52-Week Stock Lows April 11th: Groupon, Chesapeake Energy, Best Buy
Abitibibowater Inc (NYSE:ABH): Mercer International (NASDAQ:MERC) announced that, pursuant to an amended support agreement with Fibrek Inc., it has increased its offer to acquire all of the issued and outstanding common shares of Fibrek to C$1.40 per Fibrek share. Pursuant to the enhanced offer, Mercer is offering to acquire all of the outstanding Fibrek shares for consideration per Fibrek share, at the election of each holder, in one of the following forms: C$1.40 in cash per Fibrek share – subject to proration; 0.1659 of a share of Mercer’s common stock per Fibrek share – subject to proration; or C$0.64 in cash plus 0.0903 of a Mercer Share per Fibrek share. Under the enhanced Offer, the aggregate cash consideration has been increased to approximately C$83M, while the maximum number of Mercer shares available to be issued under the offer remains 11,741,496 Mercer shares. The enhanced Offer represents, as at Feb. 9, the date immediately before the company announced its initial offer, a premium of 40% over the unsolicited insider bid made by AbitibiBowater (NYSE:ABH), 94% over the closing price of the Fibrek shares on Nov. 28, 2011, the date of announcement of the Abitibi bid, and approximately 84% over the volume-weighted average trading price of the Fibrek shares on the Toronto Stock Exchange for the 20 trading days ending on such date. The shares closed at $13.44, up $0.03 or 0.22% on the day. They have traded in a 52-week range of $13.32 to $27.46.
Best Buy Co. (NYSE:BBY): After a Citigroup analyst suggested yesterday that Best Buy (NYSE:BBY) could be a good candidate for a private equity takeover, a New York Times analyst late yesterday afternoon wrote that the retailer does look like a potential takeover target for private equity firms by some measures, but also presents some challenges for private equity. Specifically, the retailer’s real estate holdings aren’t worth much, and the deal would be larger than most transactions that have been carried out by private equity firms in recent years, the newspaper noted. The shares closed at $21.96, up $0.64 or 3% on the day. They have traded in a 52-week range of $21.21 to $32.85.
Chesapeake Energy (NYSE:CHK): Amid growing production levels, natural-gas futures broke through the $2/MMBtu level for the first time since 2002, reports the Wall Street Journal. The shares closed at $20.08, down $0.61 or 2.95% on the day. They have traded in a 52-week range of $20.41 to $35.75.
Groupon Inc (NASDAQ:GRPN): Groupon launches G-Pass for expedited GrouponLive events entry. The shares closed at $13.08, down $0.47 or 3.47% on the day. They have traded in a 52-week range of $13.30 to $31.14.
Jaguar Mining Inc (NYSE:JAG): Jaguar Mining (NYSE:JAG) rallied yesterday after Shandong Gold shares were suspended from trading on the Shanghai Stock Exchange pending an announcement about a bid for mining assets, Bloomberg reports. Shandong previously made a $785M, $9.30 per share offer for Jaguar, two people familiar with the deal told Bloomberg November 16, 2011. Jaguar announced that same day it had received proposals in recent weeks and that it had begun a strategic review to explore its options. The shares closed at $3.54, down $1.07 or 23.21% on the day. They have traded in a 52-week range of $4.00 to $8.18.
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