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NASDAQ Top Percentage Gainer; New Frontier Media (NASDAQ:NOOF) Spikes 53% on Acquisition News
Category: Investment
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Visit: New Frontier Media, Inc.
New York, New York - October 16, 2012 (www.investorideas.com newswire) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector for independent investors reports on the top percentage gainer on the NASDAQ for Tuesday morning. New Frontier Media, Inc. (NASDAQ:NOOF) is trading at $2.00, spiking 0.70 or 53.85% as of 10:14AM EDT on over 2.3 Million shares.
The Company reported today that it signed a definitive agreement to be acquired by LFP Broadcasting, LLC, an affiliate of L.F.P., Inc., the company founded and headed up by Larry Flynt, for $2.02 per common share in cash up front, or approximately $33 million, plus a contingent cash payment right for each common share. The acquisition price represents approximately a 79% premium to New Frontier Media's closing stock price on March 8, 2012, the day before New Frontier Media received a publicly-announced unsolicited acquisition proposal. The acquisition is expected to close during the fourth quarter of 2012.
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