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NEW YORK (
TheStreet) -- Small-caps were rallying Monday on a flurry of deal activity. Shares of
American Medical Systems(AMMD) were soaring 32% to $29.47 on volumes nearing 30 million in forenoon trading, after
Endo Pharmaceuticals(ENDP) said it will acquire the incontinence drug manufacturer for $2.9 billion or $30 per share.
Communication solutions provider
Global Crossing(GLBC) saw its stock jump 57% to $23.40 after
Level3 Global Communications(LVLT) agreed to acquire the company for $1.9 billion or $23.04 per share. The deal will combine two unprofitable companies with total revenue of $6.26 billion as of last year, and cut annualized capital spending by about $40 million, according to the statement.
Flower Foods(FLO) picked up
Tasty Baking Company(TSTY) for $4 a share, or roughly $165 million. The acquisition is expected to strengthen Flowers' snack cake business and expand its geographic reach. Tasty's stock more than doubled, gaining $2.35 to $3.96. Shares of Flower Foods were up 2.3% at $28.29.
Container shipping company
Horizon Lines(HRZ) was up 13.7% on heightened volumes. The company has agreed to a settlement over business practices involving its cargo service with Puerto Rico. Horizon Lines is looking at options to refinance and restructure to avoid a debt default, according to press reports. Horizon has said it expects to default on its loans due to a $45 million fine for price-fixing in the Jacksonville-Puerto Rico trade lane.
Shares of dental laser manufacturer
Biolase(BLTI), was up 7% at $6.16. The company announced Friday that it has executed an agreement for the sale of 320,000 shares of its common stock at $5.60 per share to institutional investors in a registered direct offering for approximately $1.80 million in gross proceeds.
Prana Biotech(PRAN) were up 5% at $2.52 after it said that it had secured a key patent for its PBT2 drug in Japan.
Rare metal stocks were once again in play with shares of
Rare Element Resources(REE) and
Avalon Rare Metals(AVL) gaining 10.3% and 7.5% respectively.
--Written by Shanthi Bharatwaj in New York
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