Unusual 11 Mid-Day Movers 6/22: SUAI, ATAI, PMRY, ONTY Higher; LNET, DAN, REXX, MTL Lower

June 22, 2009 1:13 PM EDT

Specialty Underwriters' Alliance, Inc. (NASDAQ: SUAI) 54.6% HIGHER; Tower Group, Inc. (NASDAQ: TWGP) and SUA entered into a definitive agreement for the acquisition of SUA by Tower in a transaction valued at approximately $107 million. Under the terms of that agreement, SUA shareholders would receive Tower common stock equal to $6.72 per SUA share based on Friday's closing stock price for Tower of $24.00.

ATA, Inc. (Nasdaq: ATAI) 30% HIGHER; shares are surging today which could be in anticipation of two China-based IPO expected to launch on the NYSE this week. Duoyuan Global Water Inc (NYSE: DGW) and Chemspec International Inc are set to price their IPOs this week.

LodgeNet Interactive Corporation (Nasdaq: LNET) 26.2% LOWER; intends to offer shares of Series B Cumulative Perpetual Convertible Preferred Stock, with a liquidation preference of $1,000 per share, with an aggregate liquidation preference of $50 million, in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.

Dana Holding (NYSE: DAN) 19% LOWER; auto suppliers are tanking today, giving back gains from several weeks ago. These stocks spiked very sharply on reports that the government could give more aid to these companies.

Rex Energy Corporation (Nasdaq: REXX) 18.5% LOWER; Williams (NYSE: WMB) signed a participation and exploration agreement to develop natural gas wells in the Marcellus Shale with Rex Energy. Under the agreement, Williams is acquiring a 50-percent interest in approximately 44,000 net acres in Pennsylvania's Westmoreland, Clearfield and Centre counties for $33 million in a "drill to earn" structure. Click here for the full report.

Pomeroy IT Solutions (Nasdaq: PMRY) 18.2% HIGHER; entered into an amendment to its merger agreement with Hebron LLC, a holding company owned by David B. Pomeroy, II. The amendment increases the purchase price Hebron will pay to our stockholders other than Mr. Pomeroy and his affiliates from $5.02 per share to $6.00 per share. The new purchase price represents an equity value for the Company of approximately $59.2 million.

Oncothyreon Inc. (Nasdaq: ONTY) 17.1% HIGHER; today announced that Merck KGaA of Darmstadt, Germany, has initiated a global Phase 3 trial of Stimuvax(R) (BLP25 liposome vaccine, L-BLP25) in patients with hormone receptor-positive, locally advanced, recurrent or metastatic breast cancer. Stimuvax is an investigational therapeutic cancer vaccine being developed by Merck KGaA under a license agreement with Oncothyreon.

Mechel OAO (NYSE: MTL) 15.8% LOWER; commodities stocks are leading the entire stock market lower today as traders continue to fear that we are not out of this downturn yet. The World Bank lowered its global growth forecast, now seeing a worldwide economic contraction of 2.9%, down from a contraction of 1.7% previously.

YRC Worldwide (Nasdaq: YRCW) 15.6% LOWER; see Dana.

Level 3 Communications, Inc. (Nasdaq: LVLT) 14.2% HIGHER; announced it has signed an exchange agreement with an institutional investor to exchange a combination of cash and a new issue of the Company's 7% Convertible Senior Notes due March 15, 2015 for a portion of the Company's existing 6% Convertible Subordinated Notes due 2010 and its 2.875% Convertible Senior Notes due 2010 held by the investor on behalf of its client accounts.

Medarex (Nasdaq: MEDX) 13.9% HIGHER; moving higher today on news that 2 patients taking the company's prostate cancer treatment in a mid-stage trial are now cancer free.

To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.

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