Here are the most active stocks on Tuesday mid-morning on the TSX and TSX Venture Exchange.
On Tuesday, the top TSX mover was
Coastal Energy Company (
TSX: T.CEN,
Stock Forum). The stock was up 27.3% and was trading at $18.85 on volume of 16.9 million.
Today, the oil and gas exploration and development company announced that it has entered into a definitive merger agreement providing for the acquisition by Compañia Española de Petroleos, S.A.U. (CEPSA), a multinational oil and gas company, of all of the issued and outstanding shares of Coastal at a price of $19.00 per common share in cash. The purchase price represents a premium of 28% to the closing price of the company's common shares on the TSX on Nov. 18, 2013. The proposed transaction has an aggregate value of approximately $2.3 billion including the assumption of $51 million of net debt. The transaction, which will be completed by way of statutory merger, is expected to close in the first quarter of 2014.
Patheon Inc. (
TSX: T.PTI,
Stock Forum) was the second most active stock on the TSX. It gained 62.1% and was trading at $9.63 on volume of 3.7 million shares.
Today, the contract development and commercial manufacturing services company announced that it has entered into an arrangement agreement with JLL/Delta Patheon Holdings, L.P., a limited partnership (Newco) under which Patheon would be taken private pursuant to a court-approved plan of arrangement under the
Canada Business Corporations Act. Newco is sponsored by an entity controlled by JLL Partners, Inc., a private equity firm, and Koninklijke DSM N.V., a Netherlands-based science company. Cash consideration is equivalent to approximately $9.72 per share, representing a 64% premium to the closing price of the restricted voting shares on Nov. 18, 2013. The transaction provides total consideration to shareholders other than JLL affiliates of approximately US$582 million and implies an equity value for Patheon of approximately US$1.4 billion.
VentriPoint Diagnostics Ltd. (
TSX: V.VPT,
Stock Forum) was the volume leader on the TSX Venture Exchange. It soared 60% and was trading at $0.04 on volume of 2.7 million.
On November 15, the diagnostic tools creator plummeted 70%, and lost 44.4% on November 18, after reporting that the FDA has closed its review of the company's 510(K) application for approval of the Ventripoint Medical System (VMS(TM)) for use in Pulmonary Arterial Hypertension (PAH). The FDA has found that despite achieving an average agreement between VMS and MRI results within the allowable 10% mean difference, the substantial equivalency was not sufficiently proven to warrant approval.
The second most active stock on the TSX Venture was
Umbral Energy Corp. (
TSX: V.UMB,
Stock Forum). It rose 25% and was trading at $0.05 after 1.5 million shares changed hands.
On November 5, the resource junior announced a non-brokered private placement consisting of up to 10 million units at a purchase price of $0.05 per unit to raise gross proceeds of up to $500,000. The net proceeds from the private placement will be used by the company for general working capital.