Par Pharmaceutical Jumps On Acquisition (PRX, LIVE, CONM, MSON)
Par Pharmaceutical Companies, Inc. (NYSE:PRX) stock soared 36.74% to $50.02 after the company announced that it has entered into a definitive merger agreement to be acquired by an affiliate of TPG in a transaction with an equity value of $1.9 billion. Under the terms of the agreement, Par shareholders will receive $50.00 in cash for each share of Par common stock, representing a premium of approximately 37% over the closing share price on July 13, 2012, the last full trading day before the announcement. The agreement was unanimously approved by Par’s Board of Directors.
LiveDeal, Inc. (NASDAQ:LIVE) shares climbed 11.83% to $11.63. On July 10, 2012, the company said that its core focus is to provide new mobile technology solutions geared towards small and medium-sized local businesses. The company look forward to providing additional details on its business strategy in a Letter to Shareholders, which is scheduled to be released on Tuesday, July 17 at 8:30 a.m. EDT.
Conmed Healthcare Management, Inc. (NYSEAMEX:CONM) stock gained 13.04% to $3.90 after the company, along with and Correct Care Solutions, LLC (CCS), announced that they have entered into a definitive merger agreement providing for CCS to acquire Conmed, for $3.95 per share in cash. The purchase price represents an approximately 33% premium over the average closing price per share for the 30 days prior to Conmed’s announcement of its intention to explore strategic alternatives and represents an equity value of approximately $59 million.
Misonix, Inc. (NASDAQ:MSON) shares rose 13.11% to $3.28 after the company announced the addition of industry veteran, Christopher A. DeNicola, to its sales management team. Mr. DeNicola joined the Company on July 1, 2012, as Senior Director of Sales – North America for its neurosurgery, spine surgery and orthopedic surgery products.
Additionally, the company entered into a new, three year, exclusive distribution agreement with Soelim, Inc. based in Seoul, South Korea, for the distribution of the SonaStar Ultrasonic Surgical Aspiration System and the BoneScalpel(TM) Ultrasonic Bone Cutting System.
IsoRay, Inc. (NYSEAMEX:ISR) shares plunged 21.09% to $1.16 after the company announced that it has entered into agreements with certain institutional investors for a registered direct placement of approximately $3.5 million of common stock at a price of $0.965 per share. Gross proceeds will be approximately $3.5 million, before deducting placement agent’s fees and estimated offering expenses. The offering is expected to close on or about July 19, 2012, subject to satisfaction of customary closing conditions.