A.D.A.M., Emmis: Volume Movers
BOSTON (TheStreet) -- A.D.A.M. (ADAM) was one of several stocks trading below $5 and moving on above-average volume Monday following an acquisition bid for the health information and benefits technology solutions company.
A.D.A.M. shares spiked after E-commerce services provider Ebix said it will acquire A.D.A.M. on a debt-free basis for $66 million. A.D.A.M. shareholders will receive 0.3122 of Ebix common stock for each share of A.D.A.M. common stock, based on a $19.06 agreed value of Ebix common stock. That values each A.D.A.M. share at roughly $5.95, a 87.7% premium to Friday's closing price.
Shares of A.D.A.M. rallied by $2.43, or 76.7%, to $5.60. Volume topped 881,000 shares, compared to the average daily share volume of 23,000.
Also on the upside, China Advanced Construction Materials Group (CADC) jumped by 20 cents, or 5.9%, to $3.60 after the company issued preliminary fourth-quarter guidance for earnings of 28 cents to 30 cents a share and revenue of $30 million to $31 million. That compares to the Thomson Reuters estimate for earnings of 28 cents a share on revenue of $27.1 million. Volume topped 35,000 shares, compared to the average daily share volume of 29,000.On the downside, Skilled Healthcare Group (SKH) share dropped by 33 cents, or 11.9%, to $2.44, bringing its two-day decline to 23.5%. On Friday, the company said the Superior Court of the State of California, County of Humboldt, denied the company's motion for mistrial or a new trial on grounds of juror misconduct. In addition, the Court also granted an order for permanent injunction requiring Skilled Healthcare's California skilled nursing facilities to provide specified nurse staffing levels, comply with specified state and federal laws governing staffing levels and posting requirements, and provide reports and information to a monitor. Volume topped 449,000 shares, compared to the average daily share volume of 578,000. Elsewhere, Emmis Communications (EMMS) fell by 28 cents, or 13.9%, to $1.74 as the deadline for a tender offer to take the company private stalled once again. Jeff Smulyan, the CEO of Emmis, has been working to buy all shares of Emmis through his company JS Acquisition and private asset company Alden Global Capital at $2.40 per share. The new deadline for the tender offer is 5 p.m. ET on Sept. 2. Volume topped 113,000 shares, compared to the average daily share volume of 185,000. -- Written by Robert Holmes in Boston.
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