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Market Update

Mallinckrodt Agrees to Acquire Questcor, Vocus Surges 47%


Author: Mukesh Buch
ticker.com
Last Update: 12:27 PM ET April 07 2014

12:25 PM New York Arthur J. Gallagher net surged 22% and agreed to acquire the insurance business of Australia-based Wesfarmers Limited for $1 billion. Energen agreed to sell Alabama Gas business to Laclede for $1.6 billion. Mallinckrodt agreed to acquire Questcor for $5.6 billion.

Alcoa Inc (AA) fell 9 cents to $12.54 after the aluminum producer scheduled to release its first quarter results after the market close of tomorrow.

Arthur J. Gallagher & Co (AJG) declined 3.9% or $1.81 to $45.03 after the insurance brokerage company agreed to acquire the insurance brokerage business of Australia-based Wesfarmers Limited for $1.01 billion.

The transaction is expected to close during the second or third quarter of 2014.

The company today reported revenue in the first-quarter ending in March climbed 35.7% to $915 million.

Net earnings in the quarter surged 21.7% to $49.3 million or 36 cents a diluted share compared to $40.5 million or 32 cents.

Electro Rent Corporation (ELRC) slid 13 cents to $16.48 after the electronic test and measurement maker said total revenues in the third-quarter slipped 4.2% to $62 million.

Net income in the quarter fell 10% to $4.5 million or 19 cents a diluted share compared to $5 million or 21 cents.

Energen Corporation gained 23 cents to $81.75 after the oil and gas explorer agreed to sell its natural gas utility business, Alabama Gas Corporation to The Laclede Group, Inc. for the value of $1.6 billion.

The transaction is expected to close in this year.

Mallinckrodt Plc dropped 3.5% or $2.17 to $60.35 after the Ireland-based specialty pharmaceuticals group agreed to acquire Questcor Pharmaceuticals Inc. for $5.6 billion.

Vocus, Inc (VOCS) surged 47.1% or $5.74 to $17.92 after the cloud-based software provider said it would be bought by private equity firm GTCR Valor Merger Sub Inc for about $446.5 million.

Under the terms, GTCR will offer the shareholders of Vocus $18 per share in cash.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc