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Champion Enterprises Inc. (CHB)
Champion Enterprises, Inc., a leader in factory-built construction, Monday said it and its domestic operating subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Company is taking this action to improve its capital structure and further strengthen its competitive position. The Company's operations in the United Kingdom and Canada were not included in and will not be impacted by the filing.
Nov 16 · 5:46:00 PM · Source: Company News
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by Larry Etter
Cisco (CSCO)
Cisco Monday announced a revised recommended voluntary cash offer to acquire TANDBERG. Under the revised terms, Cisco will offer to purchase all the outstanding shares of TANDBERG for 170 Norwegian Kroner per share for an aggregate purchase price of approximately $3.4 billion. Cisco will also increase the interest payable on the offer price to a rate of 3.00% from a rate of 1.75%. This revised offer represents Cisco's final price for this transaction, the company said.
Bloomberg quoted an analyst as saying "the fact they now have a pre-acceptance level of 40 percent increases the likelihood the bid will go through.
Nov 16 · 5:39:00 PM · Source: Company News Release
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by Larry Etter
Intel (INTC)
Intel Corporation Monday announced that its board of directors has approved a 12.5 percent increase in the quarterly cash dividend to 15.75 cents per share (63 cents per share on an annual basis), beginning with the dividend that will be declared in the first quarter of 2010.
Nov 16 · 5:33:00 PM · Source: Company News Release
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by Larry Etter
Caterpillar (CAT)
Caterpillar and the law firm of Schlichter, Bogard & Denton announced that they have reached a tentative settlement of Martin, et al. v. Caterpillar Inc., et al.
The case involves a dispute over the administration of four 401(k) plans for Caterpillar employees and retirees. Under the tentative settlement, which must be approved by an independent fiduciary and the judge, Caterpillar will pay $16.5 million.
Nov 14 · 4:33:00 PM · Source: Reuters
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by Michael Oliveto
Citigroup (C)
Bain Capital is finalizing a roughly $1.1 billion deal to buy Japanese telemarketer Bellsystem24 from Citigroup.
Nov 14 · 4:28:00 PM · Source: Reuters
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by Michael Oliveto
Burlington Northern Santa Fe (BNI)
The Shareholders Foundation Inc. announced that a lawsuit has been filed in Texas State Court on behalf of investors in Burlington Northern Santa Fe Corporation over alleged breaches of fiduciary duty in connection with an alleged unfair takeover by Berkshire Hathaway Inc.
The complaint alleges, among other things, that the defendants engaged in secret negotiations and the board of Burlington Northern agreed to coercive deal lock-up provisions by agreeing to a matching right, a no-solicitation provision and a termination fee of $264 million.
Nov 14 · 4:11:00 PM · Source: Reuters
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by Michael Oliveto
Bristol-Myers Squibb (BMY)
Bristol-Myers Squibb will continue to pursue acquisitions, the drug maker's financial chief said, with its war chest bolstered this week by a $1.75 billion cash infusion from a debt refinancing by its Mead Johnson Nutrition Co. (MJN).
By the end of this year, Bristol-Myers expects to have gross cash of more than $10 billion and more than $2 billion in net cash, factoring in the company's debt,
Nov 14 · 4:07:00 PM · Source: The Wall Street Journal
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by Michael Oliveto
Baker Hughes (BHI)
Data from oil-field services company Baker Hughes indicates that the number of rigs drilling for oil in the U.S. climbed this week, but the gas rig total slipped as producers curbed output in response to low prices.
The number of oil and gas rigs climbed to 1,101, up 23 rigs from the previous week. The number of gas rigs was 728, a decrease of six rigs from last week, while the oil rig count was 361, an increase of 29 rigs. The number of miscellaneous rigs was unchanged at 12 rigs.
The number of gas rigs in use peaked at 1,606 in September 2008. Producers have reduced natural-gas drilling sharply over the past several months in response to falling prices, but the rig count has stabilized in recent weeks as producers bet on colder winter weather and an economic recovery that would spark demand for the fuel.
Nov 14 · 4:02:00 PM · Source: The Wall Street Journal · Related: Oil
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by Michael Oliveto
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