STOCKS TELEGRAPH

Tag: NASDAQ: ALSK

  • Alaska Communications (NASDAQ: ALSK) To Be Bought By Macquarie Capital & GCM Grosvenor

    Alaska Communications (NASDAQ: ALSK) To Be Bought By Macquarie Capital & GCM Grosvenor

    Shares of Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) soared 59.69% during the pre-market trading session after the company disclosed that it has signed an agreement with Macquarie Capital and GCM Grosvenor. As per the agreement, Macquarie Capital and GCM Grosvenor will buy Alaska Communication in all cash deal valued at $300 million including the debt.

    An affiliate of Macquarie Capital and GCM Grosvenor will buy all the outstanding shares of common stock of Alaska Communications for $3.00 per share in cash. This will constitute a premium of approximately 57% over the closing per share price of $1.91 on November 2, 2020 which is the the last trading day before the completion of merger agreement. It also constitute a premium of approximately 50.8% over the 30-day volume weighted average price as of November 2, 2020.

    The deal will be completed after the approval of shareholders of Alaska Communcations and other cutomary condition. The deal include debt and equity financing and is not based on any condition related to financing. The Board of Directors of Alaska Communications has approve the agreement anfd suggested that all the stakeholders agreed over this propsed merger and merger agreement.

    The company is planning to host a special meeting of shareholders to discuss the merger agreement and will also take vote of the shareholders on merger agreement. Furthermore, TAR Holdings, LLC which hold 8.8% ownership in Alaska has also signed a voting agreement with Macquarie Capital and GCM Grosvenor and assured that it will vote in favor of merger.

    Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) shares were trading up 58.64% at $3.03 at the time of writing on Tuesday. Alaska Communications Systems Group, Inc. (ALSK) share price went from a low point around $1.37 to briefly over $2.86 in past 52 weeks. ALSK market cap has remained high, hitting $103.60 million at the time of writing.

    Global Investor rights firm, Halper Sadeh LLP has commenced investigation that whether the sale of Alaska to Macquarie Capital and GCM Grosvenor in $300 million cash trasnsaction is a just with the shareholders of Alaska Communications. The firm will investigate whether or not the Telecom company has violated the federal securities laws and/or breached their fiduciary duties to shareholders.

  • Stocks to Watch as Markets Rally on Election Day

    Stocks to Watch as Markets Rally on Election Day

    The markets are up this morning as the U.S goes to the election. The NASDAQ is up by 0.65% while the S&P 500 and the Dow are all up by over 1%. This is an indicator that the markets have factored in a win by either of the candidates. If Joe Biden wins and the democrats win both houses, the markets anticipate that this could lead to a huge stimulus package that could reignite growth in an economy that has been battered by the coronavirus. As a result, this could see consumer spending rise, business rebound and by extension, the equity markets rise post-election. On the other hand, if Trump wins and republicans retain the senate, the stimulus package would still come, since democrats and republicans were close to a deal on a fiscal package even before the election.

    Businesses would also continue to enjoy the favorable tax regime under President Trump, and also the favorable regulatory environment that saw the markets rally before the COVID-19 pandemic created uncertainties in the economy. For this reason, the stock markets are likely to keep gaining all through the voting day.  In this environment of high optimism, stocks with big news are likely to have a higher momentum throughout the day. Some of the stocks that are performing well pre-market and could record huge gains in the day are as below:

    Alaska Communications Systems Group Inc [NASDAQ: ALSK]

    Alaska Communications Systems Group Inc is a top gainer pre-market and is up by over 50%. This follows the company’s announcement that it had entered into an agreement to be bought by Macquarie Capital and GCM Grosvenor for $300 million. Under the deal, Macquarie and GCM will buy all outstanding stock at $3 a share, or a premium of 57% of its closing price yesterday.

    Sundial Growers Inc [NASDAQ: SNDL]

    Sundial Growers Inc is another top performer this morning and is up by over 30%. This follows the company’s announcement that it will be releasing its Q3 results on the 11th of November. From its price action, it is clear that investors expect the company to report strong results for Q3, and are taking positions in anticipation of the same.

    JAKKS Pacific Inc [NASDAQ: JAKK]

    JAKKS Pacific Inc is another top performer this morning and is up by over 29.26%. This follows the company’s announcement of strong Q3 results. CEO Stephen Berman stated that the Q3 results beat their expectations given the challenges that the company faced in the quarter.