Vantage Drilling said late Monday it received an unsolicited proposal to acquire all the outstanding shares of the company at a premium to the current market price. However, Vantage Drilling rejected the proposal, noting that the bid would have required the company to abandon its senior notes and equity offerings. Vantage says the offerings are in the best interest of shareholders "in light of its business plan and financing needs."
In a separate press release, Vantage said it priced its $1 billion offering of five-year senior secured notes. Vantage also priced its public offering of approximately 45.5 million ordinary shares at $1.10 per share.
Shares of Vantage Drilling jumped by 8 cents, or 9%, to $1.20 in the premarket session. The average daily share volume for Vantage Drilling is 1.81 million.Elsewhere, Zoran (ZRAN) dropped by 97 cents, or 9.9%, to $8.80 in the premarket session after the digital imaging company reported a second-quarter adjusted loss of 8 cents a share, coming in a penny worse than the Thomson Reuters average estimate. Zoran also issued weaker-than-expected earnings and revenue guidance for the third quarter. The average daily share volume for Zoran is 651,000. Cano Petroleum (CFW) shares should trade higher after Monday's 10.9% surge after the company said it has retained financial advisors to assist in a review of strategic alternatives, which may include sale of the company or merger. Shares of Cano closed Monday at 59 cents. The average daily share volume for Cano Petroleum is 495,000. Glimcher Realty Trust (GRT) shares fell by 41 cents, or 6.2%, to $6.25 in the premarket session after the company said it has commenced an offering of approximately 12.5 million shares of common stock. Net proceeds will be used to pay down a credit facility. The average daily share volume for Glimcher Realty is 866,000. Idenix Pharmaceuticals (IDIX) shares slumped by 48 cents, or 8%, to $5.49 in Monday's late trading session after the company posted a second-quarter loss of 23 cents a share, worse than the Thomson Reuters average estimate for a loss of 15 cents a share. Revenue fell sharply to $1.3 million from year-ago revenue of $2.4 million. The average daily share volume for Idenix is 257,000. PLX Technology (PLXT) slid by 27 cents, or 5.9%, to $4.30 in Monday's after-hours session after the integrated circuits manufacturer said it had second-quarter earnings of 7 cents a share on revenue of $29.7 million, compared with the Thomson Reuters consensus estimate for a profit of 7 cents a share on revenue of $29.9 million. Looking ahead to the third quarter, PLX Tech said it expects revenue of $30 million to $32 million, in line with the consensus target. The average daily share volume for PLX Tech is 158,000. Integrated Device Technology (IDTI - Get Report) rose by 24 cents, or 4.3%, to $5.87 in the premarket session after the semiconductor company notched a fiscal first-quarter adjusted profit of 14 cents a share on revenue of $158.3 million, exceeding the Thomson Reuters consensus for earnings of 11 cents a share on revenue of $151.6 million. Integrated Device Technology also announced a new $225 million common stock repurchase program. The average daily share volume for IDT is 3.12 million. -- Written by Robert Holmes in Boston. Check out all of Tuesday's high-volume, under-$5 stocks at the Dollar Store. View the Dollar Store portfolio on StockPickr. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Check Out Our Best Services for Investors
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.