said it received a letter from VeriFone on Sept. 27 offering to buy all of the outstanding stock for $5.25 per share in cash. Hypercom rejected the unsolicited bid Thursday, arguing that the proposal "significantly undervalues the company and its future prospects and is not in the best interests of stockholders."
"Hypercom believes that VeriFone's proposal is opportunistic and intended to disrupt its business, which has successfully taken market share from VeriFone in several markets," Hypercom said in its rejection letter.
Shares of Hypercom are rallying by $1.82, or 43%, to $6.05 in the premarket session. The average daily share volume for Hypercom is 329,000.
share are falling by 5 cents, or 16.4%, to 26 cents in the premarket session after the trucking company said it will effect a reverse stock split at a ratio of 1 to 25.
In addition, YRC Worldwide said it has approved a tentative agreement with the International Brotherhood of Teamsters, which the company says wil generate an average of $350 million in annual savings. The average daily share volume for YRC Worldwide is 36.4 million.
shares are jumping by 48 cents, or 17.1%, to $3.28 in the premarket session after the company said its treatment for ulcerative colitis, budesonide MMX, met its goal in a late-stage clinical trial. The average daily share volume for Santarus is 495,000.
A-Power Energy Generation Systems
( APWR) are rising by 60 cents, or 7.9%, to $8.18 in the premarket session after the wind turbine company received a six-year, $279 million engineering, procurement and construction contract from Baishan Long Run Water Conservancy. The average daily share volume for A-Power Energy is 964,000.
On the downside,
Allied Irish Banks
shares are dropping by 38 cents, or 23.2%, to $1.26 in the premarket session after the Central Bank of Ireland said
Anglo Irish Bank's
bailout could cost €34 billion ($46.3 billion) under a worst-case scenario. The average daily share volume for Allied Irish Banks is 3.63 million.
-- Written by Robert Holmes in Boston
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