U.S. Movers: Colfax, FedEx, Interline Brands, Teledyne, Bank of Nova Scotia

Mukesh Buch
29 May, 2012
New York City

Colfax agreed to acquired Soldex S.A. valued $235 million. FedEx may acquire Brazilian transportation and logistics company Rapid

[R]11:25 AM New York – Colfax agreed to acquired Soldex S.A. valued $235 million. FedEx will acquire Brazilian transportation and Logistics Rapidão Cometa. Interline Brands acquired by GS Capital Partners LP for $1.1 billion. Teledyne agreed to acquire LeCroy in approx $291 million.[/R]

Colfax Corporation ((CFX)) gained 3.1% or 91 cents to $29.82 after the fabricated products maker agreed to acquired 91% interest in Peru based Soldex S.A. held by Inversiones Breca S.A. in a deal worth $235 million.

FedEx Corporation ((FDX)) increased 1.8% or $1.69 to $90.97 on speculation that the air courier company may acquire Brazilian logistics company Rapidão Cometa Logística e Transportes SA and transaction will be close in the third quarter of this year. Financial terms were not disclosed.

Focus Media Holding Limited ((FMCN)) advanced 5.7% or $1.22 to $22.60 after the Hong Kong based digital media company reported first quarter ending in March sales soared 36.2% to $199.6 million compared to $146.6 million in the same period last year. Net income in the quarter surged 85% to $37.9 million or 28 cents per diluted share compared to $20.5 million or 15 cents per share a year ago period.

Interline Brands, Inc. ((IBI)) surged 39.9% or $7.17 to $25.11 after the holding company agreed to be acquired by affiliates of GS Capital Partners LP and P2 Capital Partners, LLC for $25.50 per share in cash. The transaction valued at about $1.1 billion and is expected to close by the end of third quarter.

Sanderson Farms, Inc. ((SAFM)) slumped 3.6% or $1.96 to $52.35 after the poultry products maker reported second quarter ending in April net sales surged 61.4% to $595 million compared to $479.3 million in the same period last year. Net income in the quarter swung to $23.9 million or $1.04 per diluted share compared to net loss of $16.3 million or 74 cents per share a year ago.

Teledyne Technologies Inc ((TDY)) rose 54 cents to $60.38 after the digital imaging products and software provider agreed to acquired LeCroy Corporation and Teledyne will acquire common stock of LeCroy for $14.30 per share payable in cash. The aggregate value of the transaction is approximately $291 million.

The Bank of Nova Scotia ((BNS)) increased 2.5% or $1.24 to $50.73 after the financial institution reported second quarter ending in April revenues rose 1.3% to $4.70 billion compared to $4.64 billion in the same period last year. Net income in the quarter declined 10% to $1.46 billion or $1.15 per diluted share compared to $1.62 billion or $1.39 per share a year ago earlier.