BOSTON (TheStreet) -- Microtune (TUNE) was one of several stocks trading below $5 that traded on above-average volume Wednesday after a $166 million bid for the cable and digital television receivers company was announced.
Microtune rallied by nearly 20% after chipmaker Zoran (ZRAN) said it will pay $2.92 in cash for each share of Microtune's common stock in a transaction price of approximately $166 million, or $84 million net of cash acquired.
Zoran said it expects the acquisition to be accretive immediately following the close of the deal, which is expected to be in the fourth quarter of 2010.
Shares of MicroTune jumped by 37 cents, or 19.4%, to close the day at $2.95. Volume topped 13.6 million shares, compared to the average daily share volume of 144,000.Elsewhere, JA Solar (JASO) climbed by 76 cents, or 11.7%, to $7.24 after the company said it has signed multiple supply agreements with several customers to provide over 500MW of mono-crystalline and multi-crystalline solar cells for 2011 delivery. Volume topped 32.4 million shares, compared to the average daily share volume of 6.1 million. Skilled Healthcare Group (SKH) rallied by 88 cents, or 25.1%, to finish at $4.38 after the nursing home operator said it had settled a lawsuit brought against the company for having inadequate staffing levels. Skilled Healthcare will pay $50 million through its revolving credit line to cover settlement payments, below the $677 million verdict originally handed down by a jury in July. As part of the settlement, the company admits no wrongdoing. Volume topped 3 million shares, compared to the average daily share volume of 636,000. Qiao Xing Mobile (QXM) surged by 97 cents, or 37.6%, to $3.55 after Qiao Xing Universal Resources (XING) proposed to acquire all outstanding shares of Qiao Xing Mobile for 1.9 shares of its common stock plus 80 cents in cash per share. Qiao Xing Universal currently owns approximately 61.1% of the outstanding shares of Qiao Xing Mobile. Volume topped 1.9 million shares, compared to the average daily share volume of 30,000. EDAP TMS (EDAP) rose by 23 cents, or 10.3%, to finish the trading session at $2.65 after the ultrasound treatment company announced favorable clinical outcomes for patients treated with its Ablatherm-HIFU; an ultra-sound based technology for treating prostate cancer. Volume topped 1.4 million shares, compared to the average daily share volume of 18,000. -- Written by Robert Holmes in Boston.
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