Hot Stocks Traders Recap: Universal American Corporation (NYSE:UAM), Endeavour Silver Corp (NYSE:EXK)

On Thursday, Shares of Universal American Corporation (NYSE:UAM), included11.36 % and shut at $9.90 inside the end purchasing and offering session. The last exchanging scope of the stock ranges amongst $9.79 and $10.00. WellCare Health Plans, Inc. (WCG) and Universal American Corp. (UAM) declared recently that they have reached a definitive agreement under which WellCare will acquire Universal American in an all cash transaction valued at $10.00 per share of common stock. This represents a 34 percent premium to Universal American’s 60-day volume-weighted average closing stock price as of November 16, 2016.

WellCare anticipates to retire Universal American’s outstanding preferred shares shortly after closing and, in connection with the merger, Universal American’s outstanding convertible notes will become convertible and holders will have the right to require their convertible notes to be repurchased. The projected price for Universal American’s common shares implies an equity value of about $600 million. With the retirement of Universal American’s preferred shares and its convertible debt, the transaction would be valued at about $800 million. The transaction was approved by the board of directors of WellCare and Universal American. The transaction is expected to be funded through available cash on hand and is expected to close in the second quarter of 2017.

Shares of Endeavour Silver Corp (NYSE:EXK), subtract- 4.35% and shut at $3.74 inside the last exchanging session. The rest of the purchasing and offering scope of the stock levels among $3.66 and $4.07. The association’s commercial center capitalization is $484.81 million with the general uncommon loads of 127.08 million. Endeavour Silver Corp., a mid-tier precious metals mining company, engages in acquisition, exploration, development, extraction, processing, refining, and reclamation of mining properties in Mexico and Chile. The company mainly explores for silver and gold deposits. It holds interest in the Guanaceví mine in the Durango state; and the Bolañitos and El Cubo mines in the Guanajuato state of Mexico. It also owns interests in various exploration properties, counting the Guadalupe y Calvo and Parral projects in Chihuahua, Mexico; the Terronera project in Jalisco, Mexico; and the Lourdes locate in Guanajuato state of Mexico. In addition, Endeavour Silver Corp. has options to acquire a 51% interest in the Panuco exploration property in Durango, Mexico; and purchase a 75% interest in the El Inca properties located in Chile.

Leave a Reply

Your email address will not be published. Required fields are marked *