Diamonds and Dogs
MicroFinancial Inc. (MFI) MicroFinancial Inc. is bucking the trend today, up 22.77% to $10.19. The commercial and consumer finance company saw its shares spike after news it would be acquired by Fortress Investment Group. Under the terms of the agreement, Fortress Investment Group will commence a tender offer for all shares of outstanding common stock of MicroFinancial for $10.20 per share in cash. CEO of MicroFinancial, Richard F. Latour said, "We believe that the share price of $10.20 per share represents a compelling value for our shareholders. This price represents a significant premium over the current trading price and our book value." Shares of MFI spiked nearly $2.00 today to a new 52-week high of $10.38. CGG (CGG) CGG is tanking today, down 28.05% to $6.13. The geoscience company (which provides geological, geophysical, and reservoir services for oil and gas exploration) saw its shares fall after news that its pending buyout offer was revoked. Technip offered CGG $10.31 a share in a buyout offer, however today Technip has backed out of its offer. Technip management stated that it would no longer make an offer after discussions that have been going on since November have failed to reach an agreement. Shares of CGG fell nearly $2.40 today but managed to stay above their 52-week low of $5.50.
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