NEW YORK (
was one of several stocks trading near $5 moving on above-average volume Tuesday after announcing an acquisition bid for Australia's second largest private hospital corporation.
confirmed Tuesday reports that it is in preliminary discussions to acquire
, which is also reportedly being sought by private equity firms
Kohlberg Kravis Roberts
CVC Asia Pacific
Tenet said it was deviating from its policy on not commenting on market speculation in response to recent volatility in the trading of its common stock. "Tenet believes the acquisition, if consummated, will only be completed at a price which creates value for its shareholders," the company added.
However, Tenet Healthcare shares plunged by 87 cents, or 15.2%, to $4.85. Volume topped 42.41 million shares, compared to the three-month average daily volume of 10.12 million, according to Yahoo! Finance.
dropped by 40 cents, or 12.8%, to $2.72 as most offshore drilling stocks took a hit after
said over the weekend the
to plug the oil leak in the Gulf of Mexico had failed. Volume topped 3.33 million shares, compared to the 50-day average daily volume of 2.95 million, according to the
Trico Marine Services
( TRMA), which provides marine vessels to oil exploration companies, was also tumbling, falling by 18 cents, or 12.3%, to $1.28. Volume topped 531,000 shares, compared to the 50-day average daily volume of 1.33 million.
said Tuesday that CEO Joseph Compofelice has left the company and has been replaced on an interim basis by Richard Bachmann, who also becomes Trico's chairman. Last month, Trico lead shareholder Kistefos AS called on the company to oust Compofelice from the CEO position, citing "the overwhelming loss of stockholder value and enormous financial losses that have occurred on his watch."
On the other hand,
( HRAY) jumped by 45 cents, or 13.9%, to $3.70 after the music-related products company sold its recorded music and wireless value-added services business to
Shanda Interactive Entertainment
( SNDA) for $36.8 million in cash.
As part of the deal, Hurray will purchase Shanda's online audio business for 415.38 million newly issued ordinary shares. Hurray will get about $11 million after excluding payment for the cash balances in the businesses being transferred to Shanda. Volume topped 17,000 shares, compared to the 50-day average daily volume of 18,000.
-- Written by Robert Holmes in Boston
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