On Monday, Shares of Dot Hill Systems Corp. (NASDAQ:HILL), lost -0.41% to $9.65.
Seagate Technology plc, declared that they have reached a definitive agreement under which a wholly-owned indirect partner of Seagate will commence a tender offer for all of the outstanding shares of Dot Hill in an all-cash transaction valued at $9.75 per share, or a total of about $694 million on a fully-diluted equity value basis. As Dot Hill has about $49 million in cash on its balance sheet as of June 30, 2015, the transaction reflects an enterprise value of about $645 million. The consideration represents a 50% premium over the preceding three month stock price average.
Dot Hill’s external storage array-based systems and software products will complement and expand Seagate’s storage systems offerings and be offered as part of Seagate’s Cloud Systems and Electronics Solutions business. Seagate will leverage Dot Hill’s storage technology IP portfolio and software capabilities to drive innovation and provide incremental value to their combined OEM customer base.
“Dot Hill’s innovative storage systems and IP portfolio are a planned addition to our storage technology portfolio, enabling us to accelerate the growth of Seagate’s OEM-focused cloud storage system and solutions business,” said Phil Brace, President of Cloud Systems and Electronics Solutions at Seagate. “We are focused on providing the highest quality storage systems for our OEM customers and Dot Hill’s storage solutions will enable us to advance our planned efforts. We look forward to welcoming Dot Hill’s strong team, which has proven experience in developing and delivering best-in-class storage solutions that are trusted by the world’s leading IT manufacturers and their channel partners, and we expect the transaction to be accretive to non-GAAP earnings in fiscal 2016.”
Dot Hill Systems Corp. designs, manufactures, and markets a range of software and hardware storage systems for the entry and mid-range storage markets worldwide. Its storage solutions comprise of integrated hardware, firmware, and software products employing a modular system that allows end-users to add various protocol, performance, capacity, or data protection schemes.
Shares of Hecla Mining Company (NYSE:HL), declined -9.30% to $1.95, during its last trading session.
Hecla Mining Company, declared its Board of Directors has elected to declare the regular quarterly dividend of $0.875 per share on the outstanding Series B Cumulative Convertible Preferred Stock, on 157,816 shares outstanding. This represents a total amount to be paid of about $138,000. The cash dividend is payable October 1, 2015, to shareholders of record on September 15, 2015.
Hecla Mining Company, together with its auxiliaries, discovers, acquires, develops, produces, and markets precious and base metal deposits worldwide. The company offers unrefined gold and silver bullion bars to precious metals traders; and lead, zinc, and bulk concentrates to custom smelters and brokers.
At the end of Monday’s trade, Shares of LyondellBasell Industries NV (NYSE:LYB), lost -3.74% to $77.25.
LyondellBasell Industries, declared that it has reached a definitive agreement for the acquisition of SJS Plastiblends Pvt. Ltd. (SJS), a polypropylene compounds (PPC) manufacturer, located in Aurangabad, Maharashtra, India. This planned acquisition will expand LyondellBasell’s existing footprint in India and further enhance the Company’s position in India’s growing automotive market.
“This acquisition will expand our global PPC manufacturing footprint and allow us to better compete in the long-term growth of India’s automotive market,” said Bhavesh V. (Bob) Patel, CEO and Chairman of the Administration Board of LyondellBasell. “We are very proud of the strong, global reputation we have built by manufacturing high-quality products and providing excellent service to our customers. We look forward to ongoing this tradition in India through this expansion.”
Globally, India represents the fourth largest growth market for automobiles, with three million new vehicles produced each year. According to IHS Inc., India’s automotive market is predictable to continue growing by six to eight percent annually through 2021. LyondellBasell has supplied the Indian market through imports and tolling arrangements since 2009.
LyondellBasell Industries N.V. operates as a manufacturer of chemicals and polymers, refiner of crude oil, producer of gasoline blending components, and developer and licensor of technologies for production of polymers. The company operates in five segments: Olefins and PolyolefinsAmericas; Olefins and PolyolefinsEurope, Asia, International; Intermediates and Derivatives; Refining; and Technology.
Finally, SunTrust Banks, Inc. (NYSE:STI), ended its last trade with -5.94% loss, and closed at $38.31.
SunTrust Banks declared that it has become a founding partner of the new home of the Atlanta Falcons and Atlanta United FC in 2017. The agreement extends SunTrust’s long-standing relationship with the organization covering more than 10 years.
As one of 14 founding partners, SunTrust will continue to serve as the official bank of the Atlanta Falcons and will also be the title sponsor of one of the premiere field level Clubs at the new stadium.
“Our great partnership with the Falcons organization and The Arthur M. Blank Family Foundation has been particularly rewarding over the years, providing positive exposure for SunTrust and the opportunity to work together in the community,” said Bill Rogers, chairman and CEO of SunTrust. “This enhancement of our relationship in the new stadium will provide us a bigger platform to promote our purpose of lighting the way to financial well-being.”
SunTrust Banks, Inc. operates as the holding company for SunTrust Bank that provides various financial services in the United States. The company operates in three segments: Consumer Banking and Private Wealth Administration, Wholesale Banking, and Mortgage Banking.
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