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Southwest Airlines (NYSE: LUV). Today announced that it has entered into a definitive agreement to acquire all of the outstanding common stock of AirTran Holdings, Inc. (NYSE: AAI), the parent company of AirTran Airways (AirTran), for a combination of cash and Southwest Airlines' common stock.
At Southwest Airlines' closing stock price of $12.28 on September 24, 2010, the transaction values AirTran common stock at $7.69 per share, or approximately $1.4 billion in the aggregate, including AirTran's outstanding convertible notes. This represents a premium of 69 percent over the September 24, 2010 closing price of AirTran stock. Under the agreement, each share of AirTran common stock will be exchanged for $3.75 in cash and 0.321 shares of Southwest Airlines' common stock, subject to certain adjustments, based on Southwest Airlines' share price prior to closing. Including the existing AirTran net indebtedness and capitalized aircraft operating leases, the transaction value is approximately $3.4 billion.
What They Do: Southwest Airlines is the nation's largest carrier in terms of originating domestic passengers boarded, now serving 69 cities in 35 states.
What They Do: AirTran Airways is the only major airline with Gogo Inflight Internet on every flight and offers coast-to-coast service on North America's newest all-Boeing fleet.
Hologic (Nasdaq: HOLX). Announced Friday after market close that the Radiological Devices Panel (Panel) of the U.S. Food and Drug Administration (FDA) today unanimously voted that Hologic's Pre-Market Approval (PMA) demonstrated both the effectiveness and safety of the Company's Selenia Dimensions three-dimensional (3-D) digital mammography tomosynthesis system, "Selenia Dimensions 3-D." In addition, the Panel voted in favor that the benefits of this new technology outweigh the risks.
Following today's FDA Panel meeting, which was held in Gaithersburg, Maryland, Hologic will work with the FDA on next steps for approval of its 3-D digital mammography system. While the Panel's favorable vote is advisory in nature, the FDA will consider it in its final review of Hologic's PMA application for the Selenia Dimensions tomosynthesis system.
What They Do: Hologic, Inc. is a leading developer, manufacturer and supplier of premium diagnostics products, medical imaging systems and surgical products dedicated to serving the healthcare needs of women.
Magal Security Systems (Nasdaq: MAGS) Today announced that it has received a US$2.3 million order for the support and maintenance of a major homeland security system in Israel. The two year contract is for services related to an existing large perimeter security system.
Eitan Livneh, President and CEO of Magal S3, commented: "Magal's client relationships and continued commitment to customer satisfaction enables us to sign long-term contracts and gain ongoing business with our customer base. This contract was achieved following another contract with an existing customer in Israel, to expand the security system of their site. Follow-on contracts like these allow us to plan forward and optimize our operations, which results in a positive impact on our financial results."
What They Do: Magal S3 is a leading international provider of security, safety and site management solutions and products.
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