On Friday, Shares of JPMorgan Chase & Co. (NYSE:JPM), gained 0.50% to $67.89.
JPMorgan Chase & Co. declared dividends on the outstanding shares of the following preferred stock issue:
- Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series X in the amount of $305.00 per share (which is equivalent to $30.50 per related Depositary Share).
The dividend is payable October 1, 2015 to stockholders of record at the close of business on September 1, 2015.
JPMorgan Chase & Co. provides various financial services worldwide. The company operates through four segments: Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset Administration.
Shares of SFX Entertainment, Inc. (NASDAQ:SFXE), declined -28.35% to $1.39, during its last trading session, hitting its lowest level.
SFX Entertainment declared that its special committee of independent directors, with the concurrence of Robert F.X. Sillerman, the Company’s Chairman and Chief Executive Officer, has authorized the continued exploration of planned alternatives for the Company, counting the sale of all or substantially all of the Company’s assets in whole or in part. The Company has received an indication of interest at a price lower than the $5.25 per share offered by Sillerman in the merger agreement signed on May 26, 2015. Sillerman continues to be interested in taking the Company private, either alone or with one or more planned partners, although also at a lower price given the Company’s share price has declined substantially below that in the merger agreement. The special committee and its advisors will entertain offers for the entire Company in addition to assets not central to the Company’s core business through at least October 2, 2015. Sillerman has agreed to cooperate with the special committee to obtain the best accessible offer for the Company’s shareholders.
The October 2 date was chosen to allow potential bidders and their financing sources to have visibility into the Company’s performance during its peak festival season, thus providing a full and accurate picture of the Company’s results and prospects. To facilitate potential offers during this period, all “no-shop” restrictions and the related breakup fees provisions applicable to the Company under the merger agreement will no longer apply, enabling potential bidders to freely evaluate the Company in light of the recent substantial decline in its share price. Any new transaction will be evidenced by a new definitive agreement as the existing merger agreement is no longer effective.
SFX Entertainment, Inc. engages in the production of live events and digital entertainment content that focuses on the electronic music culture (EMC) and other festivals. The company produces and promotes live EMC festivals and events; produces music tours; and sells event tickets through a ticketing platform, in addition to provides merchandising and related services.
Finally, Rentech, Inc. (NASDAQ:RTK), ended its last trade with 5.07% gain, and closed at $0.73.
Rentech declared financial and operating results for the three and six months ended June 30, 2015.
Reorganization and Cost Savings Plans
Rentech plans to restructure its non-fertilizer businesses to focus on operations and execution, while significantly reducing corporate overhead. Rentech anticipates to complete the restructuring and realize at least $10 million of reductions in annualized selling, general and administrative (SG&A) expense run-rate exiting 2016. We expect to declare the details of the restructuring within the next 90 days. The scope and timing of the predictable cost reductions are the result of an ongoing comprehensive organizational assessment and are predictable to result in one-time charges.
Rentech, Inc., through its auxiliaries, provides wood fiber processing services, wood chips, and wood pellets. The company operates through five segments: East Dubuque; Pasadena; Fulghum Fibres; Wood Pellets: Industrial; and Wood Pellets: NEWP. It manufactures and sells natural-gas based nitrogen fertilizer products in North and South America.
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