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OceanFreight Inc. (Nasdaq: (OCNFD) $9.47, and DryShips (Nasdaq: DRYS) announced today that the companies have entered into a definitive agreement for DryShips to acquire the outstanding shares of OceanFreight for consideration per share of $19.85, consisting of $11.25 in cash and 0.52326 of a share of common stock of Ocean Rig UDW Inc., a global provider of offshore ultra deepwater drilling services that is 78% owned by DryShips. The Ocean Rig shares that will be received by the OceanFreight shareholders will be from currently outstanding shares held by DryShips. Under the terms of the transaction, the Ocean Rig shares will be listed on the Nasdaq Global Select Market upon the closing of the merger.
Based on the July 25, 2011 closing price of 89.00 NOK ($16.44) for the shares of Ocean Rig on the Norwegian OTC, the transaction consideration reflects a total equity value for OceanFreight of approximately $118 million and a total enterprise value of approximately $239 million, including the assumption of debt.
What They Do: OceanFreight is an owner and operator of drybulk vessels that operate worldwide.
PLX Technology (Nasdaq: PLXT) $3.31. Today announced PLX's ExpressLane PEX8608 switch is providing the high-speed PCI Express (PCIe) interconnect in ASRock's new Extreme 4 Gen3 motherboard. The PEX8608 enables the Z68 Extreme4 Gen3 with unparalleled interconnect performance and flexibility, delivering a high-speed bridge between the board's Intel Z68 chipset and multiple PCIe Gen2 (5Gbps) endpoints -- including PCIe expansion slots, a Gigabit LAN, and a PCIe-to-PCI bridge -- thus optimizing the connectivity in gaming and other bandwidth-hungry applications. ASRock selected the PLX PEX8608 for the Z68 Extreme4 Gen3 motherboard to enable one of the Z68's built-in PCIe lanes to connect directly to the switch and fan out to various endpoints: two x1 PCIe slots, a Gigabit Ethernet port, PCIe-to-PCI bridge. The Z68 chipset itself links directly to the Z68 Extreme4's x4 PCIe slot.
"Our Z68 Extreme4 Gen3 was designed to deliver the optimal user experience in gaming and high-end graphics, which required a PCI Express switching solution that was up to the task," said James Lee, ASRock vice president of sales and marketing. "PLX has a long history and worldwide reputation for PCI Express technology that we felt was a perfect match for the Z68 Extreme4 Gen3, as the PEX8608 switch takes full advantage of the Z68 chipset and other cutting-edge technology we've built into the platform."
What They Do: PLX Technology is an industry-leading global provider of semiconductor-based connectivity solutions primarily targeting the enterprise and consumer markets.
Sanmina-SCI Corporation (Nasdaq: SANM) $9.22. Announced Monday after market close financial results for the third quarter ended July 2, 2011. Third Quarter Fiscal 2011 Highlights: Revenue of $1.67 billion, a 6.7 percent sequential improvement, GAAP operating margin of 3.2 percent, a 40 basis point sequential improvement, GAAP diluted earnings per share of $0.09.
GAAP operating income in the third quarter was $52.9 million or 3.2 percent of revenue, compared to $61.7 million or 3.8 percent of revenue in the third quarter fiscal 2010. GAAP net income in the third quarter was $7.2 million, a diluted earnings per share of $0.09, compared to $21.6 million, a diluted earnings per share of $0.26 for the same period of fiscal 2010.
What They Do: Sanmina-SCI Corporation is a leading electronics contract manufacturer serving the fastest-growing segments of the global Electronics Manufacturing Services (EMS) market.
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