On Monday, Shares of Ruckus Wireless Inc (NYSE:RKUS), gained 1.48% to $12.38.
Ruckus Wireless, declared it has won in the SMB (small and medium/mid-size businesses) Networking Hardware category of The Channel Company’s esteemed 2015 CRN Annual Report Card. Ruckus has won in this category for a third straight year, achieving the highest scores in two out of three sub-categories, Product Innovation and Support, to take the Overall title for 2015.
The Annual Report Card summarizes results from a comprehensive study that details solution provider satisfaction with hardware, services, and software vendors. The vendors with the highest marks are named to the prestigious Annual Report Card list and celebrated as best in class by their partners. The results also provide the IT vendor community with valuable feedback—directly from their solution providers—that can be used to hone product offerings and improve communication with partners.
Ruckus Wireless, Inc. provides carrier-class Wi-Fi solutions to service providers and enterprises worldwide. It provides gateways, controllers, and access points with related software and services.
Shares of Depomed Inc (NASDAQ:DEPO), declined -0.25% to $31.42, during its last trading session.
Depomed, commented on the letter sent by Horizon Pharma plc (HZNP), in which Horizon has set an exchange ratio of 0.95 of Horizon shares for each share of Depomed, and offered to comprise up to 25% in cash. Depomed notes that the proposal has a current value below $31 per share,1 which is less than the $33 per share proposal Horizon formerly made, and represents ownership in the combined company of less than 29%, which is well below what Depomed would contribute to the combined company.
Consistent with its fiduciary duties, Depomed’s Board of Directors, in consultation with its financial and legal advisors, will carefully review and evaluate the revised proposal to determine the course of action that it believes is in the best interests of the Company and its shareholders. Depomed shareholders are advised to take no action at this time pending the review of the revised proposal by the Company’s Board of Directors.
In its August 7, 2015, letter and press release, the Company noted its belief that Depomed shareholders are entitled to an ownership interest that is commensurate with what Depomed would contribute to the combined company in addition to a share of the synergies. Depomed’s investor presentation also filed on August 7, 2015 comprises an equity contribution analysis which shows Depomed’s equity contribution to the combined company; for example, based on revenues in 2016 and 2017, Depomed’s equity contribution would be 33% and 35%, respectively.
On July 29, 2015, the Depomed Board unanimously rejected Horizon’s previous unsolicited proposal to acquire all outstanding common shares of Depomed at a price of $33 per share. On July 7, 2015, the Depomed Board noted that it had formerly unanimously rejected Horizon’s unsolicited proposal to acquire all of the outstanding shares of Depomed in an all-stock transaction valued at $29.25 per share. Depomed also noted its belief that Horizon’s July 7 proposal was identical in all material respects to the Horizon proposal received by Depomed on May 27, 2015 and reiterated on June 12, 2015. In each case, the Depomed Board, after careful consideration and in consultation with its financial and legal advisors, unanimously determined that in their opinion the preceding proposals substantially undervalued Depomed’s business and did not reflect the inherent value of Depomed in light of its standalone prospects, and were not in the best interests of Depomed or its shareholders.
Morgan Stanley & Co. LLC and Leerink Partners LLC are serving as financial advisors to Depomed and Baker Botts L.L.P. and Gibson, Dunn & Crutcher LLP are serving as legal counsel.
Depomed, Inc., a specialty pharmaceutical company, develops products for pain and other central nervous system conditions in the United States. It offers Gralise (gabapentin), an once-daily product for the administration of postherpetic neuralgia; CAMBIA (diclofenac potassium for oral solution), a non-steroidal anti-inflammatory drug indicated for acute treatment of migraine attacks in adults; Zipsor (diclofenac potassium) liquid filled capsule, a non-steroidal anti-inflammatory drug for the treatment of mild to moderate acute pain in adults; and Lazanda (fentanyl) nasal spray, an intranasal fentanyl drug used to manage breakthrough pain in adults.
At the end of Monday’s trade, Shares of Enerplus Corp (USA) (NYSE:ERF), lost -2.69% to $6.16.
Enerplus Corporation advised that Mr. Ray J. Daniels, Senior Vice President, Operations, will provide an update on Enerplus’ activities via a presentation at EnerCom’s Oil & Gas Conference in Denver, Colorado on Tuesday, August 18, 2015 at 2:45 pm MT (4:45 pm ET).
Enerplus Corporation, together with auxiliaries, engages in the exploration and development of crude oil and natural gas in the United States and Canada. The company primarily has interests in about 162,000 net acres of lands comprising about 77,000 net acres targeting the Stacked Mannville zones and 85,000 net acres targeting the Duvernay formation in the Deep Basin region, Canada.
Finally, Summit Materials Inc (NYSE:SUM), ended its last trade with 1.17% gain, and closed at $26.70.
Summit Materials, declared results for the second quarter ended June 27, 2015.
Second Quarter 2015 Highlights Contrast to Second Quarter 2014:
- Net revenue raised 12.5% to $329.0 million.
- Net income about break-even, contrast to $14.2 million
- Further Adjusted EBITDA grew 28.4% to $78.1 million.
- Operating income improved 24.7% to $42.3 million.
- Gross profit raised 25.1% to $115.8 million.
- Aggregates, cement, ready-mixed concrete and asphalt volumes grew 33.1%, 0.7%, 17.5% and 7.0%, respectively.
- Aggregates, cement, ready-mixed concrete and asphalt organic price improved 5.1%, 9.1%, 4.8% and 4.6%, respectively.
- In June 2015, attained Lewis & Lewis, Inc., a vertically integrated aggregates-based company serving the southwest Wyoming market.
- Redeemed $471.2 million aggregate principal amount of outstanding 10 1⁄2% Senior Notes due 2020 during the second and third quarters of 2015.
Summit Materials, Inc., through its auxiliaries, produces and sells heavy-side construction materials and related downstream products. Its products comprise crushed stone, construction sand and gravel, cement and ready-mixed concrete, asphalt paving mixes, and limestone and concrete products.
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