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$HPE shareholders will own equity stake in the new company valued at $6.3Bil. Company will receive $2.5Bil prior to completion of the merger. The deal is expected to be tax-free to the company. $HPE expects to incur one-time after-tax separation costs of about $700MM, with the vast majority in FY17. The merger is expected to close by 2H17.
The latest earnings report by $VZ shows how it is losing customers despite offering the unlimited data plans, a record for the company.
$BEBE is closing down all its stores by the end of May.
$WFC agreed to hike its payout in a class-action settlement over unauthorized accounts by $32 million to $142 million for its retail sales practices. The settlement will now include customers who were impacted as early as May 2002.