Jul 1, 2013

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Hot Stocks to Watch: Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) and Vodafone Group (NASDAQ:VOD)

Hot Stocks to Watch: Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) and Vodafone Group (NASDAQ:VOD)

Vodafone Group’s (NASDAQ:VOD) Indian division has offered to pay 40 billion rupees ($680 million) to the government to be permitted to continue offering cellular services in Delhi, Mumbai, and Kolkata, following a previous request to have its operating permits prolonged was refused.

The firm’s licenses to give services in the three profitable service areas are of in November 2014.

The unsolicited offer to pay for an extension is formed on the firm’s personal calculations. It reported in a letter to the telecom department, on June 18, that the price could also be implemented toward a future auction of bandwidth in the three service areas.

Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) reported that it is looking for possible purchasers, following refusing an unsolicited takeover bid from Amgen Inc. of almost $8.7 billion, formed on shares outstanding, possibly setting the stage for a bidding competition for the cancer-drug developer.

Onyx reported that Amgen’s bid drastically underrated Onyx and its forecast, and was not in the best interest of Onyx or its stock owners.

Amgen’s bid priced the biotech firm at $120 per share, or almost 38% more than its ending price on Friday of $86.82. Consisting of notes that convert to equity and stock options, the offer is priced at almost $10 billion, as per reported by a source closely related with the issue.

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