The U.S. stock market ushered a bleak Monday as the concerns on the deterioration of the European economy. But there are three stocks that have delivered a significant gain and made the top 3 stock gainers after they announced their merger plans, brightening the gloomy day.
Top stock gainer No.1: TIII
Tii Network Technologies, Inc. together with its subsidiaries, is engaged in the designing, manufacturing and sale of products to service providers in the communications industry for use in their networks in the United States. The company announced it has agreed to be acquired by Kelta, Inc. for $2.15 per share today or an aggregate price of approximately $33.1 million, representing a premium of 48% over the TIII stock closing price of last Friday..
TIII stock opened with an big increase of 45.51% compared with the previous trading day closing price of $1.45 per share, then the stock traded around the level to the close of today’s market, finally reported at $2.08 per share, representing an increase of 43.45%, or $0.63 per share.
Top stock gainer No.2: GOLF
Golfsmith International Holdings, Inc. is a holding company operating as a specialty retailer of golf and tennis equipment, apparel, footwear, and related accessories in the retail stores across the United States,.
Golf Town and Golfsmith International Holdings, Inc. announced that they have signed a definitive merger agreement, pursuant to which Golf Town will acquire Golfsmith, for $6.10 per share in cash. This transaction will be done in the third quarter of 2012. Boosted by the news GOLF stock jumped 28.24% at the openning and maintained the gain to the close of the market with a volume of 10.2 million shares versus an average daily volume of 6,362 shares.
Top stock gainer No.3: CSBC
Citizens South Banking Corporation is the the holding company for Citizens South Bank that provides various commercial banking services to local customers in the United States. Park Sterling Corporation and Citizens South Banking Corporation jointly announced today the signing of a definitive merger agreement, pursuant to which the former will acquire the latter for approximately $77.8 million, excluding an exchange of $20.5 million in preferred stock.
CSBC stock price opened 23.4% higher compared with last Friday’s closing price, then hit a 52 week new high of $6.44 in the early morning trading session. CSBC stock traded around the opening price to the closing bell of the market and finally reported an increase of 24.40%, or $1.22 per share.