Molycorp, Inc. (NYSE: MCP) jumped more than 12% after the company announced that its wholly owned subsidiary Molycorp Minerals, LLC has completed the acquisition of a 90.023% controlling stake in AS Silmet, one of only two rare earth processing facilities in Europe, in a transaction valued at approximately $89 million. Molycorp acquired 80% of the outstanding shares of AS Silmet from AS Silmet Grupp, which will retain a 9.977% ownership interest going forward. Molycorp acquired the other 10.023% from Treibacher Industrie AG. The acquisition provides Molycorp with its first European base of operations as well as doubles the company's current rare earth production capacity from approximately 3,000 tonnes per year of rare earth oxide (REO) equivalent to 6,000 tonnes. AS Silmet will immediately begin sourcing rare earth feed stocks for production of its products from Molycorp's Mountain Pass, California rare earth mine and processing facility, making it the first rare earth oxide and metal producer in Europe that is not dependent on rare earth materials sourced from China. As part of the transaction, the company also will change its name to AS Molycorp Silmet.
Epicor Software Corporation (NASDAQ: EPIC) rallied moren than 11% after the company agreed to be acquired by funds advised by Apax Partners for nearly $800 million. Epicor will be combined with Activant Solutions Inc., a privately held company that Apax is also buying.
Pluristem Therapeutics (NASDAQ: PSTI) soared more than 15% after Needham & Company initiated coverage on the company with a Buy rating and a price target of $5.
McCormick & Schmick’s Seafood Restaurants Inc.’s (NASDAQ: MSSR) jumped more than 30% after Landry Restaurant Inc.’s Chief Executive Tilman Fertitta said that he plans to launch a hostile bid for the upscale seafood restaurant chain, valuing the company at about $137.3 million.
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