MedEquities Realty Trust (NYSE:MRT) is starting the new year with a pop in its share price following the news that it will be acquired by a rival real estate investment trust Omega Healthcare Investors Inc (NYSE:OHI) for $600 million in stock and cash. Under the deal’s terms, shareholders of MedEquities will get 0.235 Omega shares and $2 in cash for every MedEquities share they own. The acquisition values MedEquities stock at $10.26 based on the $35.15 closing price for Omega last Monday. Separately, eligible MedEquities shareholders will also receive a dividend of $0.21 per share in cash. The deal is set to close in the first half of 2019.
MedEquities shares rose 44.2% to $9.85.
Biome Grow Inc (CSE:BIO) (OTCMKTS:BIOIF) is also seeing its shares jump after kicking off its first day of trading on the OTCQB Venture market under its new ticker symbol BIOIF. The new listing marks a key step for the Canadian cannabis firm, which is looking to recruit more US retail and institutional investors and increase liquidity. Biome Grow continues to trade on the Canadian Stock Exchange under the ticker symbol BIO.
Biome Grow added 5.8% to trade at $0.51.
Shares of Windstream Holdings (NASDAQ:WIN) are gaining considerable traction as well on Wednesday after the data networking group announced the sale of its EarthLink consumer internet business for $330 million. The buyer of the business, which Windstream acquired in February of 2017, is Trive Capital, a private equity firm in Dallas. The EarthLink business offers internet access, web design and hosting and various email services to over 600,000 customers across the US.
Windstream added 27% to hit $2.65.
Shares of NETGEAR Inc (NASDAQ:NTGR) are tumbling after the Californian networking company unveiled the completion of the spin-off of its security camera operation Arlo Technologies. NETGEAR has finished its distribution of 62.5 million shares of Arlo stock or the 84.2% stake it owned. The company no longer owns any shares of Arlo stock. The distribution took place in the form of a pro rata dividend to each NETGEAR shareholder. The company’s shareholders received 1.980295 shares of Arlo stock for every share of NETGEAR stock held as of the record date.
NETGEAR shares slipped 37% to $33.10.
Contact Ellen Kelleher at [email protected]