Monthly Archives: February 2012

Boise Inc Paying Special Div of $0.48 per Share

Boise Inc. declared a special cash dividend of $0.48 per common share, payable March 21, 2012, to shareholders of record on March 9, 2012. “The past year was our most successful year since our inception four years ago,” said Alexander Toeldte, president and chief executive officer of Boise Inc. “Our EBITDA excluding special items was…

Details on Intertainment Media’s Spin-off

Intertainment Media Inc.’s board of directors have reviewed various options for the spin out of its subsidiary Ortsbo Inc. and have elected to proceed with a transaction structure that it believes will be the most favorable to the current security holders of Intertainment. Intertainment and its board of directors undertook a thorough review of the…

FBL Finc’l to Conduct Dutch Tender for Shares

FBL Financial Group, Inc. has approved share repurchase transactions totaling up to $175 million. The repurchases will be effected by a tender offer for up to $140 million of shares of its Class A Common Stock and a separate agreement to repurchase up to 1,000,000 Shares from Iowa Farm Bureau Federation, its majority shareholder, for the…

Galena Biopharma Spin-off Distribution Date Announced

Galena Biopharma, Inc., a biotechnology company focused on oncology treatments today announced that its Board of Directors has declared a conditional spin-off stock dividend on Galena common stock of one share of common stock of RXi Pharmaceuticals Corporation, a subsidiary of Galena, for each outstanding share of Galena common stock. The dividend of RXi shares will…

Starboard Nominates Five to AOL’s BoD

February 24, 2012 AOL Inc.770 BroadwayNew York, NY 10003Attn: Members of the Board of Directors To the Board of Directors, Starboard Value LP, together with its affiliates (“Starboard”), currently owns approximately 5.2% of the outstanding shares of AOL Inc. (“AOL” or “the Company”), making us one of the Company’s largest shareholders.  As you know, we…

Mt Kellett Questions Baja Mining’s Governance Practices

Dear Fellow Shareholders: Like you, Mount Kellett Capital Management LP (“Mount Kellett”) is a strong believer in the potential of Baja Mining Corp. (“Baja”) and the Boleo project, the company’s large, high-grade, long-life copper deposit located in Baja California Sur, Mexico. This primary copper asset represents significant potential value for all shareholders that support its…

Kenneth Cole Offers to Take Co Private

February 23, 2012 Board of DirectorsKenneth Cole Productions, Inc.603 West 50th StreetNew York, NY 10019 Dear Members of the Board: I, Kenneth D. Cole, am pleased to submit this proposal to acquire all of the outstanding shares of common stock of Kenneth Cole Productions, Inc. (the “Company”) that I do not directly or indirectly own…

Kaydon to Pay Special Div of $10.50 per Share

Kaydon Corporation today announced that, on February 22, 2012, its Board of Directors declared a special cash dividend of $10.50 per share to be paid to shareholders of record as of March 5, 2012 with a payment date of March 26, 2012. The Company will fund the $337 million special dividend through available cash balances and…

Original 13D Filing on Franklin Financial

(Filed by Lawrence Siedman)   The Reporting Persons originally purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity.  Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase…

WebMD to Conduct Dutch Tender

WebMD Health Corp. intends to commence a modified “Dutch Auction” tender offer to repurchase $150 million of its common stock promptly after the filing of its annual report on Form 10-K.  Under the terms of the proposed tender offer, WebMD shareholders will have the opportunity to tender some or all of their shares at a price within…

Liberty Interactive to Recap and Issue Subscription Rights

Liberty Interactive Corporation is recapitalizaing its common stock into shares of the corresponding series of two new tracking stocks, Liberty Interactive and Liberty Ventures. The Liberty Interactive tracking stock group initially will have attributed to it QVC, the eCommerce companies, a 34% stake in HSN, approximately $500 million of cash, $2 billion principal amount of QVC’s…

SJ Strategic Nominates Three for Adams Golf BoD

Corporate Secretary Adams Golf, Inc. 2801 E. Plano Parkway Plano, Texas 75074 Ms. Pamela High: Pursuant to Section 3.13 of the Bylaws of Adams Golf, Inc. (the “Company”), SJ Strategic Investments LLC (“SJ”) hereby nominates the following three persons for election as directors of the Company at the 2012 Annual Meeting of Stockholders of the Company (the…

Marshall Edwards to Conduct a Rights Offering

Marshall Edwards, Inc., an oncology company focused on the clinical development of novel therapeutics targeting cancer metabolism, announced today that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission for a rights offering to existing stockholders to purchase up to $8 million of its common stock. The Company will…

Noranda to Recapitalize – Pay Special Dividend

Noranda Aluminum Holding Corporation announced today that its Board of Directors has approved plans to pursue a debt refinancing of the Company’s senior secured credit facility, including both its term loan and revolving credit facility. The refinancing is expected to result in two new senior secured credit facilities in an aggregate amount of approximately $550 million,…

Moab Will Nominate Two for Mac-Gray’s BoD

  Moab Capital Partners, LLC (“Moab Capital”) today announced that it has given notice to Mac-Gray Corporation (“Mac-Gray” or the “Company”) (NYSE: TUC) that it will be nominating two independent candidates for election to Mac-Gray’s Board of Directors at the 2012 Annual Meeting of Stockholders. Moab Capital is the investment manager of Moab Partners, L.P….

Cerberus Agrees to Standstill Period with GeoEye

  Item 4 is hereby amended by deleting the text thereof in its entirety and substituting the following in lieu thereof:          On February 9, 2012, the Company and Cerberus Capital Management, L.P. (“Cerberus”) entered into a letter agreement (the “Letter Agreement”) which provides that, in consideration for the Company further amending the Rights Agreement,…