On Wednesday, KCG Holdings, Inc. Class A (NYSE:KCG)’s shares declined -1.76% to $13.39.
KCG Holdings, Inc. Class A (KCG) declared the preliminary results of its “modified Dutch auction” tender offer, which expired on June 2, 2015 at 5:00 p.m., New York City time.
Based on the preliminary count by Computershare, the depositary for the tender offer, a total of about 82.3 million shares of KCG’s Class A Common Stock were properly tendered and not properly withdrawn at or below $14.00 per share, counting about 9.0 million shares that were tendered by notice of guaranteed delivery. In accordance with the terms and conditions of the tender offer, and based on the preliminary count by the depositary, KCG anticipates to repurchase 23.6 million shares at $14.00 per share on a pro rata basis, except for tenders of odd lots, which will be accepted in full, for a total cost of about $330 million, not taking into account fees and expenses related to the tender offer. As such, KCG has been informed by the depositary that the preliminary proration factor for the tender offer is about 28.7%. The shares predictable to be repurchased represent about 22% of KCG’s Class A Common Stock outstanding not taking into account restricted stock units as of May 7, 2015.
The number of shares predictable to be purchased in the tender offer and the purchase price are preliminary and subject to change. The preliminary information contained in this press release is subject to confirmation by the depositary and is based on the assumption that all shares tendered by notice of guaranteed delivery will be delivered within the prescribed three trading day settlement period. The final number of shares to be purchased and the final purchase price will be declared following the completion by the depositary of the confirmation process. Payment for the shares accepted for purchase following the tender offer, and the return of all other shares tendered and not purchased, will occur promptly thereafter.
KCG Holdings, Inc., an independent securities firm, provides various services designed to address trading needs across asset classes, product types, and time zones. The company operates through three segments: Market Making, Global Execution Services, and Corporate and Other. The Market Marking segment principally comprises of market making in the cash, futures, and options markets across equities, options, fixed income, foreign currencies, and commodities.
NeoPhotonics Corp (NYSE:NPTN)’s shares gained 5.35% to $9.45.
NeoPhotonics Corp (NPTN) declared the closing of the underwriters’ formerly exercised over-allotment option to purchase 895,655 additional shares of common stock at $7.25 per share (less the underwriting discount). With this option exercised, the company’s follow-on offering totals 6,866,689 shares of common stock.
Needham & Company, LLC acted as sole book-running manager for the offering. Craig-Hallum Capital Group LLC and B. Riley & Co. acted as co-managers.
NeoPhotonics Corporation designs and manufactures hybrid photonic integrated optoelectronic modules and subsystems for bandwidth-intensive, high-speed communications networks. Its products comprise transmitter, receiver, and switching products for 100 gigabits per second (Gbps) optical transmission applications over distances of 2 to 2,000 kilometers; a range of products for optical communications networks and other applications, where the networks operate at speeds less than 100Gbps; and optical components for coherent systems, which manipulate light to encode ten times or more the amount of information in the same wavelength channel than is possible with traditional methods.
At the end of Wednesday’s trade, Amicus Therapeutics, Inc. (NASDAQ:FOLD)‘s shares gained 1.15% to $12.36.
Amicus Therapeutics, Inc. (FOLD) has presented a marketing authorization application (MAA) to request full approval of the oral small molecule pharmacological chaperone Galafold (migalastat HCl) for Fabry patients who have amenable genetic mutations. The brand name Galafold has been approved by both the European Medicines Agency (EMA) in addition to the U.S. Food and Drug Administration (FDA).
As formerly declared, Galafold is the first investigational Fabry drug to be granted Accelerated Assessment in the EU. Under Accelerated Assessment, the Committee for Medicinal Products for Human Use (CHMP) may shorten the MAA review period from 210 days, under standard review, to 150 days under Accelerated Assessment. The CHMP opinion is then reviewed by the European Commission, which generally issues a final decision on EU approval within three months. The MAA submission will be reviewed in the Centralized Procedure, which if authorized, provides a marketing license valid in all 28 EU member states. Once authorized, Amicus would then start the country-by-country reimbursement approval process.
Amicus also plans to conduct a pre-NDA meeting with the US FDA and to submit a New Drug Application (NDA) for Galafold in the United States under Subpart H1 in the second half of 2015.
Amicus Therapeutics, Inc., a biopharmaceutical company, focuses on the discovery, development, and commercialization of medicines for various rare and orphan diseases. Its product candidate is a small molecule that can be used as a monotherapy and in combination with enzyme replacement therapy (ERT) for Fabry disease. The company’s development programs comprise next-generation ERTs for lysosomal storage disorders (LSDs), such as Fabry disease, Pompe disease, and Mucopolysaccharidosis Type I.
Stock Building Supply Holdings Inc (NASDAQ:STCK), ended its Wednesday’s trading session with 13.26% gain, and closed at $20.50.
Stock Building Supply Holdings Inc (STCK) declared the signing of a definitive merger agreement under which the two companies will combine in an all-stock transaction. The combined company is predictable to have an implied pro forma enterprise value of $1.5 billion based on Stock Building Supply’s closing price on June 2nd.
The transaction will create a premier provider of lumber, diversified building products and construction services with over $2.7 billion in pro forma 2014 revenues and improved product and service offerings. The combined company will have expanded geographic reach in attractive, fast-growing regions across the United States, innovative technology capabilities and deep industry expertise to drive profitable growth and provide leading customer service.
Among the numerous benefits the combined company is predictable to bring to all stakeholders comprise:
- An improved growth, margin and return profile.
- A strong balance sheet and noteworthycash flow to support long-term planned growth in a highly fragmented industry.
- Noteworthyand achievable synergy potential rising to $30 - $40 million annually within two years.
- An expanded footprint from 21 to 42 metropolitan areas, principally in the fast-growing South and West regions.
- A shared deep commitment to providing solutions to customers while delivering a broad range of quality products and services.
Stock Building Supply Holdings, Inc., together with its auxiliaries, distributes lumber and building materials in the United States. It offers structural components, such as floor trusses, roof trusses, wall panels, and engineered wood products; and millwork and other interior products comprising interior doors, interior trim, custom millwork, moldings, stairs and stair parts, flooring, cabinets, gypsum, and other products.
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