Versum Materials Inc (NYSE:VSM) stock soared Monday after it said it plans to combine with Entegris Inc (NASDAQ:ENTG) in a merger that unites two chemical companies that make critical components for the semiconductor industry. Through the stock-for-stock merger Versum stockholders will receive 1.120 shares of Entegris for each existing Versum share. The combined company will have a market value of nearly $8 billion.
Versum's shares rose nearly 15% to $36.38, while shares in Entegris, which will hold 52.5% of the combined company, rose nearly 6% to $33.22.
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Rite Aid Corporation (NYSE:RAD) tumbled after it said Friday that its board had approved a reverse stock split. The Pennsylvania-based drugstore chain is facing a potential delisting from the New York Stock Exchange, and the move is aimed at regaining full compliance with NYSE’s listing rules. A special Rite Aid stockholders meeting has been scheduled for March 21.
Shares in the company tumbled 8.5% to $0.87.
Organogenesis Holdings Inc (NASDAQ:ORGO) shares have been on a wild ride with the thinly traded company facing a potential delisting from the tech-heavy Nasdaq stock exchange. The Canton, Massachusetts-based regenerative medicine company is staring at a looming March 31 deadline to rope in larger institutional investors. Other than sports medicines, the company makes Apligraf for the treatment of leg ulcers and diabetic foot ulcers.
Organogenesis stock plunged 7.6% to $14.80.
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Guess? Inc (NYSE:GES) plans to hire a former top executive at the company to serve as its next chief executive as the retailer tries to pull off a turnaround. The Los Angeles-based retailer said Victor Herrero, its current CEO, will leave the company on February 2. In his place, Guess? will hire Carlos Alberini, who served as president and chief operating officer at the company from 2000 until 2010.
Investors thumbed down the CEO reshuffle, sending the shares down 15.4% to $18.99 as the retailer has made progress of late, reporting three consecutive quarters of same-store sales increases after years of decline.
Contact Uttara Choudhury at uttara@proactiveinvestors.com
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