Majestic Capital said it will be bought by Bayside Capital Partners for 45 cents a share, a 105% premium to Tuesday's closing price. Majestic Capital CEO James Scardino said it has been difficult for the company to generate alternatives from the capital markets. The deal is expected to close in the first quarter of 2011.
Shares of Majestic Capital is surging by 17.1 cents, or 79.5%, to 38.6 cents in the premarket session. The average daily share volume for Majestic Capital is 14,000.
Elsewhere, Satyam Computer Services (SAY) is climbing by 35 cents, or 6.3%, to $5.88 in the premarket session after the company said it will report its first annual earnings report in two years, a spokesman told Bloomberg. The company, now renamed Mahindra Satyam, was embroiled in the largest corporate fraud in India. The average daily share volume for Satyam Computer is 900,000.BRT Realty Trust (BRT) is rallying by $1.14, or 22.1%, to $6.29 in the premarket session after the company said late Tuesday it will repurchase up to 2.5 million shares of beneficial interest at $6.30 per share, a 22% premium to Tuesday's closing price. The average daily share volume for BRT Realty is 15,000. Winthrop Realty Trust (FUR) shares were falling by $1.28, or 9.2%, to $12.57 in Tuesday's after-market session after the company said Tuesday that it will offer 3 million shares of common stock, with proceeds to go towards new investments. The average daily share volume for Winthrop is 111,000. PMC-Sierra (PMCS) shares are down by 58 cents, or 7.5%, to $7.21 in the premarket session after the company said it expects third-quarter revenue of $161 million to $163 million, down from its previous estimated range of $169 million to $177 million. The Thomson Reuters average estimate is $173 million. The average daily share volume for PMC-Sierra is 3.2 million. -- Written by Robert Holmes in Boston.
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