On Thursday, Shares of Quality Distribution Inc. (NASDAQ:QLTY), skyrocketed 60.61% to $15.74, hitting its highest level.
Quality Distribution, has agreed to be taken private by Apax Partners in a cash and debt deal valued at $800 million.
Terms of the deal call for Apax to pay $16 per share for Quality, a premium of 63% to the target’s May 6 close. The agreement comprises a 40-day go-shop period where Quality may solicit alternative proposals.
Tampa-based Quality operates the largest chemical bulk logistics network in North America, and is also a provider of intermodal tank container and depot services through its Boasso American firm. The company also provides transport services to the oil and gas industries.
Company Chairman and CEO Gary Enzor said in a statement, the buyout “maximizes value for our shareholders” while giving Quality the financial wherewithal to pursue growth, counting M&A.
“Apax supports our strategy and is committed to assisting us continue our pursuit of planned growth in our chemical and intermodal businesses while managing the current market conditions in the energy industry,” Enzor said. “They will bring financial resources and expertise that will assist us as we expand Quality Distribution through internal investment and initiatives in addition to disciplined acquisitions.”
Quality Distribution, Inc., through with its auxiliaries, transports bulk chemicals in North America. It operates through three segments: Chemical Logistics, Intermodal, and Energy Logistics.
Shares of CEMEX, S.A.B. de C.V. (NYSE:CX), gained 1.14% to $9.77, during its last trading session.
On April 30, CEMEX, declared that as a result of the application of retained earnings for a capital enhance approved by CEMEX’s shareholders at the general ordinary shareholders meeting held on March 26, 2015, CEMEX shareholders will receive new shares as follows:
- 1 new CEMEX CPO per 25 CEMEX CPOs held, or, if applicable, 3 new shares per 75 shares presently outstanding.
- Holders of CEMEX American Depositary Shares (“ADS”) will receive 1 newly issued ADS per 25 ADSs held.
- No cash will be distributed by CEMEX, counting for fractions for which no shares are issued.
The delivery of the new CPOs or shares, as applicable, will be made starting on May 4, 2015. Only holders of record of CEMEX CPOs or ADSs as of April 30, 2015 (the record date) will receive new shares as a result of the enhance in the capital stock. The new ADSs to be issued will be distributed on or about May 8, 2015. Each ADS represents 10 CPOs.
CEMEX, S.A.B. de C.V., a building materials company, produces, markets, distributes, and sells cement, ready-mix concrete, aggregates, and other construction materials in Mexico, the United States, Northern Europe, the Mediterranean, South America, the Caribbean, and Asia.
At the end of Thursday’s trade, Shares of MetLife, Inc. (NYSE:MET), gained 1.29% to $52.07.
MetLife, stated the following results for the first quarter of 2015:
First quarter 2015 operating earnings comprised of the following item:
- Unfavorable catastrophe experience partially offset by favorable preceding year development, which resulted in a decrease in operating earnings of $16 million, or $0.01 per share, after tax.
MetLife’s operating return on equity (ROE), not taking into account accumulated other comprehensive income (AOCI) other than foreign currency translation adjustments (FCTA)*, was 11.7 percent for the first quarter of 2015 and the company’s tangible operating ROE* was 14.4 percent.
On a GAAP basis, MetLife stated first quarter 2015 net income of $2.1 billion, or $1.87 per share. Net income comprises $534 million, after tax, in net derivative gains, reflecting the weakening of foreign currencies against the dollar and lower interest rates. MetLife uses derivatives as part of its broader asset-liability administration strategy to hedge certain risks, such as movements in interest rates and foreign currencies. This hedging activity often generates derivative gains or losses and creates fluctuations in net income because the risk being hedged may not have the same GAAP accounting treatment.
MetLife, Inc. provides life insurance, annuities, employee benefits, and asset administration products in the United States, Japan, Latin America, Asia, Europe, and the Middle East. It operates in six segments: Retail; Group, Voluntary & Worksite Benefits; Corporate Benefit Funding; Latin America; Asia; and Europe, the Middle East and Africa.
Finally, Goldcorp Inc. (NYSE:GG), ended its last trade with 0.28% gain, and closed at $18.14.
Goldcorp declared its fifth monthly dividend payment for 2015 of $0.05 per share. Shareholders of record at the close of business on Thursday, May 14, 2015 will be entitled to receive payment of this dividend on Friday, May 22 , 2015.
Goldcorp has paid a monthly dividend to its shareholders since 2003. Canadian resident individuals who receive dividends from Goldcorp after 2005 are entitled to an improved gross-up and dividend tax credit on such dividends.
Goldcorp Inc. engages in the acquisition, exploration, development, and operation of precious metal properties in Canada, the United States, Mexico, and Central and South America. The company primarily explores for gold, silver, copper, lead, and zinc deposits
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