Tuesday’s trading action featured several stock halts for various reasons ranging from notable news announcements or circuit breakers.
LPL Financial Holdings
Shares of LPL Financial Holdings (NASDAQ: LPLA), a broker-dealer and custodian for registered investment advisors, saw its shares halted on a circuit breaker after soaring around 10 percent in a very short period on heavy volume.
The halt occurred minutes before a Reuters report was released which suggested that the company is exploring strategic alternatives, including a potential sale of itself.
The company is reportedly working with investment bankers at Goldman Sachs on a sale process and at least one private equity firm may be interested in acquiring the largest independent broker-dealer in the U.S.
Shares closed the day at $33.01, up 6.86 percent.
Performance Sports Group
Performance Sports Group (NYSE: PSG) is a manufacturer and distributor of performance sports equipment for various sports. Shares were halted shortly before noon for pending news.
A Bloomberg report suggested that Brookfield Asset Management, a Canada-based alternative-asset manager, is considering a bid to acquire the company which owns the Bauer and Easton brands.
Bloomberg, citing people familiar with the matter, further noted that Brookfield has accumulated a 13.2 percent stake in the company over the past few months with the ultimate goal of presenting a formal takeover bid.
Performance Sports Group issued a public statement. At the request of the Regulatory Organization of Canada (IIROC), the company reminded the investment community that its Board of Directors has previously announced it formed a special committee to review and evaluate strategic alternatives.
The company added that discussions has occurred between interested parties but no agreement has yet to be reached.
Performance Sports Group added it won’t comment on the matter until any potential transaction is finalized.
Shares closed the day at $3.95, up 10.03 percent.
MGT Capital Investments
MGT Capital Investments (NYSE: MGT), a nano-cap company focused on acquiring, developing and monetizing online and mobile games, saw its shares halted for a pending news release.
MGT Capital provided an update to its pending acquisition of D-Vasive and Demonsaw. The company previously applied with the New York Stock Exchange to list 43.8 million shares to be issued to complete its merger with D-Vasive. The stock exchange denied the request but the company believes it has reached an agreement that would satisfy the exchange’s regulatory body.
Specifically, MGT Capital terminated its Asset Purchase Agreement with D-Vasive. Instead, it has reached agreements to exclusive licence or acquire the Demonsaw source code and technology platform from D-Vasive.
Shares closed the day at $2.50, up 39.28 percent.