StreetInsider.com Unusual 11 Mid-Day Movers 06/04/2007
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Doral Financial Corp. (NYSE: DRL) 51% HIGHER; Company has received an unsolicited letter from FBOP Corporation, a privately-held Oak Park, Illinois, bank holding company, offering, among other things, to purchase from Doral $610 million of common stock at approximately $1.41 per share, for an 80% ownership interest in Doral, with existing shareholders retaining the remaining 20%. The proposal is conditioned on, among other things, FBOP conducting diligence by June 30, 2007. Doral is including a copy of the FBOP letter as an exhibit to a Form 8K being filed today with the SEC.
Digene Corp. (Nasdaq: DIGE) 30.4% HIGHER; QIAGEN N.V. (Nasdaq: QGEN) and Digene announced a definitive agreement to combine the two companies to create market- and technology-leadership in molecular diagnostics. The acquisition consideration will consist of cash and QIAGEN stock, and Digene shareholders may elect to receive for each Digene share either US$61.25 in cash or 3.545 shares of QIAGEN stock.
Global Payment Technologies, Inc. (NASDAQ: GPTX) announced that Stephen Nevitt has resigned as President, CEO and Director of Global Payment Technologies, Inc. effective immediately. Mr. Nevitt indicated that his resignation was due to personal reasons. GPT also announced the appointment of William McMahon as interim President, CEO and a Director. (NOTE - Light Volume and Stock Trades Under $1)
Atlas Pipeline Holdings, L.P. (NYSE: AHD) 22.9% HIGHER; Atlas America, Inc. (Nasdaq: ATLS), which owns 17.5 million limited partner units of Atlas Pipeline Holdings, L.P. (NYSE: AHD) representing an 83% limited partner interest, announced that Atlas Pipeline Partners, L.P. (NYSE: APL) has signed definitive agreements to acquire control of Anadarko Petroleum Corporation's (NYSE: APC) interests in the Chaney Dell and Midkiff/Benedum natural gas gathering and processing systems for $1.85 billion.
KMG Chemicals, Inc. (NASDAQ: KMGB) 22.1% HIGHER; Reports Q3 EPS of $0.34, 13 cents better than estimates. Revenues were $28.0 million vs. $23.41 million consensus. Also, Neal Butler, President and COO, has been promoted to Chief Executive Officer, effective immediately.
Telik (Nasdaq: TELK) 21.5% LOWER; Reported results of the TELCYTA ASSIST-3 trial at the 43rd annual meeting of the American Society of Clinical Oncology (ASCO). Assessment of the primary endpoint, objective response rate by RECIST, may have been compromised because approximately 25% of patients were prematurely discontinued from the study for disease progression, as assessed by the independent radiology review. Median progression-free survival, the secondary endpoint of the trial, assessed by independent radiology review, was 3.5 months on both arms. As expected with a platinum-containing regimen, there were more hematologic toxicities on the TELCYTA plus carboplatin arm as compared with the PLD arm. Patient-reported quality of life outcomes consistently favored the TELCYTA plus carboplatin arm over the PLD arm, although the differences were not statistically significant.
1-800 CONTACTS, INC. (Nasdaq: CTAC) 20.5% HIGHER; Company entered into a definitive merger agreement with affiliates of Fenway Partners, LLC pursuant to which Fenway Partners will acquire 1-800 CONTACTS for $24.25 per share.
Cholestech Corporation (Nasdaq: CTEC) 15% HIGHER; Inverness Medical Innovations, Inc. (Amex: IMA) and Cholestech Corporation (Nasdaq: CTEC) have entered into a definitive merger agreement pursuant to which Inverness will acquire Cholestech Corporation, in a stock for stock merger at a fixed exchange ratio of 0.43642 shares of Inverness common stock for each share of common stock of Cholestech.
UTStarcom, Inc. (Nasdaq: UTSI) 14% LOWER; Announced that the special committee of the company's board of directors has concluded its previously announced assessment of strategic alternatives. "After careful consideration of a number of short- and long-term alternatives, we have determined that our best course of action is to move forward with the company as it exists today," said Thomas Toy, chairman of UTStarcom's board of directors.
