Pre-Open Movers 6/24: (STEC) (VHS) (KEYN) Higher; (SZYM) (AGN) (SPPI) Lower (more...)

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sTec, Inc. (NASDAQ: STEC) 87.2% HIGHER; Western Digital Corporation (NASDAQ: WDC) and sTec, Inc. (NASDAQ: STEC) announced today that they have entered into a definitive merger agreement under which sTec, Inc., an early innovator in enterprise solid-state drives (SSDs), will be acquired by HGST, a wholly-owned subsidiary of Western Digital. sTec will be acquired for approximately $340 million in cash, which equates to $6.85 per share. This represents approximately $207 million in enterprise value, net of sTec's cash as of March 31, 2013.

Vanguard Health Systems, Inc. (NYSE: VHS) 64.6% HIGHER; Tenet Healthcare Corporation (NYSE: THC) and Vanguard Health Systems, Inc. (NYSE: VHS) have signed a definitive agreement whereby Tenet will acquire Vanguard for $21 per share in an all cash transaction. The acquisition is valued at $4.3 billion including the assumption of $2.5 billion in Vanguard debt. Tenet expects the transaction to be accretive to earnings in the first year. Anticipated annual synergies are $100 million to $200 million. Both Boards of Directors have unanimously approved the transaction and Tenet has secured fully committed financing from Bank of America Merrill Lynch.

Keynote (Nasdaq: KEYN) 47% HIGHER; has entered into a definitive agreement to be acquired by an affiliate of leading private equity investment firm Thoma Bravo, LLC in an all-cash transaction valued at approximately $395 million. Under the terms of the agreement, pending shareholder approval, Keynote stockholders will receive $20.00 in cash for each share of Keynote common stock. This represents an approximately 48% premium over the company's closing price on June 21, 2013.

Solazyme, Inc. (NASDAQ: SZYM) 12% LOWER; announced today that it has agreed with Roquette Frères, S.A. to dissolve their joint venture, Solazyme Roquette Nutritionals, LLC, in accordance with their Joint Venture and Operating Agreement dated November 3, 2010, by and between Roquette and Solazyme. The parties expect the formal dissolution to occur in the coming weeks.

Allergen (NYSE: AGN) 6.4% LOWER; FDA issued draft guidance for a non-clinical study pathway for generics to Restasis, the company's 2nd largest drug (~14% of revs) with 2015E sales of $1B+.

Spectrum Pharmaceuticals (NASDAQ: SPPI) 6.1% LOWER; Credit Suisse downgraded from Neutral to Underperform.

Rovi Corp. (NASDAQ: ROVI) 4.6% LOWER; Pacific Crest downgraded from Sector Perform to Underperform

hhgregg, Inc. (NYSE: HGG) 4.5% LOWER; filed a registration with the U.S. SEC to sell, from time to time, up to $300 million of Common Stock, Preferred Stock, Warrants, Debt Securities, or any combination thereof.

Deere (NYSE: DE) 3.1% LOWER; JPMorgan downgraded from Neutral to Underweight with a price target of $76.00 (from $91.00)

Excel Trust (NYSE: EXL) 2.5% LOWER; filed a registration with the U.S. SEC to sell, from time to time, up to $700 million of Debt Securities, Guarantees, Common Stock, Preferred Stock, Depositary Shares, Warrants, Rights, Units, or any combination thereof.

Illinois Tool Works (NYSE: ITW) 2.5% LOWER; Goldman Sachs downgraded from Neutral to Sell with a price target of $69.00 (from $71.00) citing a rich multiple with limited EPS upside.

AMD (NYSE: AMD) 1.2% HIGHER; FBR Capital upgraded from Market Perform to Outperform with a price target of $5.50 (from $3) following last week's GigaOM Structure conference in San Francisco and meaningful conversations with engineers and CTOs managing some of the world's largest hyperscale infrastructures.

Walgreen (NYSE: WAG) 1.1% LOWER; Cantor Fitzgerald downgraded from Buy to Hold with a price target of $49.00 (unchanged). Analyst Ajay Jain thinks valuation is full.

Ryland Group (NYSE: RYL) 0.5% HIGHER; Goldman Sachs resumes coverage on with a Conviction Buy List rating and $51 price target

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