and Chief Executive of Inhibitex said, “Bristol-Myers Squibb’s expertise in antiviral drug development, and its existing complementary portfolio, will assure that the potential of INX-189 is realized as part of future oral combination therapies for millions of patients in need around the world.”

The companies anticipate that the tender offer would close around 30 days after commencement of the tender offer. Citi is serving as financial advisor to Bristol-Myers Squibb in relation with the purchase and Kirkland & Ellis LLP is its legal advisor.

BMY ended Friday’s trading session at $34.22 on a volume of 7.91 million shares on the NYSE, while INHX closed at $9.87 on a volume of 2.99 million shares on the Nasdaq.

Comments »