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Published February 28, 2008 at 5:51 PM
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The large majority of stocks involved in pending deals declined Thursday as the broader market was dragged down by a below-expectation fourth-quarter U.S. Commerce Department gross domestic product report and a surge in crude oil prices to over $102 per barrel. The Dow Jones Industrial Average lost 112.10 points to close 12,582.18.
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- Children's Place Retail Stores Inc.'s shares tumbled 4.69% to close at $21.07 on news that shareholders have petitioned to block a $24 per share offer by its former CEO Ezra Dabah. Shareholders filed a class action against the company and its board, according to a Wendesday regulatory filing, alleging that Dabah's proposal is unfair and "timed to take advantage of a temporarily depressed market price of the company's stock."
- Countrywide Financial Corp.'s stock slid 4.87% to close at $6.64 per share. Countrywide CEO Angelo Mozilo is slated to testify on March 7 before a congressional committee examining the link between executive pay and the mortgage crisis. Earlier this month, Bank of America Corp. faced opposition of a major union and activists to its proposed $4 billion acquisition of Countrywide.
- Chipmaker Amis Holdings Inc.'s stock has had a roller coaster week, falling 4.63% Thursday to $6.80 per share, reversing a 5.16% gain Wednesday. It is the target of ON Semiconductor Corp., which mirrored its loss, also falling 4.63% to $5.98 per share. This would value the deal at about $6.88 per share as ON Semi has agreed to issue 1.15 of its own shares for every Amis share.
- Michael Rudnick
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