U.S. Movers: 99Cents, Dollar Thrifty, Mistras Group, Jones Apparel

Mukesh Buch
11 Oct, 2011
New York City

99Cents Only agreed to be acquired by Ares Management and Canada Pension Plan. Dollar Thrifty decided not to seek a buyer. The Jones Group confirmed the discussions with Israel based Delta Galil Industries to sell its Jeanswear division.

[R]11:10 AM New York – 99Cents Only agreed to be acquired by Ares Management and Canada Pension Plan. Dollar Thrifty decided not to seek a buyer. The Jones Group confirmed the discussions with Israel based Delta Galil Industries to sell its Jeanswear division.[/R]

99Cents Only Stores ((NDN)) increased 4.3% or 89 cents to $21.38 after the specialty retailer agreed to be acquired by Ares Management LLC and Canada Pension Plan Investment Board for $22 per share in cash. Total equity value of approximately $1.6 billion. Per share price represents premium of 32% to 99 Cents Only Stores.

Dollar Thrifty Automotive Group, Inc ((DTG)) decreased 2.2% or $1.38 to $59.03 after the rental of vehicles operator has formally concluded its process to solicit definitive proposals regarding potential business combination. Hertz Global Holdings, Inc. ((HTZ)) not made proposal that addresses the board''s requirements of an offer cleared of antitrust risk

Earlier in September, Hertz has offered to exchange each issued and outstanding share of common stock of Dollar Thrifty for $57.60 in cash and 0.8546 shares of Hertz common stock.

Shares of Hertz Global Holdings, Inc. ((HTZ)) rose 2.1% or 22 cents to $10.30.

Mechel OAO ((MTL)) slipped 6.4% or 72 cents to $10.43 after the Russia based mining and steel company reported second quarter revenues increased 18.3% to $3.47 billion compared to $2.93 billion in first quarter. Net income in the quarter declined 37.9% to $191.9 million compared to $309.1 million in first quarter.

Mistras Group, Inc. ((MG)) rose 1.7% or 34 cents to $19.80 after the asset protection solution provider said first quarter revenues soared 34% to $91.4 million compared to $68.4 million in the same period last year. Net income in the quarter surged 103% to $3.2 million or 11 cents per diluted share compared to $1.6 million or 6 cents per share a year ago.

Natus Medical Incorporated ((BABY)) rose 2 cents to $7.87 after the healthcare products provider expected to report revenue for the third quarter approximately of $51.5 million. The company also expects to report revenue of $234 million for the full year and $65 million for the fourth quarter

The Jones Group Inc. ((JNY)) soared 10.4% or $1.01 to $10.70 after the apparel and accessories designer confirmed that they are in discussions with Israel based Delta Galil Industries Ltd. regarding potential sale of Jones'' Jeanswear division for an estimated amount of $350 to $400 million. The Company expects the discussions with Delta Galil will concluded or terminated within a month.

Teva Pharmaceutical Industries Limited ((TEVA)) rose 0.7% or 27 cents to $38.05 after the Israel based biopharmaceutical company said U.S. Federal Trade Commission has accepted proposed consent order of acquisition of Cephalon.