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
upped its offer for Capital Re to $13.
Don't go looking for the
after-hours leaders: That exchange doesn't trade on Friday nights. That makes
the only ballgame in town. Unfortunately, that ballgame is an
game against the
. Trading was light.
The most actively traded stocks were
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
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
, 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.
said it has bought a 50% stake in
, a Canada-based Internet company. Critical Mass will join Omnicom division
, a recently established electronic customer relations management company.
Earnings/revenue reports and previews
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.
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.
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
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."
Friedman Billings Ramsey
will serve as underwriters for the deal.