On Wednesday, Shares of H & R Block Inc (NYSE:HRB), gained 7.50% to $35.42.
H&R Block declared that it is commencing its formerly declared “modified Dutch auction” tender offer for up to $1,500,000,000 of its common stock at a price per share not less than $32.25 and not greater than $37.00. The tender offer will expire at 5:00 P.M., New York City time, on Friday, October 2, 2015, unless extended by the company. Tenders of shares must be made on or preceding to the expiration of the tender offer and may be withdrawn at any time preceding to the expiration of the tender offer, in each case, in accordance with the procedures described in the tender offer materials.
A “modified Dutch auction” tender offer allows shareholders to indicate how many shares and at what price within H&R Block’s specified range they wish to tender. Based on the number of shares tendered and the prices specified by the tendering shareholders, the company will determine the lowest price per share within the range that will enable the company to purchase shares having an aggregate purchase price of up to $1,500,000,000. Upon the terms and subject to the conditions of the tender offer, if shares having an aggregate purchase price of less than $1,500,000,000 are validly tendered and not validly withdrawn, the company will buy all shares validly tendered and not validly withdrawn, subject to the satisfaction, in H&R Block’s reasonable judgment, or waiver of the conditions to the tender offer. The company also reserves the right, in the event that more than $1,500,000,000 of its shares are tendered in the tender offer at or below the purchase price, to purchase up to an additional 2% of its shares outstanding without amending or extending the tender offer. All shares purchased by the company in the tender offer will be purchased at the same price. Shareholders whose shares are purchased in the tender offer will be paid the determined purchase price in cash, less any applicable withholding taxes and without interest, after the expiration of the tender offer.
H&R Block anticipates to fund the purchase of shares in the tender offer with a combination of available cash, borrowings under a new credit agreement (the “2015 Credit Facility”) that its wholly owned partner, Block Financial LLC (“Block Financial”), intends to enter into preceding to the consummation of the tender offer (and that will be guaranteed by H&R Block) and/or proceeds of incremental debt Block Financial may issue preceding to the consummation of the tender offer. The tender offer will not be conditioned upon any minimum number of shares being tendered, but will be subject to certain other conditions, counting the condition that Block Financial enter into the 2015 Credit Facility and the availability of funds thereunder that, together with other available funds, are sufficient to fund the purchase of shares in the tender offer.
H&R Block, Inc., through its auxiliaries, provides tax preparation, banking, and other services to the general public primarily in the United States, Canada, and Australia. The company offers assisted income tax return preparation and related services through a system of retail offices operated directly by the company or by franchisees; and online tax services, such as tax advice, professional and do-it-yourself (DIY) tax return preparation, and electronic filing services through its Website hrblock.com.
Shares of California Resources Corp (NYSE:CRC), inclined 5.16% to $3.67, during its last trading session.
California Resources Corporation, declared that its executives will be participating in the following forthcoming conferences: Barclays CEO Energy and Power Conference on the morning of September 10th in New York City; Raymond James North American Conference on September 22nd in London and the Johnson Rice Energy Conference on September 29th in New Orleans.
The slides and webcast for the Barclays’ presentation will be available on the day of the event on the “Earnings and Presentations” page (select the “Investor Presentations” tab) in the Investor Relations section on crc.com.
California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. It produces oil, natural gas, and natural gas liquids. The company holds interests in about 2.4 million net acres.
Finally, Harman International Industries Inc./DE/ (NYSE:HAR), ended its last trade with 1.94% gain, and closed at $96.79.
Based on its analysis of the building automation (BA) market, Frost & Sullivan recognizes AMX by HARMAN’s enterprise automation solutions with the 2015 European Frost & Sullivan Award for Growth Excellence Leadership. AMX long-term and short-term strategies, together with its customer-centric approach, reflect well on its growth. For several years, AMX has achieved year-on-year growth rates, greater than the market average and maintained impressive profit margins, profit lines and gross sales.
AMX’s commitment to build a product portfolio based on open standards and architecture has enabled them to integrate their offerings with most competing technologies in the BA business. This strategy has also allowed customers, system integrators and end users to mix and match AMX products with that of other market participants.
Harman International Industries, Incorporated designs, engineers, manufactures, and markets audio systems, visual products, enterprise automation solutions, and connected services for automakers, consumers, and enterprises worldwide. It operates through four segments: Infotainment, Lifestyle, Professional, and Services.
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