In this report: ISTA Pharmaceuticals (NASDAQ:ISTA), RSC Holdings (NYSE:RRR) and Morton’s Restaurant Group (NYSE:MRT).
ISTA Pharmaceuticals (NASDAQ:ISTA) shares soared today after the company became the target of a hostile takeover bid by Valeant Pharmaceuticals International. Valeant has offered $6.50 per share in cash, or $314 million for the eye-disease drug developer. The offer represents a 67 percent premium on Ista’s closing price on Thursday of $3.89 per share. Valeant has had several takeover offers refused by Ista since October when they made their first bid. The company now says that Ista has until January to accept the latest deal but that it is willing to consider paying more for the company if Ista would start discussions regarding a takeover. Ista Pharmaceuticals currently trades at $6.60 per share, a nearly 70 percent increase so far today.
RSC Holdings (NYSE:RRR) shares have jumped by more than 55 percent today after United Rentals (NYSE:URI) said that they have agreed to buy the company for $1.9 billion in cash and stock. United Rentals said their reasons for the deal include accelerated growth with industrial customers, lower costs and provide a less volatile revenue stream. The company said that it has already identified a $200 million cost saving potential from the deal. The $18 per share offer equates to a 58 percent premium on RSC’s closing price on Thursday. Once the deal closes each outstanding share of RSC common stock will be converted into the right to receive $10.80 in cash and 0.2783 of a share of United Rentals common stock.
Morton’s Restaurant Group (NYSE:MRT) shares rallied by over 32 percent today after the company said that it would sell itself to the billionaire owner of resturant chain Laundry’s for around $116.6 million in cash. Tilman Fertitta will buy all of the outstanding shares of Morton’s for $6.90 each in cash through a tender offer. The offer represents a 34 percent premium on Thursday’s closing price of $5.16 per share.
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