On Friday, Avon Products, Inc. (NYSE:AVP)’s shares declined -6.65% to $4.00.
Avon Products, Inc. (AVP) issued the following statement in response to the press release issued on December 3, 2015 by Barington Capital Group:
We are aware that Barington has made a public declaration expressing its views on our business. Avon welcomes open communication with and feedback from our shareholders.
Our Board of Directors and administration team regularly review a wide range of options regarding our business and operations and take into account the views of Avon shareholders. We remain focused on taking planned actions to drive sustainable, profitable growth, address changing and challenging industry dynamics, create opportunity for our Representatives and enhance value for all Avon shareholders. This comprises the actions we have taken and continue to take to drive improved performance in the North American business.
We look forward to ongoing our dialogue with our shareholders as we execute our plans.
Avon Products, Inc. manufactures and markets beauty and related products worldwide. It offers beauty products, such as skincare, and personal care products, in addition to fragrances and color cosmetics; and fashion and home products comprising of jewelry, watches, apparel, footwear, accessories, gift and decorative products, housewares, entertainment and leisure products, children’s products, and nutritional products.
Goodrich Petroleum Corporation (NYSE:GDP)’s shares dropped -11.46% to $0.230.
Goodrich Petroleum Corporation (GDP) reminds holders of the Company’s 5.375% Series B Cumulative Convertible Preferred Stock (“Series B Preferred Stock”), 10.00% Series C Cumulative Preferred Stock (“Series C Preferred Stock”) and 9.75% Series D Cumulative Preferred Stock (“Series D Preferred Stock” and, together with the Series B Preferred Stock and the Series C Preferred Stock, the “Existing Preferred Stock”) that the formerly declared tender offers to exchange their Existing Preferred Stock for the Company’s newly created 10.00% Series E Cumulative Convertible Preferred Stock (the “Series E Preferred Stock”) will expire at 5:00 p.m., New York City time, on December 15, 2015.
Holders who have already tendered their shares of Existing Preferred Stock do not have to re-tender their shares or take any other action.
The terms and conditions of the tender offer, preceding to the amendment described in this release, were set forth in the Offer to Exchange and Letter of Transmittal, dated November 6, 2015 (the “Letter of Transmittal”), and the other related materials that the Company distributed to holders of the Existing Preferred Stock, which were filed with the Securities and Exchange Commission (“SEC”) as exhibits to the Plan TO on November 6, 2015 (the “Original Tender Offer Materials”). The Original Tender Offer Materials have been amended and supplemented by Amendment No. 1 to the Plan TO, which was filed with the SEC on November 18, 2015 and Amendment No. 2 to the Plan TO, which was filed with the SEC on December 9, 2015 (collectively, the “Plan TO Amendments”). The term “tender offer,” when used in this release, shall refer to the terms and conditions described in the Original Tender Offer Materials, as amended and supplemented by the Plan TO Amendments and this release.
Goodrich Petroleum Corporation, an independent oil and natural gas company, engages in the exploration, development, and production of oil and natural gas. The company holds interest in the Tuscaloosa Marine Shale located in southwest Mississippi and southeast Louisiana; and the Haynesville Shale Trend in Northwest Louisiana and East Texas.
At the end of Friday’s trade, Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR)‘s shares dipped -5.29% to $4.48, on the continued fallout after Moody’s (MCO) downgraded all ratings for the company to Ba3 from Ba2.
The firm also placed the ratings on review for further possible downgrades.
“These rating actions reflect Petrobras’ elevated refinancing risks in the face of deteriorating industry conditions that make it more difficult to raise cash through asset sales,” Moody’s said.
Petroleo Brasileiro SA Petrobras is a Brazil-based integrated energy company. The Company operates in the Exploration and Production (E&P); Refining, Transportation and Marketing (RTM); Gas and Power; Biofuels; Distribution, and International segments. E&P includes exploration, development and production of crude oil, natural gas liquid and natural gas in Brazil.