Yesterday’s Top Gainers On The Street: CALP, SEH, PMIC
Caliper Life Sciences Inc. (NASDAQ:CALP) jumped over 40% to $10.43 a share after PerkinElmer Inc. (NYSE:PKI) said it would acquire the life sciences company for about $600 million, or $10.50 a share, in cash. PerkinElmer shares fell almost 6%.
Caliper Life Sciences, Inc. primarily manufactures and sells life sciences products and services to pharmaceutical, biotechnology, and diagnostics companies in the United States, Europe, and Asia. It focuses on both the government and not for profit organizations. The company offers integrated systems that include instrumentation, software, and chemical reagents. The company also makes laboratory automation tools, assay development kits and provides discovery services for the bio technology segment. The company was purchased by Perkin Elmer for approximately 4 times its sales.
Spartech Corp. (NYSE:SEH) gains on profitable quarter
Spartech Corp. (NYSE:SEH) reported a fiscal profit for its third quarter. The company announced net sales of $291.7 million for the third quarter of 2011 which increased 8% from the third quarter of 2010. Operating earnings excluding special items increased to $8.5 million for the third quarter of 2011 which was significantly up from $0.2 million in the prior year third quarter.
The packaging company managed to offset a slight volume decline of about 1% by raising prices. The company was able to pass through higher raw-materials costs to its customers and successfully sold a higher priced mix of products. Shares closed up almost 7% at $4.36.
Penn Millers confirmed Thursday that a subsidiary of ACE has offered to buy it for $20.50 per share that works out to about $107 million in cash. The offer is nearly a 26% premium over Penn Millers’ closing price of $16.30 on Wednesday.
The company announced last month that it was exploring strategic alternatives including a possible sale and hired a financial advisor to do so as its business was experiencing several challenges. Following the announcement shares surged well over 23% to $20.30.