GNC (GNC) was up more than 12% Wednesday afternoon following reports that the health and fitness retailer was in talks to be acquired by Chinese buyers. The Wall Street Journal reported that the deal could be worth about $4 billion, including the company's debt. GNC's market cap is about $1.5 billion. 2016 has been a tumultuous year for the Pittsburgh-based retailer after the company unexpectedly changed CEOs amid a sharp fall in revenue. The company's stock fell by 25% immediately following the change and has not been able to recover since.
In other M&A news, Imperva (IMPV) shares were tanking Wednesday afternoon, down nearly 15% on reports that the cybersecurity software firm's efforts to find a buyer have stalled. Imperva shares have had a sharp run up over the last month when the first rumblings about the company's merger hopes emerged, jumping more than $10 in just a few sessions. However, Bloomberg reported today that any potential sale has been put on hold because the company is seeking a higher premium than the offers it has fielded. This has sent the inflated stock price crashing down.
Banc of California (BANC) shares were soaring Wednesday, up more than 20% after reporting better-than-expected third-quarter results before the opening bell. The bank also increased its full-year earnings expectations. The bank earned $0.59 per share, well ahead of analysts' $0.42 per share expectations. Revenue for the period jumped to $161.6 million from $106.3 million a year ago, topping analysts' $143.5 million expectations. Banc of California shares fell 30% Tuesday after a short-seller alleged that the company's leadership was affiliated with Jason Galanis, who pleaded guilty to conspiracy and securities fraud in July.
Shares of retailer Supervalu (SVU) were falling sharply Wednesday following the release of the company's mixed second-quarter results. The company matched analysts' profit expectations for the period, reporting earnings of a dime per share. Revenue for the quarter declined nearly 5%, however, with the $3.87 billion the company generated missing Wall Street's $3.95 billion estimates for the quarter.