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Markets & Finance

State Street to Buy Investors Financial Services

Investors bid for Mills, Lear; UnitedHealth sees lower revenue; plus more stocks in the news Monday

From Standard & Poor's Equity ResearchInvestors Financial Services (IFIN) agrees to be acquired by State Street Corp. (STT) in a stock deal valued at about $4.5 billion. Terms: 0.906 share of State Street common stock per Investors Financial share held.

Simon Property (SPG) and Farallon Capital Management L.L.C. offers to acquire Mills Corp. (MLS) for $24 per share cash. The offer is a higher price than under the existing Mills agreement with Brookfield Asset Management.

America Real Estate Partners L.P., an affiliate of Carl C. Icahn, makes an offer to acquire all the shares of Lear Corp. (LEA) for $36 per share in cash.

UnitedHealth Group (UNH) sees lower-than-expected 2007 revenue for Ovations due to the anticipated decline in SecureHorizons Medicare Advantage membership. Thinks operating efficiencies will offset the earnings per share (EPS) impact. The company sees 2007 consolidated revenues exceeding $78 billion.

Hewitt Associates (HEW) posted 27 cents vs. 29 cents first quarter EPS despite a 3.7% revenue rise. The company set a $750 million stock buyback.

KLA-Tencor (KLAC) posted 44 cents vs. 38 cents second quarter EPS on a 33% revenue rise.

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