US stocks bounced back in afternoon session on Monday as bargain hunters snapped up beaten down shares.
ATC Technology Corporation (NASDAQ: ATAC) soared more than 38% on Monday after it announced that it has agreed to be acquired by GENCO Distribution System, Inc., a privately held third-party provider of logistics services for retailers, manufacturers, and U.S. government agencies, in an all-cash merger valued at $512.6 million or $25 per share. The merger consideration represents a 43.4% premium over ATC's July 16, 2021 closing price and a 46.5% premium over the average closing price of ATC common stock over the 30 trading days prior to July 19, 2010.
ZAGG Inc (NASDAQ: ZAGG) surged more than 4% after the supplier of protective coverings and accessories for consumer electronic and hand-held devices announced that two of its products have been shown to help prevent loss of signal strength that has been attributed to placing a hand over the antenna on the lower left-hand corner of the Apple iPhone 4.
Shares of British engineering and manufacturing company Tomkins (NYSE: TKS) jumped more than 26% after it said that it has received a cash bid for the company valued at £2.86 billion ($4.38 billion) from Canadian private-equity firm Onex Corp. and the Canada Pension Plan Investment Board.
Shares of education companies such as Education Management Corp. (NASDAQ: EDMC) rallied as much 17% on Monday on rumors that changes to the gainful employment provision may be less restrictive than feared.
Disclosure: Author doesn't own any of the stocks discussed here.
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