Solectron Corporation (NYSE: SLR) 13.4% HIGHER; Flextronics International Ltd. (Nasdaq: FLEX) and Solectron announced that the two companies have entered into a definitive agreement for Flextronics to acquire Solectron
American Oriental Bioengineering (NYSE: AOB) 9% LOWER; Company has filed a registration statement on Form S-3 with the Securities and Exchange Commission for a follow-on public offering of 15,000,000 shares of common stock.
Digene Corp. (Nasdaq: DIGE) 30.4% HIGHER; QIAGEN N.V. (Nasdaq: QGEN) and Digene announced a definitive agreement to combine the two companies to create market- and technology-leadership in molecular diagnostics. The acquisition consideration will consist of cash and QIAGEN stock, and Digene shareholders may elect to receive for each Digene share either US$61.25 in cash or 3.545 shares of QIAGEN stock.
Global Payment Technologies, Inc. (NASDAQ: GPTX) announced that Stephen Nevitt has resigned as President, CEO and Director of Global Payment Technologies, Inc. effective immediately. Mr. Nevitt indicated that his resignation was due to personal reasons. GPT also announced the appointment of William McMahon as interim President, CEO and a Director. (NOTE - Light Volume and Stock Trades Under $1)
Atlas Pipeline Holdings, L.P. (NYSE: AHD) 22.9% HIGHER; Atlas America, Inc. (Nasdaq: ATLS), which owns 17.5 million limited partner units of Atlas Pipeline Holdings, L.P. (NYSE: AHD) representing an 83% limited partner interest, announced that Atlas Pipeline Partners, L.P. (NYSE: APL) has signed definitive agreements to acquire control of Anadarko Petroleum Corporation's (NYSE: APC) interests in the Chaney Dell and Midkiff/Benedum natural gas gathering and processing systems for $1.85 billion.
KMG Chemicals, Inc. (NASDAQ: KMGB) 22.1% HIGHER; Reports Q3 EPS of $0.34, 13 cents better than estimates. Revenues were $28.0 million vs. $23.41 million consensus. Also, Neal Butler, President and COO, has been promoted to Chief Executive Officer, effective immediately.
Telik (Nasdaq: TELK) 21.5% LOWER; Reported results of the TELCYTA ASSIST-3 trial at the 43rd annual meeting of the American Society of Clinical Oncology (ASCO). Assessment of the primary endpoint, objective response rate by RECIST, may have been compromised because approximately 25% of patients were prematurely discontinued from the study for disease progression, as assessed by the independent radiology review. Median progression-free survival, the secondary endpoint of the trial, assessed by independent radiology review, was 3.5 months on both arms. As expected with a platinum-containing regimen, there were more hematologic toxicities on the TELCYTA plus carboplatin arm as compared with the PLD arm. Patient-reported quality of life outcomes consistently favored the TELCYTA plus carboplatin arm over the PLD arm, although the differences were not statistically significant.
1-800 CONTACTS, INC. (Nasdaq: CTAC) 20.5% HIGHER; Company entered into a definitive merger agreement with affiliates of Fenway Partners, LLC pursuant to which Fenway Partners will acquire 1-800 CONTACTS for $24.25 per share.
Cholestech Corporation (Nasdaq: CTEC) 15% HIGHER; Inverness Medical Innovations, Inc. (Amex: IMA) and Cholestech Corporation (Nasdaq: CTEC) have entered into a definitive merger agreement pursuant to which Inverness will acquire Cholestech Corporation, in a stock for stock merger at a fixed exchange ratio of 0.43642 shares of Inverness common stock for each share of common stock of Cholestech.
UTStarcom, Inc. (Nasdaq: UTSI) 14% LOWER; Announced that the special committee of the company's board of directors has concluded its previously announced assessment of strategic alternatives. "After careful consideration of a number of short- and long-term alternatives, we have determined that our best course of action is to move forward with the company as it exists today," said Thomas Toy, chairman of UTStarcom's board of directors.
Solectron Corporation (NYSE: SLR) 13.4% HIGHER; Flextronics International Ltd. (Nasdaq: FLEX) and Solectron announced that the two companies have entered into a definitive agreement for Flextronics to acquire Solectron
American Oriental Bioengineering (NYSE: AOB) 9% LOWER; Company has filed a registration statement on Form S-3 with the Securities and Exchange Commission for a follow-on public offering of 15,000,000 shares of common stock.
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