Today's Big Gainers: EPE, BVF, VRX, GBG
Tuesday, September 7, 3:07 PM ET

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The transaction would result in EPE becoming a wholly owned subsidiary of EPD and the cancellation of the 2% economic general partner interest, the general partner incentive distribution rights in EPD and approximately 21.6 million EPD common units currently owned by EPE. Affiliates of privately-held Enterprise Products Company will continue to own the general partner of the combined entity.

On the news, shares of Enterprise GP Holdings are up 11.8%.

In an email communication sent by Michael Pearson, Chairman and CEO of Valeant Pharmaceuticals to employees of Valeant and Biovail, he stated that "In terms of integration planning, we are largely finished...Over $300 million of cost synergies have been identified and we expect to realize well north of $200 million in 2011. The rest will be captured in 2012...we are planning to reduce headcount by approximately 25% across the U.S. and Canadian business of the combined company. In addition, our combined cash tax rate by the end of 2012 is expected to be approximately 15%."

Shares of Biovail are up over 9%. Valeant Pharmaceuticals (NYSE:VRX) is up nearly 6%.

Shares of Great Basin Gold (AMEX:GBG) are up 8.3% on more than double average daily volume.