Smart Balance Gains On Agreement (SMBL, MTOX, PEP, FLS, KOG)

Smart Balance Gains On Agreement (SMBL, MTOX, PEP,  FLS, KOG)

Smart Balance, Inc. (NASDAQ:SMBL) shares gained 8.07% to $6.56 in the morning hour after the company on Friday announced it has signed a definitive agreement to acquire Udi’s Healthy Foods, LLC (Udi’s) for $125 million in cash from majority shareholder Hubson Acquisition, LLC, an affiliate of E&A Industries based in Indianapolis, the family of founder Udi Bar-on, and other minority holders. The acquisition will be treated as an asset purchase for tax purposes.

As a result, the company expects to realize future tax benefits with a present value of approximately $22 million, resulting in an effective purchase price of approximately $103 million.

MEDTOX Scientific, Inc. (NASDAQ:MTOX) stock soared 35.58% to $26.71 in the early hour after Corporation of America(R) Holdings and MEDTOX Scientific, Inc. today announced that they had entered into a definitive merger agreement under which LabCorp would acquire MEDTOX for a purchase price of $27.00 per share in cash, representing a total enterprise value of approximately $241,000,000. The board of directors of MEDTOX unanimously approved the agreement and recommended approval of the transaction by MEDTOX’s shareholders.

PepsiCo, Inc. (NYSE:PEP) stock fell 0.06% to $67.47 in the morning hour. On May 30, 2012, Pepsi and Twitter announced “Live for Now Music,” a global music partnership that will bring people closer to the artists they care about and help them easily discover new music, all through Twitter. Through this partnership, an extension of Pepsi’s recently announced “Live for Now” global campaign, Twitter’s more than 140 million users can listen to and discover more music through free weekly music downloads, music-focused original videos, and a series of pop-up concerts this summer and fall.

Flowserve Corporation (NYSE:FLS) shares declined 0.49% to $99.95 in the early hour after the company’s board of directors authorized the expansion of the company’s stock buyback program to $1 billion. The stock repurchase plan includes $233 million remaining under Flowserve’s former authorization. The company said the added stock buybacks are part of a new capital structure strategy that includes increasing the company’s leverage ratios.

Kodiak Oil & Gas Corp. (NYSE:KOG) shares declined 1.90% to $7.22 in the morning hour after the company provided an interim corporate update on recent drilling and completion activities. Kodiak recently completed three high-working-interest wells in the Middle Bakken Formation, the Koala 15-31-30-3H well [97% working interest (WI) / 78% net revenue interest (NRI)], the Koala 15-31-30-2H well (97% WI/78% NRI), and the Koala 2-25-36-15H well (94% WI/75% NRI).