On Thursday, MCG Capital Corp (NASDAQ:MCGC)’s shares inclined 1.08% to $4.70.
MCG Capital Corp (MCGC) acknowledges receipt of an unsolicited letter dated June 2, 2015, from HC2 Holdings, Inc. (NYSE MKT:HCHC), further revising the terms of a projected transaction originally presented to the board on May 4, 2015 and revised on May 19, 2015. MCGC’s Board of Directors, in consultation with its financial and legal advisers, will review the terms of the revised proposal presented by HC2 Holdings.
On April 28, 2015, MCGC executed a merger agreement with PennantPark Floating Rate Capital Ltd. (PFLT) which provides for the acquisition of MCGC by PFLT in a stock and cash transaction presently valued at about $175.0 million, or about $4.75 per MCGC common share at closing, representing a 15.8% premium to MCGC’s closing stock price on April 28, 2015.
MCGC’s Board of Directors has not changed its recommendation in support of the merger with PFLT. MCGC will have no further comment on HC2 Holdings’ revised proposal until the Board has accomplished its review.
Morgan Stanley & Co. LLC is serving as financial advisor to MCGC and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to MCGC.
MCG Capital Corporation is a private equity firm specializing in debt, equity, and recapitalization investments in middle and lower middle market companies. The firm seeks to invest in small to mid sized companies. It does not prefer lead and control equity investments.
Cree, Inc. (NASDAQ:CREE)’s shares dropped -0.93% to $30.35.
Cree, Inc. (CREE) declares the next generation of the Cree® BR30 LED flood light, the first LED BR30 replacement to deliver a no-compromise, high performance LED lighting experience at the lower price of just $9.97. The bulb’s advanced design uses only a quarter of the LED components formerly required to look and light just like the traditional incandescents it replaces while using 86 percent less energy and lasting 25 times longer. Conceived to make high performance LED lighting affordable, Cree BR30 LED flood lights are ENERGY STAR® compliant and accessible at The Home Depot®.
Cree, Inc. develops, manufactures, and sells lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. The company’s LED Products segment provides blue and green LED chips that are used in various applications, counting video screens, gaming displays, function indicator lights and automotive backlighting, headlamps, and directional indicators; LED components comprising packaged LED products for lighting applications, and surface mount and through-hole packaged LED products for video, signage, general illumination, transportation, gaming, and specialty lighting applications; and silicon carbide (SiC) materials, which are used in manufacturing products for RF, power switching, gemstone, and other applications. Its Lighting Products segment offers LED and traditional lighting systems for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting, parking structures, and other applications.
At the end of Thursday’s trade, Gran Tierra Energy Inc. (NYSEMKT:GTE)‘s shares dipped -1.34% to $2.94
Gran Tierra Energy Inc. (GTE) is making Colombian oil deals the focus of its expansion this year as the company steers investment plans away from Peru and Brazil, Chief Executive Officer Gary Guidry said.
The Calgary-based explorer of South American oil anticipates to close deals in the Andean nation before year-end to enhance output and reserves, said Guidry, who took over as CEO earlier this month. He’s considering potential joint ventures, takeovers and asset purchases.
Guidry was named president and CEO of Gran Tierra on May 8 as part of a shake-up led by Toronto-based hedge fund West Face Capital Inc., which owns about 9.8 percent of the company. Guidry’s drilling plan for Colombia will be declared in June, when shareholders hold a general meeting.
West Face, run by Greg Boland, blamed a decline in Gran Tierra’s value since the starting of 2011 on “failed high-risk, high-cost” exploration in Peru, Argentina and Brazil.
The oil producer may sell or seek joint ventures for assets in Peru and Brazil to ensure capital is focused on Colombia, Guidry said.
The company produced a daily average of 24,015 barrels of oil equivalent in the first quarter of 2015, mainly light oil from the Putumayo basin in southern Colombia.
Gran Tierra Energy Inc., an independent energy company, engages in the acquisition, exploration, development, and production of oil and gas properties in Colombia, Peru, and Brazil. As of December 31, 2014, the company’s acreage comprised 3.4 million gross acres covering 16 exploration and production contracts in Colombia; 47,734 gross acres covering 7 exploration blocks in Brazil; and 5.7 million gross acres covering 5 exploration licenses in Peru.
Applied Micro Circuits Corporation (NASDAQ:AMCC), ended its Thursday’s trading session with -0.57% loss, and closed at $7.03.
One stock that might be an intriguing choice for investors right now is Applied Micro Circuits Corporation (AMCC). This is because this security in the (industry) space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective.
This is important because, often times, a rising tide will lift all boats in an industry, as there can be broad trends taking place in a segment that are boosting securities across the board. This is arguably taking place in the electronic semiconductor space as it presently has a Zacks Industry Rank of 62 out of more than 250 industries, suggesting it is well-positioned from this perspective, especially when contrast to other segments out there.
Meanwhile, Applied Micro Circuits is actually looking pretty good on its own too. The firm has seen solid earnings estimate revision activity over the past month, suggesting analysts are becoming a bit more bullish on the firm’s prospects in both the short and long term.
In fact, over the past two months, current quarter estimates have narrowed from a loss of 11 cents/share to a loss of 10 cents/share, while current year estimates have improved from a loss of 35 cents/share to a loss of 32 cents/share. The company presently carries a Zacks Rank #3 (Hold), which is also a favorable signal.
Applied Micro Circuits Corporation provides silicon solutions for next-generation cloud infrastructure and data centers; and connectivity products for edge, metro, and long haul communications equipment in the United States and internationally. The company offers X-Gene, a server on a chip product for use in cloud data center, computing, and enterprise applications; and embedded computing products that are applied in control- and data-plane administration, wireless access points, residential gateways, wireless base stations, storage controllers, network attached storage, network switches and routing products, and multi-function printers.
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