Royal Group Technologies
surged more than 40% Friday on news the Canadian building-products maker agreed to be acquired by
Georgia Gulf Corp.
in a deal valued around $1.5 billion.
The all-cash transaction represents a 43.5% premium over Royal Group's closing share price on the Toronto Stock Exchange of C$9.06 on Thursday. Royal Group said it has been involved in a sale process since May 25, when its board announced that it would open a data room and solicit bids. More than 30 potential bidders signed confidentiality agreements and were allowed access to the data room, with six receiving management presentations. Shares of Royal Group Technologies climbed $3.49, or 43.6%, to $11.49 in recent trading on the
, while Georgia Gulf slipped $3.65, or 12%, to $26.84 recently.
(KOP - Get Report)
, a Pittsburgh-based company which makes carbon compounds and treated-wood products, was upgraded by Jefferies & Co. to buy from hold. Shares rose $1.51, or 8.6%, to $19.18 in recent trading.
(CROX - Get Report)
gained after the footwear company said it had settled its patent infringement lawsuit with Acme EX-IM. The lawsuit was resolved with the entry of a consent judgment finding infringement by Acme EX-IM's "Pali Clogs," and that the Crocs' patents are valid. As part of the settlement, Acme EX-IM has agreed to not infringe Crocs' patents and trade dress in the future, and Crocs has released Acme EX-IM and its customers of any past liability. Shares of Crocs climbed $1.32, or 5.7%, to $24.42 in recent trading.
(PVH - Get Report)
gained on news the New York-based apparel company had been upgraded by Prudential to overweight from neutral. Shares climbed $1.86, or 5.4%, to $36.39 in recent trading.