Food mergers galore. Sysco Corp (SYY) saw a big boost to its stock today finishing up more than 9% after it was announced Monday it would be buying one of its biggest rivals, US Foods, for a reported $8.2 billion. Food packaging company WhiteWave Foods (WWAV) also made news by announcing it would be acquiring organic food's company Earthbound Farm for $600 million, though it didn't see quite the surge in shares as Sysco. WhiteWave Foods finished the day over 5%.
Another merger making waves is Covidien (COV) buying Israeli based camera-pill maker Given Imaging (GIVN) for a reported $860 million. The deal is expected to close by the end of March 2014. Given is having the stronger day by far, with shares jumping up more than 27% today. Covidien finished the day flat and is up over 31% so far this year.
Bill Ackman has come under fire recently from a number of different fronts for his money-losing short strategy on Herbalife (HLF), including from fellow billionaires Dan Loeb, George SorosRead More »from Mergers Rev Up Stocks and Bill Ackman Under Fire