Ace Boosts Offer for Capital Re in Quiet Postclose Action

Facing competing bids, Ace raises the stakes for Capial Re.
Publish date:

Capital Re

(KRE) - Get Report

said that



has revised its previous bid for Capital Re upward, raising its offer to $13 from $10.05 a share for each Capital share in cash and stock. The increased bid comes four days after

XL Capital

(XL) - Get Report

upped its offer for Capital Re to $13.

After-Hours Markets

Don't go looking for the


after-hours leaders: That exchange doesn't trade on Friday nights. That makes

Island ECN

the only ballgame in town. Unfortunately, that ballgame is an


game against the


. Trading was light.

The most actively traded stocks were



Zany Brainy



Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EDT. Prior to Sept. 15 Island offered trading from 8 a.m. to 5:15 p.m. EDT



Eric Gillin

In other post-close news (earnings estimates from

First Call/Thomson Financial

; earnings reported on a diluted basis unless otherwise specified):

Mergers, acquisitions and joint ventures



said it implemented a stockholders rights plan with a 15% trigger, in reaction to an unsolicited offer to purchase its shares. Daisytek said its board deemed the bid inadequate and not inline with its proposed strategy to spin-off its e-commerce division



El Paso Gas


announced its plans to acquire

Crystal Gas Storage

(COR) - Get Report

, in a deal valued at $224 million. The transaction calls for Crystal's common stockholders to receive $57 a share in cash, while the preferred stock would be exchanged at $1.00 a share. A spokesperson for El Paso said the company expects the deal to be completed in the first quarter of fiscal 2000.


(OMC) - Get Report

said it has bought a 50% stake in

Critical Mass

, a Canada-based Internet company. Critical Mass will join Omnicom division

Rapp Collins's

Rapp Digital

, a recently established electronic customer relations management company.

Earnings/revenue reports and previews

Allegheny Energy


posted third-quarter earnings of 63 cents a share, falling below both the six-analyst estimate of 65 cents and the year-ago 68 cents.

Consolidated Graphics


warned investors that it expects to post second-quarter earnings between 66 cents and 68 cents a share, greatly missing the nine-analyst estimate of 74 cents. The printing company attributed the disappointing results on Hurricane Floyd's effect on September sales.

DSP Communications


reported third-quarter earnings of 24 cents a share, above both the 11-analyst estimate of 23 cents and the year-ago 21 cents.



reported third-quarter earnings of 64 cents a share, which included an 18-cent increase in net purchase power costs. The company beat the eight-analyst estimate of 62 cents a share, but fell from the year-ago 80 cents.

Offerings and stock actions

ASD Systems

set plans for a 5 million-share IPO, which is expected to price between $8 to $10 a share, according to a

Securities and Exchange Commission

filing. The company has applied to be listed on Nasdaq under the ticker "ASDS."

Bear Stearns


Prudential Securities


Friedman Billings Ramsey



will serve as underwriters for the deal.