Monday, April 11, 2011

Stocks In Focus: BIIB, CLF, AMMD, GLBC, TSTY

Shares of Biogen Idec Inc (NASDAQ: BIIB) jumped as much as 4% in Monday's pre-market trading after the biotechnology company announced that its experimental multiple sclerosis drug met the main goal in the first of two important late-stage studies. The drug, BG-12, also met the secondary goals of the study.

After Friday's closing bell, Cliffs Natural Resources Inc. (NYSE: CLF) announced that it has reached a negotiated settlement with ArcelorMittal USA Inc., and related parties, with respect to the companies' previously disclosed arbitrations and litigation regarding, among other matters, price reopener entitlements for 2009 and 2010 and pellet nominations for 2010 and 2011. Under the terms of the settlement, the two companies have agreed to specific pricing levels for 2009 and 2010 pellet sales and related sales volumes. As a result, Cliffs will receive a cash payment of approximately $250 - $270 million as a pricing "true-up" for pellet volumes delivered to certain ArcelorMittal steelmaking facilities in North America during both years.

Shares of American Medical Systems Holdings Inc. (NASDAQ: AMMD) rallied more than 30% in pre-market trading after the company agreed to be acquired by Endo Pharmaceuticals for $30 per share, or $2.9 billion in cash, which includes the assumption and repayment of $312 million of AMS debt. 

Global Crossing Limited (NASDAQ: GLBC) on Monday agreed to be bought by Level 3 Communications, Inc. (NASDAQ: LVLT) in a tax-free, stock-for-stock transaction. Under the terms and subject to the conditions of the agreement, Global Crossing shareholders will receive 16 shares of Level 3 common stock for each share of Global Crossing common stock or preferred stock that is owned at closing. 

Tasty Baking Company (NASDAQ: TSTY) soared more than 147% after it agreed to be acquired by Flowers Foods (NYSE: FLO) for $4.00 per share in cash for a total purchase price of approximately $165 million, including Tasty's existing indebtedness.The transaction is expected to close during the second quarter of 2011. 

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