Swedish specialty pharmaceutical company Meda said it has rejected an indicative proposal made by Mylan (NASDAQ:MYL) to combine the two businesses. ”All continued discussions between Meda and Mylan have been terminated without further actions,” Meda said in a statement.
MYL was higher 6.3% in recent pre-market trade, coming off sharper gains earlier. It is trading in the upper half of the 52-week range between $27.66 and $57.52.
In Other News:
YOU On Demand Holdings (NASDAQ:YOD) shares jumped in Friday’s pre-market session, after the multi-platform entertainment and video-on-demand company in China said it expanded its relationship with Miramax to offer feature films from the film and television studio on its mobile service.
YOD was up 15% at $4.66 in recent pre-market trading, in a 52-week range of $1.31 to $7.35. Under the agreement, YOD will make Miramax titles including “Chicago” and “The English Patient” available through its Subscription Video On Demand package and via its Transactional Video On Demand offering. Financial terms weren’t disclosed.
Real estate investment trust Western Asset Mortgage Capital (NYSE:WMC) shares were lower by 5% as it said it expects gross proceeds of approximately $193 million from the public sale of 13 million shares. The company didn’t name the exact price of each share in the public offer. Underwriters also have a 30-day option to buy an additional 1.95 million shares.
At the same time, Western Asset Management will also sell shares to Western Asset Management Company, the manager of the company, that is equal to 5% of the number sold in the offering, and subject to a maximum purchase price of $10 million. Net proceeds will be used to buy Agency RMBS (residential mortgage-backed securities), Non-Agency RMBS and CMBS (commercial mortgage-backed securities), focusing primarily on Agency RMBS, and for general corporate purposes.
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