By MarketWatch
(Corrects deal value in Allied Waste item.)
SAN FRANCISCO (MarketWatch) - Shares of the following companies were among those that made notable moves in the U.S. stock market Monday.
Advancers
CME Group Inc. /zigman2/quotes/210449693/composite CME +2.93% announced plans Monday for a share buyback and special dividend that effectively sweetens its agreed bid for Nymex Holdings Inc. (NYX). See related story.
Monday roundup
Citigroup and Goldman Sachs plan to lay off 10% of their investment banking groups; while Walgreen reports higher profit. (June 23)
Comtech Telecommunications /zigman2/quotes/209850231/composite CMTL +1.56% on Monday extended the expiration for its $11.50 a share offer for Radyne Corp. to midnight eastern on July 15. Based on a preliminary count about 88% of the shares have been tendered.
Credence Systems Corp. and LTX Corp. said late Sunday that they have entered a definitive agreement to combine the companies in an all-stock merger of equals. Under the terms of the agreement, Credence shareholders will receive shares of LTX based on an exchange ratio that will be determined at the closing of the merger to cause Credence shareholders to own 50.02% of the outstanding shares and LTX shareholders to own 49.98%.
Credence Systems Corp.: The two producers of automated test equipment for the semiconductor industry agreed to merge as equals. LTX will issue shares at a rate that gives Credence holders 50.02% and LTX holders 49.98% of the combined company. They expect to generate $25 million of annual cost savings.
Corn Products agreed to be acquired for $56 a share by Bunge. /zigman2/quotes/208554679/composite BG +1.38% The deal value is $4.8 billion, including Bunge's assumption of $414 million of CPO's debt. Separately, Bunge lifted its estimate of its 2008 earnings.
Digimarc: /zigman2/quotes/203424426/composite DMRC +5.44% French aerospace and telecoms firm Safran /zigman2/quotes/205372374/delayed SAFRF +2.35% on Monday said it's made a $300 million unsolicited cash offer for Digimarc after DMRC spins off its digital-watermarking business. Digimarc, a supplier of secure identity and media-management solutions, said its board would evaluate the proposal enable Safran to review its books. Digimarc said that for now, its deal to sell its ID systems business to L-1 /zigman2/quotes/209849927/composite ID -3.02% remains in effect. That deal, Digimarc said, has received U.S. antitrust clearance.
Expro International Group /zigman2/quotes/205418735/delayed UK:EXR 0.00% said Monday that it rejected a last-minute takeover offer from Halliburton Co. /zigman2/quotes/210488727/composite HAL +5.47% because the premium over its agreed deal wasn't enough to balance the delay in holders receiving their money. Halliburton proposed to pay 1,625 pence a share, or 1.82 billion pounds ($3.59 billion), on Friday, but then withdrew its interest after Expro declined to extend a deadline of midnight Friday.
Hercules Offshore Inc. /zigman2/quotes/214899455/composite HERO +0.40% said Monday that the board of directors has appointed John Rynd as the company's chief executive officer and president, succeeding Randall Stilley. Mr. Rynd also has been appointed as a director. Previously, Mr. Rynd spent 15 years at Noble Drilling Services Inc. Hercules shares fell 1.5% Friday to $35.46.
Medco Health Solutions Inc. is in line to provide Medicare pharmacy services for Coventry Health Care Inc. starting Jan. 1, the companies said. Coventry Health's Medicare programs cover some 1 million managed-care members, with their drug spending exceeding $2 billion a year. Terms of their preliminary pact were not disclosed.
J.C. Penney: Deutsche Bank upgraded the department store to buy from hold, saying recent sales trends have improved, as indicated by checks with customers and suppliers and a recent survey. The broker told clients, however, that it was not clear whether the improvement was driven by stimulus checks or warmer temperatures.
Total: ABN Amro upgraded the French oil giant to buy from hold, saying the group offers upside potential even if oil prices remain very high. It said the stock's chief attractions include the company's unusually strong pipeline of upstream projects and therefore stronger-than-peer growth prospects to 2017.
Wimm-Bill-Dann Foods: /zigman2/quotes/200511275/composite WBD +3.52% The Russian dairy group was upped to outperform from neutral at Credit Suisse on the back of the recent share-price performance. Though the broker is cautious about milk prices, it said concerns are reflected in the stock.
Decliners
Allied Waste Industries Inc.: Republic Services Inc. /zigman2/quotes/205979971/composite RSG +1.24% agreed to acquire Allied for stock, creating a major environmental-services provider, the companies said on Monday. Under the terms, Republic will pay 0.45 share for each Allied share. That's a deal value of more than $6 billion.
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