Pre-Market Action (ODP, NOOF, SINA, TTI, KORS, FDML)
Office Depot, Inc. (NYSE:ODP) announced that it has priced at par $250 million of 9.75% senior secured notes due 2019, with net proceeds from the private offering for institutional investors to go toward funding a tender offer for the retailer’s outstanding 6.25% senior notes due 2013 and for general corporate purposes.
New Frontier Media, Inc. (NASDAQ:NOOF) could be in action today after the company confirmed that Longkloof Ltd. made an unsolicited acquisition proposal for the company and said a special committee of independent directors will “review and carefully evaluate” the $1.35-a-share cash bid. On Friday the stock ended higher by about 19% on such report.
SINA Corporation (USA)(NASDAQ:SINA) shares are popping up over 4% in the pre-market session after claiming 60% of Weibo’s 250M+ users have registered their real names ahead of the Chinese government’s Friday deadline to do so. Shares have rallied over 14% in the last 2 weeks on hopes that the impact of new Weibo regulations won’t be as bad as once estimated.
TETRA Technologies, Inc. (NYSE:TTI) announced to acquire Optima Solutions Holdings Ltd for GBP40 million or $62.7 million. Optima serves customers in more than 40 countries from facilities in the United Kingdom and Australia. Terms of the deal also call for payment of contingent future consideration depending on profitability.
Michael Kors Holdings Ltd (NYSE:KORS) share are down over 5% in the pre-market session after the company announced its plans to offer a 25 million share follow-on offering by certain shareholders. Michael Kors Holdings Limited is a designer, marketer, distributor and retailer of women’s apparel and accessories and men’s apparel bearing the Michael Kors name and MICHAEL KORS, MICHAEL MICHAEL KORS, KORS MICHAEL KORS and various other related logos.
Federal-Mogul Corporation(NASDAQ:FDML) shares are gaining over 5% in the pre-market session after the company CEO Jose Maria Alapont will retire on March 31 to be replaced by current Senior VP Rainer Jueckstock who will also join the company’s board.