Pre-Open Movers: Ansoft (ANST) Higher on Buyout; Schering-Plough (SGP) and Merck (MRK) Lower on Vytorin Setback

March 31, 2008 9:25 AM EDT

StreetInsider.com Pre-Open Movers:

Ansoft Corporation (Nasdaq: ANST) 30% HIGHER; ANSYS, Inc. (Nasdaq: ANSS) and Ansoft Corporation signed a definitive agreement whereby ANSYS will acquire Ansoft for a purchase price of approximately $832 million in a mix of cash and ANSYS common stock.

Schering-Plough (NYSE: SGP) 22% LOWER; showed cholesterol drug Vytorin didn't slow clogging or arteries better than current cheaper drugs, prompting doctors to use the drug only as a last resort.

Thornburg Mortgage (NYSE: TMA) 12.7% LOWER; announced that the company has received an extension through March 31, 2008, for the Override Agreement that the company had announced on March 19, 2008 whereby the company agreed to raise a minimum of net proceeds of $948 million in new capital as part of the 364-day agreement the company entered into with five of its remaining reverse repurchase agreement counterparties and their affiliates to provide approximately $5.8 billion of reverse repurchase agreement financing.

Merck (NYSE: MRK) 11.6% LOWER; Study showed cholesterol drug Vytorin didn't slow clogging or arteries better than current cheaper drugs, prompting doctors to use the drug only as a last resort.

Bentley Pharmaceuticals Inc. (NYSE: BNT) 10% HIGHER; Teva Pharmaceutical (Nasdaq: TEVA) and Bentley Pharmaceuticals,entered into a definitive agreement under which Teva will acquire Bentley. Teva will acquire Bentley, which at closing will consist solely of the generic pharmaceutical operations, for an aggregate cash purchase price of approximately $360 million. Shareholders of Bentley will receive approximately $15.02 per share in cash in the acquisition.

Cal-Maine Foods Inc. (Nasdaq: CALM) 8.6% HIGHER; reported Q3 EPS of $2.41, versus $0.74 last year. Net sales for Q3 were $278 million, versus $175.2 million last year.

Gushan Environmental Energy (NYSE: GU) 7% LOWER; Piper Jaffray downgrades Gushan from Buy to Neutral but raises its price target from $13.50 to $14, citing valuation.

IAC/InterActiveCorp. (Nasdaq: IACI) 6% HIGHER; Judge rules for IAC in Liberty dispute

Gilat Satellite Networks Ltd. (NASDAQ: GILT) 5% HIGHER; entered into a definitive merger agreement to be acquired by a consortium of private equity investors that includes The Gores Group LLC, Mivtach Shamir Holdings Ltd., companies affiliated with Roy Ben-Yami, Ami Lustig and Eytan Stibbe and DGB Investments, Inc. in a transaction valued at approximately $475 million. Under the terms of the agreement, Gilat shareholders will receive $11.40 per share.

Vodafone Group plc (NYSE: VOD) 3.6% LOWER; Morgan Stanley downgrades to Underweight

Iron Mountain Inc. (NYSE: IRM) 3.4% HIGHER; Merrill Lynch upgrades to Buy

Textron's (NYSE: TXT) 2.5% HIGHER; Bell Boeing, a strategic alliance between Textron Bell Helicopter Boeing (NYSE: BA), announced that the US Department of Defense has awarded a $10.4 billion, five year Multi-Year Procurement contract to deliver 167 V-22 Osprey tiltrotor aircraft.

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[LJ]

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