First Uranium Corp.’s board formed a special committee to review the uranium and gold producer’s financial position, as well as to advise on various strategic alternatives. The Toronto, Canada-based company is also focused on reducing both corporate and non-core expenses in an effort to improve operational margins. First Uranium owns assets in South Africa, such as mining rights in the Ezulwini Mine and a storage facility at Mine Waste Solutions. For the fiscal fourth quarter ended March 31, revenue more than doubled to $28.6 million from $13.8 million a year earlier.
Teledyne Technologies Inc. (NYSE: TDY) has agreed to acquire Intelek PLC. The total value of the proposal, including Intelek’s stock options plus net debt and pension deficits, is roughly £35 million ($52 million). After the acquisition of the designer of electronic systems, Teledyne plans to mull over alternatives for Intelek’s CML division, a producer of precision machined and composite aerostructures used in jets, including its possible sale. N.M. Rothschild & Sons Ltd. is serving as financial adviser to Thousand Oaks, Calif.-based Teledyne on the proposed Intelek deal.
RAM Energy Resources Inc.’s (Nasdaq: RAME) directors authorized a review of alternatives. The Tulsa, Okla.-based company brought in Jefferies & Co. Inc. as financial adviser. The options under examination will include a sale, a refinancing and a recapitalization. RAM Energy will continue its drilling and development program during the review. It has not revised its business plan or amended its capital budget. The explorer and developer of oil and natural gas properties does not plan to discuss the review until its board approves a deal or a strategic option.
GenVec Inc. (Nasdaq: GNVC) has reached out to Wells Fargo Securities LLC for assistance as the Gaithersburg, Md.-based company starts evaluating strategic alternatives to improve shareholder value. GenVec will review the possible sale of its assets or of the entire company. It will also consider a merger, partnerships and collaborations. For the first quarter, the drug and vaccine developer’s losses narrowed to $4.7 million from $5.7 million a year earlier. Revenue also fell 23 percent to $2.9 million from $3.8 million. In March, GenVex stopped Phase III trials for TNFerade in patients with pancreatic cancer because effectiveness endpoints weren’t met.