U.S. Movers: Elster Group, DSW, Fairfax Financial, Yamuna Gold

Mukesh Buch
18 Jun, 2012
New York City

Elster Group SE confirms possible acquisition by Melrose PLC. DSW reiterate 2012 outlook. Fairfax to acquire UK based Brit Insurance for $300 million. Yamuna Gold agreed to acquire Extorre Gold Mines valued $395 million.

[R]11:30 AM New York – Elster Group SE confirms possible acquisition by Melrose PLC. DSW reiterate 2012 outlook. Fairfax to acquire UK based Brit Insurance for $300 million. Yamuna Gold agreed to acquire Extorre Gold Mines valued $395 million.[/R]

Benihana Inc. ((BNHN)) rose 2 cents to $16.08 after the restaurants operator reported fourth quarter total revenues grew 13% to $92.3 million from $81.8 million in a year ago period. Comparable restaurant sales increased 5.7%.

Net income in the quarter declined 72.8% to $81,000 or break-even per share compared to $298,000 or 2 cents per diluted share.

DSW Inc. ((DSW)) dropped 11.4% or $6.72 to $52.08 after the specialty retailer reiterated its 2012 outlook for the year ending February 2, 2013 and expects comparable sales for the full year to increase in the range of 3% to 5%. The retailer also confirms its previous earnings guidance for the full year between $3.25 and $3.40 per share.

The Company expects second quarter adjusted earnings per share for the period ending July 28 in the range of 60 cents to 64 cents.

Elster Group SE soared 14.8% or $2.43 to $18.83 after the Germany based energy meters solution provider said Melrose PLC may acquire the company at US$20.50 per American Depositary Share in cash or approx US$2.3 billion in aggregate on a fully diluted basis.

Fairfax Financial Holdings Limited rose 3 cents to $390.05 after the Canada based property and casualty insurance provider said its subsidiary RiverStone runoff entered into agreement with Brit Group to purchase all the outstanding shares of UK based Brit Insurance Limited for in a deal valued $300 million.

Yamuna Gold Inc. ((AUY)) slipped 1.2% or 20 cents to $15.82 after the Canada based gold producer agreed to acquire Extorre Gold Mines Limited for C$4.26 a share comprised shareholder will receive C$3.50 in cash and 0.0467 of Yamana’s common share. The offer represents 54% premium. The transaction valued approx of $395 million and expected to close in August 2012.