U.S. stocks were trading slightly up Monday on 17th May, 2010 at 3:58PM EDT as the Dow Jones Industrial Average rose 12.77 points to 10632.93, the Standard & Poor’s 500 jumped 1.88 points to 1137.56 and the Nasdaq Composite climbed 6.51 points to 2353.36.
Shares of Virtual Radiologic (NASDAQ:VRAD, $16.92, +$3.93, 30.25%) are higher today after health care compan agreed to be acquired by private-equity firm Providence Equity Partners for $294 million in the latest small buyout for such investors. The offer price of $17.25 per share represents a premium of 33 percent over Virtual’s Friday close.
Universal Health Services Inc. (NYSE:UHS, $42.11, +$3.07, 7.86%), provider of behavioral-health services said today it will buy mental health facilities operator Psychiatric Solutions Inc (NASDAQ:PSYS, $32.42, -$0.21, -0.64%) for about $2 billion in cash. The companies value the total deal at approximately $3.1 billion, which includes $1.1 billion in debt. Universal Health will pay $33.75 per share, which is a 3.4 percent premium over Psychiatric Services Friday closing stock price of $32.63.
Toronto-Dominion Bank (NYSE:TD, $69.05, -$1.84, -2.60%), Canada’s second-biggest lender announced a deal Monday morning to acquire The South Financial Group, for about $191.6 million as it expands its footprint in the Southeast. Toronto-Dominion offered $61 million in cash or stock to buy all of South Financial’s shares.
U.K. life insurer Prudential Financial (NYSE:PRU, $60.91, +$0.45, 0.74%) on Monday unveiled a 14.5 billion pounds ($21 billion) rights issue to fund its purchase of the Asia-based life insurer AIA Group from bailed-out U.S. insurance firm American International Group, Inc. (NYSE:AIG, $38.93, -$0.79, -1.99%).
Goldman Sachs (GS) upgrades Alberto-Culver Co. (NYSE:ACV, $27.77, +$0.94, 3.50%) from Neutral to Buy and raised their price target from $32 to $33.