Cenveo Inc. (NYSE:
CVO -
News) said it's reached a definitive agreement to acquire all outstanding stock of Cadmus Communications Corp. (NASDAQ:
CDMS -
News) for $24.75 a share in cash. The deal represents an acquisition premium of 18% over Tuesday's closing price of $20.98 on Cadmus shares. The total value of the transaction, including assumption of debt, is expected to be about $430 million, Cadmus said. A combined Cenveo and Cadmus would rank as the No. 3 graphics-communications company in North America with revenue of more than $2 billion, according to Stamford, Conn.-based Cenveo.
Crucell N.V. (NASDAQ:
CRXL -
News) signed a cross-licensing agreement with Merck & Co, Inc. . Under the deal, Merck will be allowed to use Crucell technology on an exclusive basis in undisclosed vaccine fields. In return Crucell will receive access to Merck's large-scale manufacturing technology for its AdVac-based malaria and TB vaccines.
HCC Insurance Holdings' (NYSE:
HCC -
News) shares rose after the company said it's completed an independent review of its stock option granting practice and recorded a gross non-cash compensation expense of $26.6 million related to corrections of errors in the years 1997 through and including 2005. The company stated the charge had no impact on its reported net revenue, cash or cash flow for the period but it did result in a net after-tax decrease in shareholders' equity of $3.3 million. Houston-based HCC said its conclusion of the review and subsequent completion of certain quarterly and annual financial filings with the Securities and Exchange Commission will have "cured any possible Event of Default" stemming from its failure to deliver the reports in a timely manner under the provisions of certain debt offerings. In addition, HCC posted earnings of $93.3 million, or 80 cents a share, for the third quarter, up from a year-ago profit of $7.4 million, or 7 cents a share. Last year's third quarter reflects the impact of hurricane-related losses and the effect of reinsurance commutations.
InfoSonics' (NASDAQ:
IFON -
News) shares gained after the San Diego based-company said it has reached an agreement to distribute handsets for LG Electronics in the Caribbean and certain countries in Latin America. Financial terms of the deal weren't disclosed. InfoSonics said it has already received approval, certification and purchase orders from carriers in the region and will be delivering its first shipments in the coming weeks.
Inverness Medical Innovations (AMEX:
IMA -
News) shares rose after the company formed a joinr venture with Procter & Gamble (NYSE:
PG -
News) to develop, manufacture and market consumer diagnostic products outside of the fields of cardiology and diabetes. P&G will pay $325 million in cash for its 50% interest in the joint venture, the companies said. The deal is expected to close in the latter half of the first quarter of 2007, subject to regulatory approval and normal closing conditions.
Monster Worldwide Inc. (NASDAQ:
MNST -
News) said its board has elected Philip Lochner Jr. as a director, effective immediately. Among other prior positions, Lochner has served as a commissioner with the Securities and Exchange Commission. Lochner will join the special committee investigating the company's historical stock-option practices, and serve on the committee addressing related civil litigation.
PFSweb (NASDAQ:
PFSW -
News) shares leapt after the Plano, Texas-based company said it has signed an agreement with Fathead LLC to provide order processing and fulfillment services. Financial terms of the deal were not disclosed. The agreement with Fathead was included in PFSweb's previously announced service fee contracts for the year, which will bring in estimated annual revenue of $12 million upon full implementation.
Sempra Energy (NYSE:
SRE -
News) said it expects 2006 earnings from continuing operations, excluding asset sales, to exceed $4 a share. The San Diego energy services holding company had previously forecast earnings between $3.50 and $3.70 a share. The company also said it will sell its interests in two Argentine natural-gas distribution companies.
Targacept (NASDAQ:
TRGT -
News) shares jumped after the company said it's received confirmation from AstraZeneca (NYSE:
AZN -
News) of plans to continue development of AZD3480 in Alzheimer's disease and cognitive deficits in schizophrenia. This determination triggers a $20 million milestone payment to Targacept.
Vascular Solutions (NASDAQ:
VASC -
News) said the Food and Drug Administration has approved its premarket approval supplement for the D-Stat Flowable hemostat to reduce the incidence of clinically significant hematomas during the implantation of pacemakers or other devices.
By Michael Baron of MarketWatch
Labels: AZN, CDMS, CRXL, CVO, HCC, IFON, IMA, MNST, PFSW, PG, SRE, TRGT, VASC