Pre-Open Movers 6/23: Corn Products (CPO) Soars On Bunge Buyout; BCE (BCE) Higher After Takeover Clears Hurdle

June 23, 2008 9:26 AM EDT

StreetInsider.com Pre-Open Movers:

Barrier Therapeutics, Inc. (Nasdaq: BTRX) 120% HIGHER; Stiefel Laboratories signed a definitive merger agreement, pursuant to which Stiefel Laboratories will acquire Barrier Therapeutics, through a two-step transaction, a tender offer followed by a merger of Barrier Therapeutics into a wholly-owned subsidiary of Stiefel Laboratories, at a price of $4.15 in cash, per share of Barrier Therapeutics' common stock.

Corn Products International, Inc. (NYSE: CPO) 27% HIGHER; Bunge Limited (NYSE: BG) and Corn Products entered into a definitive agreement in which Bunge will acquire Corn Products in an all-stock transaction. The aggregate transaction value is approximately $4.8 billion, including assumption of approximately $414 million of Corn Products' net debt.

Emisphere Technologies, Inc. (Nasdaq: EMIS) 26% HIGHER; Emisphere and Novo Nordisk A/S (NYSE: NVO) entered into an exclusive Development and License Agreement to develop and commercialize oral formulations of Novo Nordisk's proprietary GLP-1 receptor agonists, which have the potential of treating Type 2 diabetes, using Emisphere's eligen technology. The agreement includes at least $87 million in product development and sales milestone payments to Emisphere, of which $10 million will be the minimum first year payment, as well as royalties on sales. The agreement also provides Novo Nordisk with the option to develop oral formulations of Novo Nordisk compounds other than GLP-1 receptor agonists using Emisphere's proprietary carrier technology.

Digimarc Corporation (NASDAQ: DMRC) 17% HIGHER; announced receipt of an unsolicited non-binding indication of interest from Safran S.A., in which Safran proposed to acquire the outstanding common stock of Digimarc, following the spin-off of Digimarc’s digital watermarking business and cash on hand, for $300 million in cash. The Digimarc board of directors has determined that the acquisition proposal from Safran could reasonably be expected to lead to a superior proposal to the current merger agreement with L-1 Identity Solutions, Inc. (NYSE: ID).

Credence Systems Corporation (Nasdaq: CMOS) 12% HIGHER; Credence Systems and LTX Corporation (Nasdaq: LTXX) entered into a definitive agreement to combine the two companies in a tax-free, all-stock merger of equals.

BCE, Inc. (NYSE: BCE) 10% HIGHER; Canada's Supreme Court Says Buyout May Proceed

Fisher Communications (NASDAQ: FSCI) 10% HIGHER; acknowledged that in April 2008, its Board of Directors received an unsolicited indication of interest from a financial sponsor to acquire all of the outstanding common shares of Fisher Communications at a price between $43.00 and $45.00 per share in cash. Consistent with its fiduciary duties, and in consultation with outside financial and legal advisors, the Board of Directors unanimously concluded that the unsolicited expression was not in the best interests of shareholders.

Kensey Nash Corporation (Nasdaq: KNSY) 6% HIGHER; Adds $10M to Buyback; Raises Q4/FY08 Guidance, Issues Q1/FY09 Outlook

Sequenom Inc. (Nasdaq: SQNM) 5% LOWER; To Offer 5M Shares

Thompson Creek Metals (NYSE: TC) 5% HIGHER; DB starts coverage at Buy

Shire Limited (Nasdaq: SHPGY) 4% HIGHER; Goldman upgrades to Buy

Motorola Inc. (NYSE: MOT) 3% LOWER; Piper cuts to Sell

Acorda Therapeutics (Nasdaq: ACOR) 3% LOWER; FBR downgrades to Market Perform

MF Global Ltd (NYSE: MF) 2.5% LOWER; KBW downgrades to Market Perform

United States Steel (NYSE: X) 2.5% HIGHER; Goldman Adds To Buy List

First Solar, Inc. (Nasdaq: FSLR) 2.4% HIGHER; Lehman raises price target

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