Global Defense Technology and Systems (GTEC) agrees to be acquired by private equity firm Ares Management in a deal valued at $223M. GTEC shareholders will receive $24.25/share, a 51% premium over Wednesday's closing price. GTEC +50.8% premarket. (PR)
Of four issues debuting today, 7 Days Group Holdings (SVN +14.1%) and Archipelago Learning (ARCL +16%) are the stars, with double-digit gains. Global Defense Technology & Systems (GTEC +0.1%) was up slightly, and Rio Tinto coal spinoff Cloud Peak (CLD) - after pricing below expectations - was suffering with the rest of the energy sector, down 2.3%.