Fushi Copperweld, Inc. (Nasdaq: FSIN) was up 23 percent to $11.26 per share from Tuesday’s closing price, in morning trading on Wednesday after the company announced that it received a proposal letter from its Chairman and CEO and Abax Global Capital on behalf of funds managed by it and its affiliates Fu and Abax to acquire all of the outstanding shares of Common Stock of Fushi not currently owned by Fu and his affiliates in a going private transaction for $11.50 per share in cash. Fu and his affiliates own ~29.2% of Fushi’s Common Stock. Fushi Copperweld, Inc., through its subsidiaries, develops, designs, manufactures, markets, and distributes bimetallic wire products, principally copper-clad aluminum (CCA) and copper-clad steel (CCS). Shares of Fushi Copperweld, Inc. are up about 23 percent over the past three months.
Shares of SodaStream International Ltd. (Nasdaq: SODA) were up 19 percent from its IPO price of $20 per share, in morning trading on Wednesday, touching a high of $25.50 per share. The company also said its underwriters have a 30-day option to buy up to an additional 817,105 shares to cover excess demand. That’s up from a previously reported 710,526 shares. The company plans to use the proceeds from the offering to pay back about $33.2 million owed to financial institutions; repay about $1.9 million owed to shareholders; pay approximately $34 million in costs related to building or buying another manufacturing plant; and pay a one-time $2.4 million termination fee to Fortissimo Capital Fund GP for ending a management services contract. The remaining funds will be used for working capital and other general corporate purposes. SodaStream’s home beverage carbonation systems can help consumers convert tap water into carbonated soft drinks and sparkling water. The company was founded in 1991, and had sales of $144 million over the last 12 months.
Online restaurant-reservation service OpenTable, Inc. (Nasdaq: OPEN) reported third quarter earnings of 23 cents a share, on sales of $24.5 million. Analysts polled by FactSet, on average, expected earnings of 15 cents per share on sales of $23.2 million. Shares of OpenTable were up as much as 17 percent from Tuesday’s closing price, in morning trading on Wednesday, touching a 52-week high of $72.20 per share. Higher mobile application and Internet drove reservation growth 54 percent over year-ago levels and at a faster pace than the 52 percent growth in the second quarter. In light of the strong results, ThinkEquity analyst Aaron Kessler raised his full year targets for OpenTable to total 2010 earnings-per-share to be 77 cents, up from 66 cents. Kessler also raised his sales prediction to $98.6 million from $96.9 million. Shares of OpenTable are up about 50 percent over the past three months.