Apollo to acquire Realogy for $6.65B
•NEW YORK - The parent of Century 21 and Coldwell Banker real estate brokerages said it is being acquired by an affiliate of private equity firm Apollo Management LP for about $6.65 billion in cash.
The buyout of Realogy Corp. includes about $1.6 billion in debt and other liabilities of roughly $750 million, the brokerage said late Sunday. Realogy also owns Sotheby's International Realty.
Realogy stockholders will receive $30 per share in cash at closing, an 18 percent premium over the stock's closing price of $25.50 on the New York Stock Exchange on Friday.
Realogy can entertain other proposals from third parties until Feb. 14, the announcement said.
Express Scripts launches hostile takeover bid for Caremark Rx
•ST. LOUIS - Pharmacy-benefit manager Express Scripts launched a hostile $26 billion bid Monday to acquire its larger competitor Caremark Rx, potentially scuttling a competing offer from the CVS drug store chain.
The race to consolidate in the drug industry comes at a time of tremendous pressure to lower prices. Wal-Mart recently announced it would sell some generic drugs for $4. That leaves companies like Express Scripts and Caremark Rx, who act as middlemen between drug companies and employees, to struggle to reduce costs.
Express Scripts Inc. proposed to pay $29.25 in cash and 0.426 shares of its stock for each share of Caremark stock. The company said that equals $58.50 per Caremark share, based on Express Scripts' Friday's closing price.
Shares of Caremark rose $4.70, or over 9 percent, to $55 in early trading Monday, and Express Scripts shares rose 50 cents to $69.16 a share.
Cingular makes deal with MySpace.com
•ATLANTA - Cingular Wireless LLC, the nation's largest cell phone provider, has made a deal with MySpace.com that will allow MySpace users to access their profiles through Cingular phones.
Under the agreement, cell phone users will be able to go to their MySpace.com page to edit it, post photos and get messages. For example, a MySpace.com user could take a picture with their cell phone and then immediately post the image to their Web page.
The new MySpace Mobile application will cost $2.99 a month plus charges for data usage, Atlanta-based Cingular said.
The deal also expands Cingular's work with MySpace.com, which includes letting bands use a service called MySpace Mobile Music to create ringtones.
- From wire reports