NEW YORK ( TheStreet) -- Shares of Duncan Energy (DEP) were soaring 24% to $40.29 after Enterprise Product Partners (EPD) offered to buy out the natural gas provider for $2.4 billion in an all units deal.
Enterprise Products owns 58% of Duncan Energy. Enterprise intends to buy all outstanding publicly-owned units in a unit-for-unit exchange. Enterprise would offer shareholders of Duncan 0.9545 shares of Enterprise for each share of Duncan, valuing it at $42 per share, a premium of 30% to the 10-day average closing price.
Strong quarterly results were driving a number of small-caps on Wednesday. The stock of Endologix (ELGX) rose 22% to $6.70 on high volumes after the company, which medical device company swung to profit in the fourth quarter and reported a 41% growth in revenues. The company reported a net income of $6.9 million or 14 cents per share on a GAAP basis. Excluding one off items, it broke even. Analysts were expecting it to post a loss of 1 cent per share.
(ZLC) saw its stock jump 12.4% to $4.79 after it said its
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