Ace Boosts Offer for Capital Re in Quiet Postclose Action

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

Capital Re

(KRE) - Get Report

said that

Ace

(ACL)

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

MarketXT

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

Expos

game against the

Pirates

. Trading was light.

The most actively traded stocks were

Egghead.com

(EGGS)

and

Zany Brainy

(ZANY)

.

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

Daisytek

(DZTK)

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

PFSweb

.

El Paso Gas

(EPG)

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.

Omnicom

(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

(AYE)

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

(CGX)

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

(DSP)

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

DQE

(DQE)

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

and

E*Offering

will serve as underwriters for the deal.