Posts Tagged ‘basic materials’

Global Industries Ltd. (GLBL) leaps on takeover by French firm

Monday, September 12th, 2011

Global Industries Ltd. (Nasdaq: GLBL) shares rose 51.2% to $7.78 after France’s Technip SA agreed to buy the underwater oil-services specialist for $937 million in cash.

A news release out Sept. 12 revealed that Technip will acquire the Houston-based Global in an all-cash merger. Under the terms of the agreement, which was unanimously approved by Global’s Board of Directors, Global stockholders will receive $8.00 in cash for each share of Global’s common stock. The transaction values Global at an enterprise value of approximately $1,073 million, including Global’s approximately $136 million of net debt.

The $8.00 per share acquisition price represents a 55% premium to Global’s closing share price on September 9, the last trading day prior to announcement of the transaction, and a 92% premium to Global’s average closing share price for the 30 trading days ending on September 9, 2011. The transaction is not subject to any financing condition.

The release quotes Global CEO John B. Reed as saying “Global and Technip share a common view of the promising subsea market. The merger of our two companies will provide our customers with an unrivaled execution capability, combining Technip’s leading, integrated subsea capabilities with Global’s G1200 and G1201, complementary market presence and skills and knowhow in SLay and heavy lift.”

Global is a leading solutions provider of offshore construction, engineering, project management and support services including pipeline construction, platform installation and removal, deepwater/SURF installations, IRM, and diving to the oil and gas industry worldwide.

Tags: , , , , , , ,
Posted in Energy Stocks | No Comments »

Altair Nanotechnologies Inc. (ALTI) spikes on Canon pact

Monday, July 25th, 2011

Altair Nanotechnologies Inc. (NASDAQ: ALTI) shares jumped 29.6% Monday morning to $1.40, after the company today announced it had closed on a Share Subscription Agreement with Canon Investment Holdings Limited (Canon), through its affiliate, Energy Storage Technology (China) Group Limited (EST). Volume for Altair stock was 2.7 million shares, compared to a daily average of just over 225,000.

A news release put out on July 25 spelled out that, under the terms of the agreement, Altairnano issued 37,036,807 common shares to EST at $1.5528 per share, providing $57.5 million in proceeds to Altairnano. Following the closing of this transaction, there are 69,452,487 Altairnano common shares outstanding.

On September 20, 2010, Altairnano announced that it had entered into the Share Subscription Agreement, as amended, under which Canon had agreed to purchase newly issued common shares of Altairnano, which resulted in EST owning 53.3% of Altairnano’s common shares, 49.8% on a fully diluted basis, immediately following the closing.

“While this transaction took considerably longer to close than expected, the Canon investment allows us to now focus on growing the business and creating shareholder wealth,” said Terry Copeland, Altairnano president and Chief Executive Officer.

Headquartered in Reno, Nev. with manufacturing in Anderson, Ind., Altairnano is a leading provider of energy storage systems for clean, efficient power and energy management. Altairnano’s nano lithium-ion titanate-based solutions are among the highest performing and most scalable, with applications that include complete energy storage systems for frequency regulation and renewables integration for the electric grid, and battery modules and cells for transportation and industrial applications.

Tags: , , , , ,
Posted in Industrial Stocks | No Comments »

Arch Chemicals Inc. (ARJ) benefits from buyout by Swiss firm

Monday, July 11th, 2011

Arch Chemicals Inc. (NYSE: ARJ) shares rose Monday by 11.2% to $46.88. The biocides firm agreed to be acquired by Swiss chemical company Lonza Group AG in a cash transaction valued at $1.4 billion, the companies said. Volume for the stock ballooned to more than 8.5 million shares, over a daily average of less than 198,000.

A release dated July 11 stated that the Norwalk, Conn.-based Arch received an offer from Lonza representing a 36.7% premium to Arch Chemicals’ average closing price over the last 30 trading days. Based on the offer price for all the outstanding shares, Arch Chemicals’ enterprise value would be $1.4 billion (approximately 1.25 billion Swiss francs).

Lonza’s cash offer is subject to customary conditions including the tendering of more than two-thirds of Arch Chemicals’ outstanding shares of common stock and clearance from antitrust regulatory authorities. Lonza expects to commence the tender offer by July 15 and to complete the tender offer later in 2011.

Said Arch CEO Michael Campbell in the same release, “We are pleased to have reached this agreement with Lonza, a company that knows our business well and shares our commitment to continuous improvement in innovation, operational excellence, safety and sustainability.

“We are confident that we have found the right strategic partner to help our business reach the next level of success. This compelling transaction offers Arch Chemicals shareholders a meaningful premium for their shares and will create exciting opportunities for Arch Chemicals employees, while enhancing offerings for customers.”

Arch Chemicals, Inc. is a global Biocides company with annual sales of over $1 billion U.S. Arch and its subsidiaries provide innovative, chemistry-based and related solutions to destroy or to selectively inhibit the growth of harmful microorganisms.

Tags: , , , , ,
Posted in Industrial Stocks | No Comments »

PURE Bioscience Inc. (PURE) leaps on encouraging tests

Thursday, May 19th, 2011

PURE Bioscience Inc. (Nasdaq: PURE) jumped out of the starting blocks Thursday, gaining 27.2% in price to $1.31, on word of encouraging results for one of its products. Volume for the stock was 3.5 million shares, or about 20 times its all-day average.

The creator of the patented silver dihydrogen citrate (SDC) antimicrobial announced preliminary in vitro laboratory results demonstrating SDC’s effectiveness against biofilm in tests conducted by the University of Medicine & Dentistry of New Jersey.

A professor at the school reported, “We have used SDC against single species biofilms of Aggregatibacter actinomycetemcomitans, a causative agent in localized aggressive periodontitis, and S. epidermidis, a pathogen associated with hospital settings. Our results show that these bacteria in the biofilm state are killed within minutes at 30 ppm of SDC. Not only did SDC kill biofilm bacteria, but also it inhibited the biofilm formation at levels as low as 1.5 ppm in a citrate-containing medium.”

Michael L. Krall, President and CEO of PURE Bioscience, commented, “SDC’s ability to eliminate and even prevent biofilm presents a phenomenal market opportunity for PURE. We’re directing ongoing research projects on biofilm not only in public health, but also in industrial environments, including food processing, and oil and gas, as we begin to present SDC as a viable solution to this costly and dangerous problem.”

SDC is a new molecular entity, developed and patented worldwide by PURE Bioscience, a company based in El Cajon, California, which develops and markets technology-based bioscience products that provide solutions to numerous global health challenges.

Tags: , , ,
Posted in Industrial Stocks | No Comments »