On Wednesday, Shares of Dot Hill Systems Corp. (NASDAQ:HILL), skyrocketed 86.87% to $9.68, hitting its highest level.
In a report published Wednesday, Piper analyst Andrew J. Nowinski downgraded the rating on Dot Hill Systems Corp. from Overweight to Neutral, while raising the price target from $9.00 to $9.75, following the declaration by Seagate Technology PLC that it was to acquire Dot Hill for $9.75 per share.
Seagate Technology plc (STX), and Dot Hill Systems Corp. (HILL), a trusted supplier of innovative software and hardware storage systems, declared that they have reached a definitive agreement under which a wholly-owned indirect partner of Seagate will commence a tender offer for all of the outstanding shares of Dot Hill in an all-cash transaction valued at $9.75 per share, or a total of about $694 million on a fully-diluted equity value basis. As Dot Hill has about $49 million in cash on its balance sheet as of June 30, 2015, the transaction reflects an enterprise value of about $645 million. The consideration represents a 50% premium over the preceding three-month stock price average.
Dot Hill Systems Corp. designs, manufactures, and markets a range of software and hardware storage systems for the entry and mid-range storage markets worldwide.
Shares of Kinder Morgan, Inc. (NYSE:KMI), declined -1.06% to $33.58, during its last trading session, as U.S. crude oil slumped over 4 percent on Wednesday to hit a 6-1/2-year low and almost break below $40 per barrel, as a huge unpredictable stockpile build in the United States reinforced concerns about a growing global oil glut, according to Reuters.
U.S. crude inventories rose 2.6 million barrels last week to 456.21 million barrels, the government’s Energy Information Administration said. Reuters Reports
Kinder Morgan, Inc. operates as an energy infrastructure and energy company in North America. The company operates through Natural Gas Pipelines, CO2, Terminals, Products Pipelines, Kinder Morgan Canada, and Other segments.
Finally, Marvell Technology Group Ltd. (NASDAQ:MRVL), ended its last trade with -2.06% loss, and closed at $11.91.
Marvell Technology Group declared the industry’s most advanced printer system-on-chip (SoC), the Marvell® 88PA6270. This 28nm performance-driven SoC integrates a quad-core ARM® Cortex-A53 (64-bit) processor running at 1.2GHz, Marvell’s industry-leading 32-bit DDR3/4 memory controller, dual-channel configurable scan and print pipelines, advanced high-speed expansion options, and a high-performance Vivante® 2D/3D GPU, setting a new standard with over 220 pages per minute (ppm) page description language (PDL) rendering.
The 88PA6270 is designed to power the industry’s fastest and highest quality enterprise-class multi-function printers (MFPs) and copiers and integrates ink, laser, and LED technologies. In the past, to achieve this level of performance these products have required a separate PC-class CPU; the 88PA6270 is designed to enable OEMs to adopt a common architecture across their entire product line. The 88PA6270 also advances a new class of 3D printers with the imaging horsepower to provide high-performance object rendering and slicing, and comprises the cloud and mobile connectivity required by today’s mobile users.
Marvell Technology Group Ltd. designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers mobile and wireless products comprising communications and applications processors; thin modems; and connectivity solutions, counting Wi-Fi, Bluetooth, near field communication, and FM; and mobile computing products, in addition to silicon solutions and Kinoma software.
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