ShangPharma Corp Jumps On Buyout Offer (SHP, BOOT, LCC, HOTT)
ShangPharma Corp (ADR)(NYSE:SHP) jumped over 18% in the pre-open session after its board of directors has received a non-binding proposal letter dated July 6, 2012 from its chairman and chief executive officer, Michael Xin Hui, and entities affiliated with him and TPG Star Charisma Ltd. and its affiliates to buy all of the outstanding shares of ShangPharma not currently owned by founder or TPG in a going private transaction for between $8.50 and $9.50 per American Depositary Share, or ADS, in cash, subject to certain conditions.
LaCrosse Footwear, Inc.(NASDAQ:BOOT) skyrocketed 80% as the company has reached an agreement to be acquired by Tokyo-based ABC-Mart Inc. at a cash price of $20 a share . The deal for Portland, Ore.-based LaCrosse carries a total price tag of about $138 million. ABC-Mart, a leading retailer of athletic, business and casual footwear, will conduct a tender offer to secure a majority of outstanding LaCrosse shares; management who own about approximately 8% of the shares have agreed to tender into the offer.
US Airways Group, Inc.(NYSE:LCC) is trading lower by 1.63% as the company faces nearly $400K in fines for allegedly violating a dozen DOT regulations covering hazardous materials. Also, the company expects to increase total system capacity by approximately 2% year-on-year including a 2% increase in domestic capacity and a 1% increase in international capacity in 2012. US Airways expects to end the quarter ended 30-Jun-2012 with USD2.9 billion in total cash and cash equivalents.
Hot Topic, Inc.(NASDAQ:HOTT) announced that on June 29, 2012, its Board of Directors declared a regular quarterly dividend of $0.08 per share payable on July 30, 2012 to shareholders of record at the close of business on July 16, 2012.