Mergers and Acquisitions Update: MetroPCS Spikes On Sprint Rumor, Escalon Sells Unit
Shares of MetroPCS Communications (NYSE:PCS) spiked momentarily after a Bloomberg report claimed that Sprint Nextel Corporation (NYSE:S) is “in the early stages of evaluating a counter offer” for the former and might make a decision as to whether to beat T-Mobile’s offer by next week. Meanwhile, Leap Wireless International (NASDAQ:LEAP) continues Wednesday’s decline after a similar spike.
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Shares of Escalon Medical Corp. (NASDAQ:ESMC) are up way more than 100 percent in mid-afternoon trading following word that it divested its clinical diagnostics unit to ERBA Diagnostics (ERB) for $6.5 Million. The buyer says that the sale should have a material effect on future earnings.
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