Wednesday's Winners & Losers: Copa Holdings
Updated from 12:46 p.m. EDT
Copa Holdings (CPA) was among the NYSE's winners Wednesday, as shares rose 10.2% after the transportation services company posted better-than-expected first-quarter results.
The company earned $48.6 million, or $1.12 a share, on revenue of $242.7 million. Analysts polled by Thomson Financial expected earnings of 99 cents a share on revenue of $233.9 million. During the year-earlier period, the company earned $32.3 million, or 75 cents a share, on revenue of $191.7 million. Shares closed up $6.30 to $67.89.
Bausch & Lomb (BOL) rose 9.8% after the eye-care products company agreed to be acquired by Warburg Pincus for about $3.7 billion in cash. The private equity firm will pay $65 a share, representing a 26% premium to the company's closing price of $61.50 on Tuesday. "After extensive negotiations and careful and thorough analysis, together with our independent advisors, the special committee and our board have unanimously endorsed this transaction as in the best interest of the company and our shareholders," Bausch & Lomb said. "We are pleased that this transaction appropriately recognizes the value of Bausch & Lomb's highly respected brand and innovative products in the eye care industry, while providing our shareholders with an immediate and substantial cash premium for their investment in Bausch & Lomb."The terms of the deal allow Bausch & Lomb to shop itself to other suitors for the next 50 days; the company plans to pursue that opportunity. If Bausch & Lomb does get acquired by another company, it will have to pay Warburg Pincus a $40 million breakup fee. Shares of Bausch & Lomb closed up $6 to $67.50.
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