Sunrise Senior Living (NYSE:SRZ) entered into a settlement and restructuring agreement with HCP, Inc. to, among other things, transition Sunrise from management of 27 HCP-owned senior living communities for an aggregate cash payment of $50 million to Sunrise, and to settle the lawsuits between the Company and HCP pending in Virginia and Delaware. Sunrise made a $15 million principal repayment of its bank credit facility and entered into a 14th amendment to its credit agreement extending the maturity date to December 2, 2011.
On the news, shares of Sunrise are up 47%.
Burger King (BKC) is reportedly in talks with potential buyers. The Wall Street Journal reported that the fast food chain had discussed a potential takeover with private equity firms, including UK-based 3i Group.
Shares of Burger Kign are higher by 15%.
Rowan Companies (NYSE:RDC) is trading up 10% today on relatively normal trading volume.
ProAssurance (NYSE:PRA) and American Physicians Service Group (AMPH) announced they have entered into an agreement which calls for ProAssurance to acquire all the outstanding shares of American Physicians Service Group in an all-cash transaction for $32.50 per share. The transaction is expected to close by year-end.
Shares of American Physicians Service Group are higher by 22.6%.
G-III Apparel Group (NASDAQ:GIII) reported that, for the three months ended July 31, net sales increased by 39%. Net income improved to $3.0 million, or $0.15 per diluted share, compared to a net loss of $2.8 million, or a loss of $0.17 per share, in the year-ago quarter.
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