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- SeraCare Life Sciences, Inc. (Nasdaq: SRLS), has entered into a definitive agreement to be acquired by an affiliate of Linden Capital Partners, a Chicago-based private equity firm that focuses on middle market leveraged buyout investments in the healthcare and life science industries. Under the terms of the agreement, holders of outstanding shares of common stock of SeraCare will receive $4.00 per share, representing a 25% premium to the 30-day volume-weighted average stock price. The agreement was unanimously approved by SeraCare's Board of Directors.
A special meeting of SeraCare's shareholders will be held after the preparation and filing of a proxy statement with the Securities and Exchange Commission and subsequent mailing to shareholders. If the merger is approved by shareholders, the transaction is expected to close in the second quarter of calendar year 2012. The transaction is subject to various closing conditions, including the receipt of regulatory approvals, but is not subject to a financing condition. Upon completion of the acquisition, SeraCare will become a private company, wholly owned by an affiliate of Linden.
Lazard is acting as exclusive financial advisor to SeraCare and has provided a fairness opinion to the SeraCare Board of Directors. Foley Hoag LLP is serving as SeraCare's outside counsel. William Blair & Company, L.L.C. is acting as Linden's financial advisor, and Kirkland & Ellis LLP is serving as legal counsel to Linden.
The following is a list of companies trading ex-dividend February 14th, which produce some of the best yields on the Street:
- CenterPoint Energy, Inc. (NYSE: CNP), paying 20.25 cents with a current yield of 4.3%;
- Home Properties, Inc. (NYSE: HME), paying 66 cents with a current yield of 4.4%;
- Healthcare Realty Trust Inc. (NYSE: HR), paying 30 cents with a current yield of 5.7%; and
- KKR Financial Holdings LLC (NYSE: KFN), paying 18 cents with a current yield of 7.7%.
Below are stocks making major moves in pre-open trading Monday:
HIGHER:
Regeneron (Nasdaq: REGN) 10% HIGHER; raises 2012 guidance
Diebold (NYSE: DBD) 10% HIGHER; tops Q4 views, guides above the Street
SeraCare Life (Nasdaq: SRLS) 10% HIGHER; Acquired for $4/share
Trina Solar (NYSE: TSL) 10% HIGHER; upgraded
MannKind Corporation (Nasdaq: MNKD) 5% HIGHER; new Buy rating
Amarin (Nasdaq: AMRN) 4% HIGHER; Says FDA Panel Meeting Will Not Be Scheduled Related to NDA for AMR101
Dana Holding (NYSE: DAN) 4% HIGHER; positive Barron's article
Oceaneering International, Inc. (NYSE: OII) 4% HIGHER; upgraded
NVIDIA (Nasdaq: NVDA) 3% HIGHER; upgraded
Advanced Micro Devices (NYSE: AMD) 3% HIGHER; upgraded
Noble Corporation (NYSE: NE) 2% HIGHER; upgraded
Ensco plc (NYSE: ESV) 2% HIGHER; upgraded
LOWER:
Chelsea Therapeutics (Nasdaq: CHTP) 41% LOWER; Updates on NORHERA NDA Ahead of FDA Meeting
InterOil (NYSE: IOC) 2% LOWER; Soros lowers stake
Alcatel-Lucent (NYSE: ALU) 2% LOWER; downgraded
Wynn Resorts (Nasdaq: WYNN) 1% LOWER; informal SEC probe
Here is a recap of the top news items from this week on Wall Street:
1. As Greek officials stamped out the final details of the nation's latest austerity package, the nation dominating headlines returned to the stock market once again this week. The EU has required Greece to cut its debt to below 120 percent of GDP by 2020, however, the latest austerity measures would put the country's debt level at 136 percent of GDP. A number of EU officials have already suggested political leaders head back to the drawing board so as to make further budget cuts. Greece's parliament will vote on the austerity package this weekend. Social unrest in Athens has been widespread following the outline of the measures.
2. The Department of Justice Thursday released details of a deal between the federal government and the five largest US mortgage lenders following a probe into possible abusive foreclosure practices which began in October of last year. BofA's (NYSE: BAC) commitment in the deal sits at $11.8 billion, exposure at JPMorgan (NYSE: JPM) and Wells Fargo (NYSE: WFC) each is $5.3 billion, Citi's (NYSE: C) commitment is $2.2 billion, and Ally Financial is said to have $310 million of the total.
3. Diamond Foods (Nasdaq: DMND) investors got details of a probe into questionable payments to walnut growers this week. The Audit Committee said internal controls were inadequate and the 2010 and 2011 financial statements would need to be restated. The company's Chairman and CEO Mendes and CFO Neil were also put on administrative leave. Following the news P&G (NYSE: PG) reportedly said it would now need to consider the next step in its sale of Pringles. Shares of Diamond Foods plunged 37 percent 37 percent.
