EMCORE has agreed to sell its space solar business to private equity firm Veritas Capital for $150 million in cash. Word of the sale triggered a rally in the stock last week. EMCORE also says its CEO has resigned in connection with the sale.
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There's another deal in the medical devices industry. Integra LifeSciences (IART) is buying medical instrument lines from Medtronic (MDT). The transaction is valued at about $60 million in cash. The purchase includes about 4,000 surgical instruments, along with Medtronic's factory in France. Medtronic is trying to buy Dublin-based Covidien for about $43 billion, in a so-called tax inversion deal.
Sonic (SONC) says it expects to report earnings and sales growth for fiscal 2015, thanks to new menu technology.
The company says the new systems will help servers take orders faster and reduce errors. Sonic operates 1950's-style carhop restaurants, whose servers deliver food and drinks to vehicles while wearing roller skates.