Aurizon Mines

(AZK)

shares advanced Thursday after the company's board of directors unanimously recommended that shareholders reject an unsolicited takeover bid by

Northgate Minerals Corp.

( NXG).

Northgate's unsolicited offer to acquire all of the issued and outstanding shares of Aurizon, on the basis of 0.741 of a Northgate share for each Aurizon share, represents an 8.4% discount to Aurizon's closing share price on June 14.

"Our Board is of the unanimous view that Northgate's offer is inadequate, opportunistic and fails to recognize the value of Aurizon's future prospects," Aurizon CEO David Hall said in a statement, adding "we are in discussions with parties who have expressed an interest in pursuing an alternative transaction with Aurizon." Shares climbed 16 cents, or 6.8%, to $2.50 in recent trading.

Cumulus Media

(CMLS) - Get Report

slipped after the Atlanta-based radio station operator said it expects to buy back about $132.3 million of its shares following teh recent completion of a modified Dutch auction tender offer.

The company said it expects to buy about 11.5 million shares of Class A common stock at a purchase price of $11.50 a share. The shares expected to be purchased in the tender offer represent about 24.1% of the $47.7 million shares of Class A common stock issued and outstanding as of May 9. Also, the company said that on June 29 it expects to repurchase 4.5 million shares of its Class B common Stock from BA Capital and Banc of America Capital Investors at the final per-share purchase price determined in the tender offer. Shares dipped 56 cents, or 4.8%, to $11 in recent trading.

Steven Madden

(SHOO) - Get Report

surged Thursday on news the footwear company was upgraded by CL King to strong buy from accumulate. Shares climbed $2.90, or 11.4%, to $28.34 in recent trading.