4. Shares of Taleo (Nasdaq: TLEO) rose 17 percent on Thursday after Oracle (Nasdaq: ORCL) announced a $46 per share bid for the company. The deal was valued at $1.9 billion.
5. Earnings season is slowly winding down. Around the Street: Coca-Cola (NYSE: KO), Disney (NYSE: DIS), Visa (NYSE: V), Cisco (Nasdaq: CSCO), Yum! (NYSE: YUM), Sprint (NYSE: S), Pepsi (NYSE: PEP), Buffalo Wild Wings (Nasdaq: BWLD), Sirius (Nasdaq: SIRI), Expedia (Nasdaq: EXPE), and Activision Blizzard (Nasdaq: ATVI).
6. Apple (Nasdaq: AAPL) shares closed around $493.80 this week, now flirting with the magical $500 level. Shares rose about 7 percent this week. The stock rose more than 3 percent on Thursday amid reports the company will unveil the iPad 3 at its next event in March.
7. The IPO for Caesars Entertainment (Nasdaq: CZR) went off without a hitch this week, surging to as high as $17.90 after pricing at $9 and opening at $9.06. The stock closed Friday's session at $14.34.
8. Initial jobless claims for the week ended February 4 fell to 358,000, which compares to the economist estimate of 370,000. The prior week reading was revised higher from 367,000 to 373,000.
9. A number of further developments into the Yahoo! (Nasdaq: YHOO)/Alibaba sage came this week. The WSJ reported Alibaba is looking for about $3 billion in financing in order to buyback the 40 percent stake Yahoo! owns. Then on Friday, a report suggested Alibaba would take its Hong Kong unit private in order to smooth the deal with Yahoo!.
10. The dry bulk shipping sector had a strong move higher this week as the dry bulk index moved off 25-year lows. The index had declined for more than two months straight. The index is now nearing the 700 level. Shares of DryShips (Nasdaq: DRYS), as just one example, surged by more than 16 percent on Monday and another 8 percent on Wednesday.
The Trading Radar highlights key earnings and economic announcements for tomorrow's trading session:
Before The Market Opens
Earnings:
China Nutrifruit Group (Nasdaq: CNGL) - no Street consensus
Diebold, Inc. (NYSE: DBD) - consensus EPS $0.84
Drew Industries, Inc. (NYSE: DW) - consensus EPS $0.20
KVH Industries, Inc. (Nasdaq: KVHI) - consensus EPS $0.11
Lender Processing Services (NYSE: LPS) - consensus EPS $0.58
Napco Security Technologies, Inc. (Nasdaq: NSSC) - no Street consensus
New Frontier Media, Inc. (Nasdaq: NOOF) - no Street consensus
Stoneridge, Inc. (NYSE: SRI) - consensus EPS $0.22
After the Market Closes
Earnings:
Advanced Photonix, Inc. (NYSE: API) - consensus loss $0.03
Amicus Therapeutics, Inc. (Nasdaq: FOLD) - consensus loss $0.37
Asiainfo-Linkage, Inc. (Nasdaq: ASIA) - consensus EPS $0.32
Barrett Business Services (Nasdaq: BBSI) - consensus EPS $0.40
Charles River Laboratories International, Inc. (NYSE: CRL) - consensus EPS $0.56
Electromed (Nasdaq: ELMD) - no Street consensus
Fidelity National Information Services (NYSE: FIS) - consensus EPS $0.65
Gen-Probe, Inc. (Nasdaq: GPRO) - consensus EPS $0.69
Health Management Associates Inc. (NYSE: HMA) - consensus EPS $0.20
Himax Technologies, Inc. (Nasdaq: HIMX) - consensus EPS $0.03
Insight Enterprises, Inc. (Nasdaq: NSIT) - consensus EPS $0.49
Limelight Networks, Inc. (Nasdaq: LLNW) - consensus loss $0.02
LivePerson, Inc. (Nasdaq: LPSN) - consensus EPS $0.10
Regal Entertainment Group (NYSE: RGC) - consensus EPS $0.02
RPX (Nasdaq: RPXC) - consensus EPS $0.14
Seattle Genetics Inc. (Nasdaq: SGEN) - consensus loss $0.31
Solta Medical, Inc. (Nasdaq: SLTM) - consensus loss $0.01
TAL International Group (NYSE: TAL) - consensus EPS $0.99
TigerLogic Corp. (Nasdaq: TIGR) - no Street consensus
Tortoise Capital Resources Corp. (NYSE: TTO) - no Street consensus
United Stationers, Inc. (Nasdaq: USTR) - consensus EPS $0.63
Check out our Earnings Insider for news and updates on earnings as they happen!
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