Hillshire Brands Surges Midday as Bid Battle Continues

Hillshire Brands

Hillshire Brands Co (NYSE:HSH), Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) and Autohome Inc (ADR) (NYSE:ATHM) are today’s top gainers midday. The losers are The Ensign Group, Inc. (NASDAQ:ENSG), Theravance Inc (NASDAQ:THRX), Receptos Inc (NASDAQ:RCPT) – though in two of the three cases, “loser” is a rather deceptive term.

Hillshire Brands Gets a Boost

The share price of Hillshire Brands Co (NYSE:HSH) climbed +9.08% by midday today as the fight between Tyson Foods and Pilgrim’s Pride to take over the company continues. Today, Pilgrim’s Pride raised its bid to $55 per share in cash, and Hillshire said it would enter into separate discussions with both entities. Billionaire George Soros has been increasing his stake in HSH since June 2013 and is likely pleased with where the company is going, considering he’s gained 75.65% on his investment.

Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) rebounded +4.63% today after posting a -10.41% loss yesterday alone. Tiger Global picked up a position in the firm in Q1 – a decision the hedge fund’s managers may be regretting now.

Also starting this Tuesday off well is Autohome Inc (ADR) (NYSE:ATHM), the share price of which surged +4.25% early in the day. The company’s IPO lockup is set to expire on June 9th, meaning pre-IPO shareholders in the Chinese online automobile platform will be able to sell their outstanding shares. Tiger Global, also a shareholder in ATHM, will have to wait and see how this one plays out.

The Ensign Group Spin-off Shakes Things Up

Topping off today’s list of midday losers is The Ensign Group, Inc. (NASDAQ:ENSG), the price of which declined -41.09%. For Ensign investors, however, it’s not time to panic – in fact, it’s quite the opposite. The company successfully completed the spin-off of CareTrust REIT (NASDAQ:CTRE). ENSN shareholders will receive one share of CTRE common stock for each common stock held at the close of business on the 22nd of May. Having picked up a stake in ENSN in the first quarter of the year, Julian Robertson hit the nail on the head with this pick.

Theravance Inc (NASDAQ:THRX) dipped -18.53% today after completing the separation of Theravance Biopharma, a research and development-based biopharmaceutical business. The separation was completed by way of a dividend distribution of Theravance Biopharma shares to Theravance stockholders. Billionaire investor Seth Klarman has been increasing his allocation in the company across a handful of quarters.

The share price of biotech company Receptos Inc (NASDAQ:RCPT) fell -8.41% midday. The biotech company has struggled on the market over the past month, its price down -22.45%. Thomas Steyer significantly increased his position in RCPT in Q1 and now holds 310,000 shares.

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