Camelot Information Systems (CIS +4.4%) shares jump to $1.91 after the company enters into a take private agreement pursuant to which CEO Simon Yiming Ma and 34 employees will purchase all outstanding ADRs at $2.05/share. The transaction is expected to close in early 2014.
The buyout will be financed by $70M in debt from China Development Industrial Bank and $20M in convertible debt from Zoyi Management Consulting.
Microcap Camelot Information Systems (CIS +11.3%) soared to $1.69 after announcing chairman/CEO Simon Yiming Ma and other execs have made a $1.85/share going-private offer. The Chinese software outsourcing firm trades at a small fraction of its late 2010/early 2011 highs. (PR)
Camelot Information Systems (CIS -23%) gets hammered after lowering Q3 guidance and and FY11 revenue projections due to weakness in its financial industry IT service business lines in Taiwan and China. It now expects Q3 revenue of about $57M, below earlier forecasts for $63M, and FY11 net revenue of about $235M, down from previous estimates of $244M. Separately, William Blair cuts the shares to market perform.
Shares of Camelot Information Systems (CIS -36%) plummet after missing Q2 estimates due to asset write-offs and contract delays. The company lowers Q3 guidance, now expecting Q3 revenues of $63M and earnings per ADS of $0.20, versus expectations for revenues of $67.9M and earnings per ADS of $0.22.
PXD buys Carmeuse Industrial Sands: This will enhance their vertical integration strategy. CIS is the #1 producer of Hickory frac sand.
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