Wednesday's Winners & Losers: Nabors
Updated from 11:39 a.m. EST
Shares of EGL (EAGL) were among the Nasdaq's winners Wednesday, soaring 25% after the freight forwarding and logistics company received a $36-a-share offer to be taken private.
The bid, which represents a 21% premium over EGL's closing price Friday, came from Chairman and CEO James Crane and private equity firm General Atlantic. Crane currently owns 18% of EGL. The company said its board has formed a special committee to review the proposal. Shares of EGL recently were trading up $7.75 to $37.53, suggesting that investors are looking for an offer higher than the current bid.
Home Depot (HD) shares climbed 4% on news of the departure of Chairman and CEO Robert Nardelli. The home-improvement retailer named Frank Blake, its vice chairman, as Nardelli's replacement. Nardelli, who has been criticized over his stewardship of the company and a slumping stock price, will receive a $210 million compensation package. Shares of Home Depot recently were up $1.64 to $41.80.Shares of Whirlpool (WHR) rose 2% after the appliance seller said it sold a number of former Maytag facilities. Whirlpool, which bought Maytag last April, sold buildings in Newton, Iowa; Florence, S.C.; Galesburg and Herrin, Ill.; Searcy, Ark.; and Ranson, W.Va. The Newton, Iowa, facility was formerly Maytag's headquarters; Whirpool plans to lease back some of that space through 2007. Shares of Whirlpool were up $1.93 to $84.95.
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