Market Roundup

Shares of EMS Technologies Inc ELMG surged about 32.5% after Honeywell International Inc HON announced its plans to buy EMS Technologies for around $491 million. The purchase price values EMS at $33 per share, representing a 72% premium to the stock's three-month trading average. The deal is likely to close in the third quarter, and is not likely to add to Honeywell's full-year earnings. Shares of Quanex Building Product Corp NX dipped about 10% after the company swung to a loss in its fiscal second quarter and lowered its profit projections for the year. Quanex posted a quarterly loss at $1.4 million, or $0.04 per share, versus a year-ago profit of $4.3 million, or $0.11 per share. The recent results included $0.06 per share in accounting and acquisition costs. It revenue increased 1.9% to $203.1 million. However, analysts were expecting a profit of $0.11 per share on revenue of $196 million. Quanex now projects 2011 sales at the engineered products segment to be around flat versus prior year. It had earlier projected an increase in sales at the segment. Shares of Chesapeake Energy Corp CHK gained about 0.9% after the company reported that it will raise its quarterly dividend by 17% to 8.75 cents per share. Chesapeake Energy shareholders of record as of July 1 will receive the dividend on July 15. Shares of Timberland Co TBL rose about 42.5% after VF Corporation VFC announced its plans to buy Timberland for $43 per share. The deal values Timberland at $2 billion. The offer price for Timberland represents a 10% premium to its three-month trading value. The deal has been approved by both companies and is likely to close in the third quarter. The deal is likely to add around $700 million to VF's 2011 revenue. The deal also is likely to add $0.25 per share to VF's earnings this year, and $0.75 per share in 2012. Shares of Imperial Tobacco Group PLC ITYBY fell about 0.15% after the group projected lower profit in Spain. The group now projects adjusted operating profit from the country of 110 million pounds ($179 million), down from previous estimates for the year to September 30. Read more from Benzinga's Markets.