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Sony Corp. (TYO:6758) plans to become the largest shareholder in Olympus (TYO:7733) with a $642 million investment that will give it an 11% stake in Olympus.
Olympus, which has a corner on 70% of the endoscope market, was rocked by a $1.7 billion accounting scandal exposed by former CEO Michael Woodford last year.
In accepting the Sony offer, Olympus spurned a similar bid from rival Terumo Corp. (TYO:4543), likely because Olympus wants to retain as much independence as possible, Reuters reported.
Rumors of a $630 million investment from Panasonic (NYSE:PC) were shot down in June.
The high-profile accounting scandal sheared Olympus’ stock value, split its board and executive leaders and launched a slew of regulatory investigations. The company sacked Woodford in mid-October 2011, after only 2 weeks on the job.
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BSD Medical re-ups for $50M securities sale
BSD Medical Corp. (NSDQ:BSDM) said it registered to issue up to $50 million in mixed securities with the SEC, but said it has no plans to initiate the offering.
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Clik here to view. ConvaTec closes 180 Medical buyout
ConvaTec said it closed its buyout of catheter maker 180 Medical Holdings.
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Clik here to view. Mainstay Medical raises $20M, moves to Dublin
Spinal device maker Mainstay Medical, fresh off of a $20 million Series B round, plans to move its headquarters to Dublin from Minneapolis.
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Clik here to view. Analysts’ ups and downs
- Abbott (NYSE:ABT): JP Morgan reiterates “neutral” rating, $73 price target.
- Abiomed (NSDQ:ABMD): Sidoti & Co. initiates coverage at Buy rating, $28 price target.
- Baxter (NYSE:BAX): J.P. Morgan & Co. reiterates Overweight rating, raises price target from $63 to 65.
- Boston Scientific (NYSE:BSX): Argus reiterates “hold” rating; Leerink Swann maintains “market perform” rating, $6 price target.
- China Kanghui Holdings (NYSE:KH): Oppenheimer reiterates Outperform rating, raises price target from $26 to $30.75; Canaccord Genuity suspends coverage.
- Edwards Lifesciences (NYSE:EW): Jefferies reiterates Buy rating, increases price target from $115 to $125.
- Medtronic (NYSE:MDT): Piper Jaffray reiterates “overweight” rating; Citigroup reiterates "buy" rating ; Barclays maintains "equal weight" rating, $45 price target; Morgan Stanley reiterates "equal-weight" rating; Sanford C. Bernstein restates "outperform" rating, $46 target price.
- NxStage Medical (NSDQ:NXTM): Feltl & Co. reiterates “hold” rating
The post Sony picks up 11% Olympus stake for $640M | Wall Street Beat appeared first on MassDevice.
