Updated from 11:42 a.m. EDT
Kaneb Pipe Line Partners
both rose sharply Monday after
agreed to acquire them via its
affiliate. Holders of Kaneb Services will receive $43.31 cash for each share held, while owners of Kaneb Pipe Line will get equity units worth roughly $61.50. All together, the merged entity will own 9,700 miles of pipeline and own 101 terminal assets in 30 states.
Kaneb Services traded up $11.20, or 35.7%, to $42.60, while Kaneb Pipe Line traded up $6.84, or 13.5%, to $57.60.
Chalone Wine Group
(CHLN - Get Report)
rose 13% after the company agreed to accept Domaines Barons de Rothschild's latest buyout offer worth $11.75 a share. Rothschild, which already owns about 49% of Chalone, had originally offered Chalone $9.25 a share in May for the rest of the shares it did not already own, but the offer was extended several times, as Chalone weighed its options and discussed alternatives to the Rothschild offer. As part of the $11.75 a share offer, Chalone is free to continue soliciting acquisition proposals from third parties at a higher price. If Chalone finds a suitor willing to pay more than $11.75 a share, Rothschild has agreed to either match the price or vote its shares in favor of the more lucrative deal. Shares of Chalone traded up $1.35 to $11.69.
rose 1.3% after the company posted second-quarter earnings and sales above expectations. The scrap-metal recycler earned $1.40 a share on sales of $425 million. An analyst polled by Thomson First Call was expecting earnings of 72 cents a share on sales of $382 million. A year ago the company earned 34 cents a share on sales of $230.1 million. Shares traded up 23 cents to $18.43.
(DW - Get Report)
rose 0.8% after the company posted third-quarter earnings that fell below expectations. The supplier of products used in the recreational vehicle and manufactured housing markets posted a profit of 71 cents a share on sales of $149 million. Analysts were expecting earnings of 82 cents a share. A year ago the company earned 64 cents a share on sales of $96 million. Drew said third-quarter earnings were affected by increases in steel prices, which had not fully been passed on to customers. Shares traded up 26 cents to $31.61.