Today's Tech Winners and Losers
Shares of Pacific Internet (PCNTF) were among technology's winners Monday, jumping 16% after MediaRing, a voice-over-Internet-protocol services company, said it plans to make an unsolicited offer of $8.25 a share in cash for the Asia-Pacific Internet service provider.
The bid represents a 28% premium over Pacific Internet's closing price of $6.46 on Friday. MediaRing, which already owns slightly less than 5% of Pacific Internet, said that a deal is contingent upon it securing a minimum ownership of 50% plus one share. MediaRing also is required to obtain the approval of the Info-Communications Development Authority of Singapore before it can make the offer to Pacific Internet. Shares of Pacific Internet were trading up 99 cents to $7.45.
Mentor Graphics (MENT) fell 7% after the software company said it would sell $175 million in convertible subordinated debentures due 2026 in a private placement. The company plans to use the proceeds from the offering to retire convertible subordinated notes due 2007. Mentor expects to grant purchasers of the $175 million in debentures a 30-day option to buy an additional $25 million in debentures to cover over-allotments. If the over-allotment option is exercised, Mentor plans to use those proceeds to repurchase a portion of its outstanding floating-rate convertible subordinated debentures due 2023. Shares were recently trading down 79 cents to $11.37.
Shares of Cablevision (CVC) rose 6% after the cable television operator swung to a fourth-quarter profit. The company earned $54.1 million, or 19 cents a share, on sales of $1.49 billion. The company posted earnings from continuing operations of $49.4 million, or 17 cents a share. Analysts polled by Thomson First Call expected the company to report sales of $1.46 billion. During the year-earlier period, the company posted a loss from continuing operations of $171.2 million, or 60 cents a share, on sales of $1.32 billion.
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