Posts Tagged ‘nasdaq’

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APAC Customer Services (APAC) jumps on buyout

Thursday, July 7th, 2011

APAC Customer Services (Nasdaq: APAC) shares rose 55.1% to $8.44 Thursday, after APAC agreed to be acquired by OneEquity Partners for $8.55 cash a share. Volume for the stock was 22.4 million shares, towering over a daily average of 150,000.

In a Thursday statement, OneEquity, an investment arm of J.P. Morgan Chase & Co., and APAC, valued the deal overall at $470 million. The deal price is a 57% premium to APAC’s closing price Wednesday of $5.44 a share.

Theodore G. Schwartz and his affiliated entities, representing approximately 39% of APAC’s outstanding shares, have entered into a voting agreement to vote in favor of the transaction.

The transaction is expected to close in the fourth quarter of 2011, subject to the satisfaction of customary closing conditions, including Hart-Scott-Rodino clearance and approval of APAC’s shareholders.

In the July 7 news release announcing the deal, Kevin Keleghan, APAC’s President and CEO, commented, “We are thrilled to be entering into a new chapter in APAC’s history. My management team and I look forward to working with One Equity Partners to build a world-class enterprise dedicated to enhancing the customer experience.

Keleghan concluded, “We believe that a partnership with NCO will create new opportunities for our company, our clients, and our people.”

APAC Customer Services, Inc., based in Bannockburn, Ill., is a leading provider of quality customer care services and solutions to market leaders in healthcare, business services, communications, media & publishing, travel & entertainment, financial services and technology industries.

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ENGlobal (ENG) surges on new contract

Wednesday, July 6th, 2011

ENGlobal (Nasdaq: ENG) shares hiked 15.4% to $3.60, after the leading provider of engineering and related project services announced that it has been awarded an engineering, procurement, and construction services agreement from Georgia-Pacific Chemicals LLC, a leading chemical manufacturer. Volume for the stock topped 159,000 shares, dwarfing an all-day average of around 62,000.

The contract scope includes prioritizing and performing engineering and detail design support services for various plant systems. GP Chemicals has directed ENGlobal to evaluate equipment, data availability and delivery, as well as required unit start-up and commissioning dates.

It is anticipated that ENGlobal’s procurement responsibilities will include managing the overall purchasing process, including preparing requests for proposal (RFP) documents, evaluating commercial and technical terms, purchasing equipment, and managing purchase orders and contracts, among other services.

ENGlobal CEO Edward L. Pagano was quoted in the July 6 release announcing the contract as saying: “We are especially pleased to announce this significant award from Georgia-Pacific Chemicals, which demonstrates a successful cross-selling initiative between our Automation and Engineering & Construction segments.

“In addition,” Pagano concluded, “this award achieves one of our Markets Strategy initiatives, which is to provide multiple services across our core client base.”

ENGlobal, founded in 1985 and headquartered in Houston, is a provider of engineering and related project services principally to the energy sector throughout the United States and internationally.

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Hutchinson Technology Inc. (HTCH) leaps on prelim Q3 numbers

Wednesday, July 6th, 2011

Shares of Hutchinson Technology Inc. (Nasdaq: HTCH) jumped 17.6% to $2.67 after the company reported strong fiscal third-quarter preliminary results. Volume for the stock totaled 2.5 million shares, about eight times its daily average.

The company, based out of Hutchinson, Minn., issued a release Wednesday, saying shipped approximately 118 million suspension assemblies in the fiscal 2011 third quarter, up 15% from its second quarter shipments of 102.3 million. Net sales for the quarter totaled approximately $72 million, up 14% from its second quarter net sales of $63.3 million.

Wayne Fortun, Hutchinson CEO, was quoted in the release as saying “Our shipments over the last nine weeks of our third quarter averaged approximately 10 million suspensions per week, and we expect this pace to continue into the fourth quarter.

“As a result, we currently expect our fourth quarter shipments to exceed our third quarter shipments. It appears that demand has shifted to some customer programs where we have stronger positions, and we believe that we are beginning to regain market share. We are leveraging available capacity to respond to the additional customer demand.”

The final numbers are slated to come out on July 26,

Hutchinson Technology is a global technology leader committed to creating value by developing solutions to critical customer problems.

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Buyout target Immucor Inc. (BLUD) balloons in price

Tuesday, July 5th, 2011

Immucor Inc. (Nasdaq: BLUD) shares surged 30.2% to $26.98 after the provider of blood-transfusion systems agreed to be acquired by TPG Capital for $1.97 billion. Shares in the company totaled 21.6, or more than 40 times its normal daily average.

The company, based in Norcross, Ga., issued a release July 5 saying that, under the terms of the agreement, Immucor shareholders will receive $27.00 in cash for each share of Immucor common stock they own, representing a premium of approximately 30.2% over the closing share price on July 1, 2011, the last full trading day before today’s announcement, and a premium of approximately 35.6% to Immucor’s average closing price over the last month. The transaction is expected to close in the second half of 2011. The agreement was unanimously approved by the Immucor Board of Directors.

“This transaction enables our shareholders to realize significant, immediate value while at the same time allowing Immucor to remain well-positioned to continue pursuinggrowth opportunities,” said Joseph Rosen, Immucor Board Chairman in the release.

“Our Board is pleased with the outcome of the process we followed leading to this transaction, and believes that this transaction is in the best interests of our shareholders.”

Founded in 1982, Immucor manufactures and sells a complete line of reagents and systems used by hospitals, reference laboratories and donor centers to detect and identify certain properties of the cell and serum components of blood prior to transfusion

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Zalicus Inc. (ZLCS) gains from ratings boost

Tuesday, July 5th, 2011

Zalicus Inc. (Nasdaq: ZLCS) shares rose 11.6% to $2.60 after Oppenheimer & Co. initiated coverage of the drug-development firm with an outperform rating. Volume for the stock was 2.1 million shares, outdistancing its all-day average.

An article posted Tuesday on the site benzinga.com reported that Oppenheimer analysts also set a $4.00 price target on the stock.

“Zalicus has one approved drug and a pipeline of promising candidates targeting potentially large commercial opportunities,” the site quotes Oppenheimer as writing. “The leading drugs in the pipeline are Synavive, which is in development for rheumatoid arthritis, and Prednisporin, an agent for allergic conjuctivitis (eye allergies).

“Additionally, Zalicus has two drug discovery platforms—one focused on finding synergies between two pharmaceutical agents and another is aimed at the discovery of new ion channel modulators. Both may produce additional drug candidates for clinical development and/or partnering.”

Zalicus management was not available for comment. Zalicus, based in Cambridge, Mass., is a biopharmaceutical company that discovers and develops novel treatments for patients suffering from pain and immuno-inflammatory diseases.

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