Georgia Gulf Corp. rose over 30%. Shares were at $24.48 after rival Westlake Chemical submitted a proposal to acquire the company for $30/share in cash. Georgia Gulf’s current trading price suggests investors expect a higher bid to arrive, and therefore Westlake says a $30/share deal would be accretive to its earnings in the first fiscal year following the deal’s closing.
Acacia Research trades higher after the firm announced the acquisition Adaptix for $160 million. Adaptix is a 4G-tech developer.
Oil refiner CVR Energy outperformed after Carl Icahn purchased a 3.5% stake. CVR Energy has responded to the news by stating that it “welcomes the views of all shareholders.”
Georgia Gulf popped around 10% higher than the $30/share offer from Westlake Chemical lending credence to comments by Telly Zachariades that he wouldn’t be surprised to see a higher bid. The banker says market and analysis activity in the chemical sector will pick up steam in 2012 because many big players have ample cash on the balance sheets.
Blyth spiked after it agreed to purchase the remaining interest of its ViSalus Holdings unit in an all-stock transaction. The company had held an approximate 71.7% interest in ViSalus prior to the purchase.
Lions Gate is acquiring fellow studio Summit Entertainment for $412.5 million reports Bloomberg. Reported earlier in the week, was a acquisition offer of $400 million.
Investing Insights: Majesco Entertainment Earnings Expected In-Line.
To contact the reporter on this story: Tanya Harding at firstname.lastname@example.org
To contact the editor responsible for this story: Damien Hoffman at email@example.com