Monthly Archives: May 2013

Kingsway to Conduct Rights Offering

(Market Cap $41 million) Kingsway Financial Services Inc. has filed a registration statement for a proposed rights offering relating to transferable subscription rights to purchase up to approximately $13.1 million of its shares of common stock and warrants to purchase Common Shares. Under the proposed rights offering, each shareholder of record as of the record date will…

Red Mountain.. Now BlueMountain

Purpose of the Transaction. The Reporting Persons hold 3,108,295 shares of Common Stock for investment purposes and in the ordinary course of business. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Representatives of the Reporting Persons have had discussions with the management of the Issuer and may continue…

Federal-Mogul to Conduct Rights Offering

Federal-Mogul Corporation intends to launch a registered rights offering on June 7, 2013 and pursue the refinancing of its outstanding indebtedness.  In the rights offering, each stockholder as of 5:00 p.m. Eastern Daylight Time on the record date of June 7, 2013 will be issued, at no charge, one transferable subscription right for each whole…

Asia Entertainment Rights Offering

 (Market Cap $168 million) Asia Entertainment & Resources Ltd. which operates a VIP room gaming promoter in Macau, today announced certain terms of the proposed rights offering previously announced on May 24, 2013. On the payment date, holders of every two outstanding ordinary shares as of the record date will receive a right to purchase…

Sallie Mae to Split into Two

Sallie Mae (SLM) Board has authorized management to pursue separation of the company’s existing businesses into two, separate, publicly traded entities — an education loan management business and a consumer banking business — to unlock value and enhance long-term growth potential. The strategic plan will create two companies, each initially owned by Sallie Mae’s existing…

Glenview Clarifies on its Position in HMA

(Market Cap $3.1 billion) Glenview Capital Management LLC, issued the following statement of clarification regarding its holdings in Health Management Associates, Inc. (HMA): “Investment funds advised by our firm, Glenview Capital Management, LLC (“Glenview”), presently hold approximately 37.8 million shares of Health Management Associates, Inc. (“HMA”), or approximately 14.6% of the Company. In our thirteenth…

Cray Family Trust’s Concerns Re MGP Ingredients

Item 4 is hereby amended and restated in its entirety as follows:  This report relates to, among other things, the formation of Cray Family Management LLC (“Management”) and Cray MGP Holdings LP (the “Partnership”) and the contribution of Common Stock to the Partnership.  Management was formed on September 25, 2012 and Partnership was formed on…

CVR Energy to Pay Special Dividend

CVR Energy, Inc. has declared a special dividend of $6.50 per share payable on June 10, 2013, to stockholders of record at the close of business on June 3, 2013.  The total amount of the special dividend payment will be approximately $564 million and brings the company’s cumulative dividends declared in 2013 to approximately $1.1 billion.

Holders To Get CVRs in Omthera Acquisition

AstraZeneca today announced that it has entered into a definitive agreement to acquire Omthera Pharmaceuticals, a specialty pharmaceutical company based in Princeton, New Jersey, focused on the development and commercialization of new therapies for abnormal levels of lipids in the blood, referred to as dyslipidemia. Omthera’s investigational product, Epanova™, for the potential treatment of patients…

Tessera Finally Settles with Starboard

Tessera Technologies, Inc. has entered into a settlement agreement with Starboard Value LP regarding the composition of the company’s Board. Pursuant to the agreement, after the company’s upcoming 2013 Annual Meeting, the Board will consist of 10 directors, including six of Starboard’s nominees and four of the Company’s nominees. Upon the execution of the agreement, Robert J….

Dover Corp to Spin Off Communications Unit

Dover’s Board of Directors has unanimously approved a plan to spin off certain of its communication technologies businesses into a standalone, publicly traded company. Upon completion of the spin off, the new company, Knowles Corporation, will be an independent, global technology and market leader in the communication technologies space.  Knowles will have significant product breadth…

Okumus Sees Value in Vocus, Inc.

Purpose of Transaction. The Shares held by the Reporting Persons were acquired for investment in the ordinary course of the Reporting Persons’ investment activities. The Reporting Persons believe that the Issuer’s financial performance can be improved to create greater value for the Issuer’s shareholders and accordingly, have had communication with the Issuer’s management with respect to…

FBR to Conduct Dutch Tender for 10.6% Shares

FBR & Co. has commenced a modified “Dutch auction” tender offer to purchase up to 1.25 million shares, or about 10.6%, of its outstanding common stock, at a price of not less than $22.50 and not more than $23.50 per share. The tender offer will expire at 12:00 midnight, New York City time, on June 18,…

Plains Exploration Will Pay Special Dividend on Merger

Plains Exploration & Production Company has declared a special one-time cash dividend of $3.00 per share, payable to PXP stockholders as of May 30, 2013, the dividend record date.  The dividend is conditioned upon and will be paid immediately prior to or upon the completion of PXP’s merger with Freeport-McMoRan Copper & Gold Inc. The merger…

Neutral Tandem Settles with Clinton Gp and Paying Special Div

Neutral Tandem, Inc. d/b/a Inteliquent (IQNT), has declared a special dividend of $1.25 per share and to initiate a quarterly dividend of $0.0625 per share of its common stock. Both dividends are expected to be declared and paid within the next three months. Inteliquent also announced today that it has reached an agreement with Clinton…

FirstGroup plc to Conduct 3 for 2 Rights Offering

The Board of FirstGroup plc today announces a fully underwritten Rights Issue to raise gross proceeds of approximately GBP615m. The 3 for 2 fully underwritten Rights Issue of 722,859,586 new ordinary shares will raise gross proceeds of approximately GBP615 million.  The issue price of 85p per represents a discount of 62.0 per cent. to the closing price on…

Yucaipa’s Offer After Court Setback

As disclosed on the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 8, 2013, in early April director Jason Taubman Kalisman filed a purported derivative action on behalf of the Company action in Delaware Chancery Court against the seven other current members of the Company’s board of directors and various third-parties…

US Cellular to Pay Special Dividend

United States Cellular Corporation has declared a special cash dividend of $5.75 per Common Share and Series A Common Share, for an aggregate amount of approximately $481 million. Payment will be made on June 25, 2013, to shareholders of record as of June 11, 2013. The company’s previously announced transaction to sell its Chicago, St. Louis,…