OceanFreight, Inc. (OCNFD) stock climbed 90.07 percent to $18 in the pre-market trading. DryShips Inc. (DRYS) said it agreed to acquire the outstanding shares of OceanFreight for consideration per share of $19.85, consisting of $11.25 in cash and 0.52326 of a share of common stock of Ocean Rig UDW Inc., a global provider of offshore ultra deep water drilling services that is 78 percent owned by DryShips. Based on the July 25 closing price of $16.44 for the shares of Ocean Rig on the Norwegian OTC, the transaction consideration reflects a total equity value for OceanFreight of about $118 million and a total enterprise value of about $239 million, including the assumption of debt.
Under the terms of the transaction, the Ocean Rig shares will be listed on the Nasdaq Global Select Market upon the closing of the merger. The public shareholders of OceanFreight will receive the consideration for their shares pursuant to a merger of OceanFreight with a subsidiary of DryShips. The cash portion of the consideration is to be financed from DryShips' existing cash resources and is not subject to any financing contingency. The merger is expected to close in the fourth quarter of 2011.
S1 Corp. (SONE) stock jumped 30.29 percent to $9.29 in the pre-market trading. ACI Worldwide Inc. (ACIW) said it agreed to buy all outstanding shares of S1 Corp. for $9.50 per share in a cash and stock transaction valued at about $540 million. ACI's proposal represents a 33 percent premium to S1's market price on July 25. S1 shareholders could elect to receive cash and/or stock for their S1 shares, subject to proration such that in the aggregate 40 percent of the consideration is paid in ACI shares and 60 percent is paid in cash.
Upon completion of the transaction, and based on the most recent closing price of ACI's common stock, S1 shareholders would own about 15 percent of the combined company and ACI shareholders would own about 85 percent on a fully diluted basis. It is anticipated that the proposed transaction could close as early as the fourth quarter.
PLX Technology Inc. (PLXT) stock climbed 15.71 percent to $3.83 in the pre-market trading. Adjusted loss for the second quarter was $2.3 million or $0.06 per share, compared to a profit of $2.8 million or $0.07 per share last year. Revenue rose to $30.7 million from $29.7 million. Analysts had expected a loss of $0.07 per share on revenue of $29 million. Looking ahead into the third quarter, the company expects revenue of $31 million to $33 million, while Street predicts $32.08 million.
"We continue to make progress on our plan to bring the company back to profitability. Through tight expense control, strong gross margin performance and more than seven percent sequential revenue growth, we posted meaningful improvements to our bottom line. We expect to see continued revenue growth moving forward, with a broader contribution across our product categories. This expectation is supported by strong bookings in the second quarter, which are positioning us well for growth in Q3," said Ralph Schmitt, president and CEO of PLX.
Sanmina-SCI Corp. (SANM) stock surged 12.26 percent to $10.35 in the pre-market trading. Adjusted profit for the third quarter was $35.1 million or $0.42 per share, up from $26.6 million or $0.32 per share last year. Revenue rose 3 percent to $1.67 billion. Analysts had expected profit of $0.35 per share on revenue of $1.65 billion. Looking ahead into the fourth quarter, the company expects adjusted earnings of $0.40 to $0.44 per share and revenue fo $1.65 billion to $1.7 billion, while Street predicts profit of $0.42 per share on revenue of $1.72 billion.
Broadcom Corp. (BRCM) stock grew 7.99 percent to $37.70 in the pre-market trading. Adjusted profit for the second quarter was $418 million or $0.72 per share, compared to $418 million or $0.74 per share last year. Revenue rose to $1.8 billion from $1.6 billion. Analysts had expected profit of $0.63 per share on revenue of $1.80 billion. Looking ahead into the third quarter, the company expect solid growth in revenue and profitability. The company expects third-quarter revenue of $1.9 billion to $2.0 billion, while Street predicts $1.93 billion. For the latest updates PRESS CTR + D or visit Stock Market news Today
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