PhillyInc begins the day with Tasty news
That would be Tasty Baking and its acquirer, Flowers Foods, announced the completion of a tender off for all of the Philadelphia snack-food baker's common stock.
How about some baked goods to start the day?
I guess noboby bakes a cash tender offer as tasty as Flowers Foods, which says it completed its offer of $4 per share for Tasty Baking. The companies say that 77 percent of Tasty's outstanding shares were tendered. That offer expired at midnight on Thursday. Soon, Tasty common stock will cease trading on the Nasdaq.
HR software maker Kenexa has priced a secondary offering of its common stock at $27.75 per share. The Wayne company will offer 3M shares to raise net proceeds of $78.7M.
The parent company of West Chester's QVC apparently has made a $1B offer for the bookstore chain Barnes & Noble. Liberty Media hasn't commented, but B&N disclosed the $17 per share offer. No truth to the rumor that serial best-seller typist James Patterson would get his own half-hour block on QVC to move his prodigious inventory.
Tokyo Electric Power Co. lost 1.25 trillion yen (equivalent to $15 billion) for its year ended March 31 - the biggest loss for Japanese company not in the financial services industry. The loss is not a surprise, given the damage to its nuclear power plants from the March 11 earthquake and tsunami. Some perspective: BP lost $3.7B in the wake of the April 2010 Gulf of Mexico oil spill. WorldCom lost $48.9B in 2000, $15.6B in 2001 and $9.2B in 2002 -- all restated figures after a massive accounting fraud.
And the huge run-up in LinkedIn's stock price will probably be the thing most people remember from this week, but didja know that this was the 2nd-busiest week on record for corporate bond issuance? Thank Bloomberg for that insight.
Friday's already begun somewhere.