High profile acquisitions fueled the market today, as Timberland, Graham Packaging, and EMS Technologies all saw massive trading following acquisition bids. Boingo, the wireless Internet provider, got a bump of its own on the company’s 10th anniversary.
Timberland (NYSE: TBL) was up more than 42% after it agreed to be acquired by VF Corp (NYSE: VFC) for more than $2 billion, or $43 per share. Analysts predict that Timberland will generate nearly $700 million in VF Corp. revenues this year. More than 17 million shares traded this morning with TBL near $42.80. VFC owns North Face and Van’s.
Boingo Wireless (NASDAQ: WIFI), the wireless Internet provider that gives consumers access to the web in public spaces like airports and hotels, was up more than 20% to top $9 this morning. The boost came after Boingo announced a 10th anniversary promotion, giving away portions of free web access time as well as giveaways of gadgets like Apple‘s (NASDAQ: AAPL) iPad and Barnes & Noble‘s (NYSE: BKS) Nook Color. Deutsche Bank upgraded its rating on WIFI to ‘Buy’.
Graham Packaging Company (NYSE: GRM) was up 18% to nearly $26 after it received an unsolicited acquisition offer of $25 per share in cash from an unnamed third party on Monday morning. Silgan Holdings (NASDAQ: SLGN) has already made an offer to acquire Graham. More than GRM 5.5 million shares were traded. Silgan was down nearly 5% to $41.
Gerber Scientific (NYSE: GRB), a provider of automated equipment and software, was up almost 36% midday, with shares trading slightly above $11. Gerber agreed to merge with private-equity firm Vector Capital Corp. for $11 a share in cash, or $282 million.
EMS Technologies (NASDAQ: ELMG) was up almost 33% to trade near $33 as it reported that Honeywell International (NYSE: HON) would acquire the company for $491 million. EMS specializes in wireless communication technology for government and business clients.
As of this writing, Anthony John Agnello did not own a position in any of the stocks named here. Follow him on Twitter at @ajohnagnello and become a fan of InvestorPlace on Facebook.
