After a slow start this morning the Dow has begun a rebound and is currently up 79 points heading into midday trading. Positive new home construction and jobs reports lead the way for the market to post its first weekly gain in over a month. While unemployment benefit applicant numbers are still over 400K they did see slight drop this last week. There are buyouts aplenty in the market today lets take a look at three of them making waves.
Southern Union Co. (NYSE:SUG) shares have jumped this morning rising 17% to $33.14 with an intraday high of $34.14. Volume has traded ten times above it average on news that Energy Transfer Equity (NYSE:ETE) agreed to purchase SUG for $4.2 billion. With the acquisition of Southern Union, ETE will be one of the nations largest natural gas pipeline owners with a capacity of 30.7 billion cubic feet. Energy transfer agreed to buy Southern Union for $33 per share a 17% premium over its previous closing price.
MediaMind Technologies (Nasdaq: MDMD) shares are up 37% to $21.98 this morning with an intraday high of $22.49. Volume is up on news that DG FastChannel, Inc. (Nasdaq:DGIT) has agreed to purchase MDMD for $418 million. The offer includes DGIT paying $22 per MediaMind share a 38% premium over its previous close. The deal is expected to close on the third quarter this year. DGIT said the deal will be funded by cash and debt financing from JPMorgan Chase and Bank Of America Merrill Lynch.
Parkvale Financial Corp. (Nasdaq:PVSA) shares have nearly doubled this morning climbing 81% to $19.97 per share. Volume is up as well with over 600K shares exchanging hands today. This large move is due to PVSA’s acquisition by F.N.B. Corporation (NYSE:FNB). The all stock transaction is expected to be worth $22.48 per share or roughly $130 million overall. The acquisition will make FNB the third largest deposit Market share in the Pittsburgh MSA with over $3.3 billion in deposits and 101 full services Branches.