There were a number of high fliers on Tuesday, led by Immucor and Ameron after they agreed to be acquired.
Immucor (BLUD) jumped 30% after it announced that it is being acquired by TPG Capital for $27/share for a total value of $1.973 billion. Under the terms of the agreement, Immucor shareholders will receive $27 in cash for each share of Immucor common stock they own. This represents a premium of approximately 30.2% over the closing share price on July 1, 2011, the last full trading day before Tuesday's announcement, and a premium of approximately 35.6% to Immucor's average closing price over the last month. The transaction is expected to close in the second half of 2011. The agreement was unanimously approved by the Immucor Board of Directors. The company added that under the terms of the agreement, it may solicit superior proposals from third parties through August 15, 2011.
Ameron International Corporation (AMN) closed up over 28% after the company agreed to be acquired for $85/share. The company and National Oilwell Varco (NOV) entered into an agreement under which NOV will acquire Ameron in an all cash transaction that values Ameron at approximately $772 million. Under the agreement, Ameron’s stockholders would receive $85 per share in cash in return for each of the approximately 9.1 million shares outstanding. The boards of directors of NOV and Ameron have unanimously approved the transaction, which is subject to customary closing conditions, including the approval of holders of at least a majority of Ameron’s outstanding shares. Closing could occur as early as the fourth quarter of 2011.
Netflix (NFLX) rallied 8% after it said in a statement that it is expanding in Latin America and the Caribbean. The company announced it will expand to 43 countries throughout Latin America and the Caribbean later this year, offering unlimited TV shows and movies streaming instantly over the Internet to TVs and computers for one low monthly subscription price. Netflix has been streaming to U.S. members since 2007, adding the service in Canada last year. Upon launch, Netflix members from Mexico, Central America, South America and the Caribbean will be able to instantly watch a wide array of American, local and global TV shows and movies right on their TVs via a range of consumer electronics devices capable of streaming from Netflix, as well as on PCs, Macs and mobile devices.
China Information Technology (CNIT) rose nearly 12% after it announced that its hospital information system will be used in the Hunan Province. The company said that the Hunan Department of Health has qualified its proprietary digital hospital information systems (DHIS) for use throughout the entire province. The qualification effectively extends the company's DHIS to the Hunan market, in addition to its current presence in the Guangdong, Guangxi and Hainan markets.
For some background, in 2010, China's Ministry of Health and Ministry of Finance together called for reform of the country's healthcare systems, including the update of information systems at over 8,000 county-level hospitals across the country. CNIT's sophisticated software products passed all necessary assessments in each product category. As a result, the company became one of only four qualified vendors whose DHIS products are recommended by the Hunan Department of Health.
Charter Communications (CHTR) climbed more than 5% after it said that it will trade cable systems in Alabama and Georgia. The company and James Cable announced that they have agreed to a trade of systems located in Georgia and Alabama. Under the agreement, Charter will trade its Douglas, Georgia system, which serves a total of approximately 5,500 customers, to James Cable in an even exchange for James operations surrounding Eatonton, Georgia and Roanoke and Gu-Win, Alabama, with approximately 9,500 customers. The trade is subject to customary closing and regulatory approvals and is expected to close in the fourth quarter of 2011.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.