Monthly Archives: July 2012

Spectrum Group Provides Details on Rights Offering

 Spectrum Group International, Inc. has approved a rights offering of shares of its common stock. Under the terms of the rights offering, each holder of common stock (other than Afinsa Bienes Tangibles, S.A. En Liquidacion and it subsidiary Auctentia, S.L.) will receive 1.4 transferable subscription rights for each share of common stock held as of the…

Hallador Energy Co Paying Special Cash Dividend

 Hallador Energy Company declared a special cash dividend of $0.50 per common share of which there are 28,320,669 outstanding. The cash dividend will be payable August 17, 2012 to shareholders of record at the close of business August 10, 2012.  The $.50 dividend would also apply to the 761,500 outstanding restricted stock units and to the 200,000…

Dole Foods Continues to Move Higher on Insider Buying

David Murdock owns 52 million (58.4%) Dole common shares and discloses in his SEC filings that “As previously reported, Mr. Murdock has pledged 27,710,000 shares of Common Stock as part of the collateral securing Mr. Murdock’s obligations under a credit facility, which Mr. Murdock uses to support various business activities. “ This morning he filed an amended 13D disclosing that…

ValueAct Wants Gardner Denver Sold

Diane K. SchumacherChairperson of the Board of DirectorsGardner Denver Inc.1500 Liberty Ridge DriveSuite 3000Wayne, PA 19087 Dear Diane, ValueAct Capital owns 2.5 million shares, representing 5.1% of Gardner Denver Inc.s (“GDI” or “the Company”) common shares outstanding. As a large shareholder, we are writing to recommend that the board of GDI pursue a sale of…

In Case You Glossed Over Earlier Alert on DRIV…

One of my biggest mistakes this year was not paying attention to AOL stock, which tripled after hitting a low of around $10 in August of last year.  I can’t beat myself up too badly about it since how could have I possibly known about its valuable patent portfolio? When I looked at it, the stock appeared to be cheap…

13D Filing on Cash-Rich Digital River

(Filed by Vista Equity Partners) The Reporting Persons purchased the Common Stock of Digital River for investment purposes. The Reporting Persons intend to exercise fully their rights as stockholders. The Reporting Persons are engaged in the investment business. In pursuing this business, the Reporting Persons will routinely monitor Digital River with regard to a wide…

13D Filing on Cash-Rich Digital River

(Filed by Vista Equity Partners) The Reporting Persons purchased the Common Stock of Digital River for investment purposes. The Reporting Persons intend to exercise fully their rights as stockholders. The Reporting Persons are engaged in the investment business. In pursuing this business, the Reporting Persons will routinely monitor Digital River with regard to a wide…

Choice Hotel’s Dividend Recap

Choice Hotels International, Inc. has declared a special cash dividend in the amount of $10.41 per share, resulting in an aggregate payment amount of approximately $600 million. The record date for the special cash dividend is August 20, 2012 and the special cash dividend will be paid on August 23, 2012.  The Company has been informed…

IDT Patent Spin-Off Deja Vous

IDT Corporation intends to spin-off its patent and licensing subsidiary, Innovative Communications Technologies, Inc. (ICTI) to its shareholders. ICTI’s intellectual property portfolio includes patents that principally relate to communications over computer networks. ICTI will prepare an information statement regarding the proposed spin-off and distribute it to IDT stockholders following completion of review of the proposed spin-off…

Second Activist to File 13D on STR Holdings

(Filed by Discovery Group) The Reporting Persons acquired beneficial ownership of the shares of Common Stock reported herein as part of their investment activities on behalf of the Partnerships.  The Reporting Persons acquired the shares of Common Stock reported herein because they believe that the trading prices of the Common Stock do not adequately reflect…

Houston American Energy to Explore Strategic Alternatives

Houston American Energy Corp. Board of Directors has approved the exploration of strategic alternatives for the Company.  The Company intends to engage an investment banking firm to assist in the evaluation of a broad range of financial and strategic alternatives, including, but not limited to, seeking additional financing to support the long-term development of its oil…

Dole Provides Update on Potential Spin-Off

  (Extract from Q2 earnings release) Strategic Business Review Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are assisting the Board of Directors and management in reviewing a number of strategic alternatives. The company is currently evaluating prospective transactions and options for a number of the company’s businesses and has been in discussions with numerous…

Washington Mutual Plans to Come Back to Life

July 19 (Reuters) – The company formerly known as Washington Mutual Inc is back in business after going through bankruptcy. In an unusual step for the parent of company of a failed bank, WMI Holdings is considering buying companies or starting businesses up itself. It has hired Blackstone to advise it, and has lined up…

Dole Provides Update on Potential Spin-Off

  (Extract from Q2 earnings release) Strategic Business Review Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are assisting the Board of Directors and management in reviewing a number of strategic alternatives. The company is currently evaluating prospective transactions and options for a number of the company’s businesses and has been in discussions with numerous…

PPG Industries Announces Spin-Off

PPG Industries’ and Georgia Gulf Corporation’s boards of directors have approved definitive agreements under which PPG will separate its commodity chemicals business and then merge it with Georgia Gulf. The transaction calls for PPG to form a new company by separating its commodity chemicals business through a spinoff or split off, and then immediately merging the business with…

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