Ahead of some big central bank meetings later this week, including the Federal Reserve on Wednesday, it was not surprising to see stocks start the week in sluggish fashion.
The S&P 500 was flat, while the Dow Jones Industrial Average lost 0.02%. The Nasdaq Composite finished lower by 0.18%.
As stocks looked tired ahead of this week’s central bank meetings, Infoblox Inc (NYSE:BLOX), Isle of Capri Casinos (NASDAQ:ISLE) and Sarepta Therapeutics Inc (NASDAQ:SRPT) provided plenty of excitement.
Infoblox Inc (BLOX)
Shares of network security company Infoblox Inc surged 15.4% on more than 33 times the average daily volume after the company agreed to be acquired by private equity firm Vista Equity Partners. Vista Equity is offering $1.6 billion for BLOX.
BLOX investors will receive $26.50 per share in cash, a 33% premium over last Friday’s closing price. BLOX previously received a takeover offer from private equity firm Thoma Bravo, which has been a prolific buyer of technology companies.
The deal for Infoblox is expected to close in the three-month period leading up to the end of January. BLOX will remain based in California and keep its current management team.
Isle of Capri Casinos (ISLE)
Shares of Isle of Capri Casinos climbed more than 30% with upwards of 15 times the usual turnover on news that Eldorado Resorts Inc (NASDAQ:ERI) is acquiring the casino operator for $950 million.
Eldorado’s offer for ISLE values the company at $23 per share, a 36% premium over last Friday’s closing price. Eldorado is paying for ISLE with 58% cash and 42% stock.
“The combined company will have 20 properties in 10 states and would have generated about $1.8 billion in revenue for the 12 months ended in June,” according to the Wall Street Journal.
The deal is expected to be finalized by the second quarter of next year.
Sarepta Therapeutics Inc (SRPT)
Shares of Sarepta Therapeutics Inc soared 73.9% on more than 20 times the average daily volume after the company won approval from the Food and Drug Administration (FDA) for its eteplirsen injection drug.
As InvestorPlace reported earlier today, “Eteplirsen, otherwise known as Exondys 51, has been approved for the treatment of Duchenne muscular dystrophy, particularly in patients with a rare form of DMD.”
Last week, SRPT soared following the departure of Ron Farkas from the FDA. Farkas, a critic of the DMD treatment, led the team reviewing the treatment.
As of this writing, Todd Shriber did not hold a position in any of the aforementioned securities.