On Tuesday, Shares of Monsanto Company (NYSE:MON), lost -0.40% to $89.18. The stock attained the volume of 3.19 million shares.
Monsanto Company (MON) declared that it has reached accelerated share repurchase (ASR) agreements with Citibank, N.A. and JPMorgan Chase Bank, N.A. to repurchase an aggregate of $3 billion of the company’s common stock. Recently’s ASR is part of Monsanto’s $10 billion share repurchase authorization declared in June 2014.
Under the terms of the ASR agreements, Monsanto will repurchase $3 billion of its common stock from Citibank, N.A. and JPMorgan Chase Bank, N.A. with an aggregate initial delivery of about 28.4 million shares based on current market prices. The final number of shares to be repurchased will be based on Monsanto’s volume-weighted average stock price during the terms of the transactions, less a discount. The ASR is predictable to be accomplished sometime in the next six months. The company is funding the ASR with proceeds from issuance of commercial paper and cash on hand.
Monsanto Company, together with its auxiliaries, provides agricultural products for farmers worldwide. It operates in two segments, Seeds and Genomics, and Agricultural Productivity.
At the end of Tuesday’s trade, Shares of Fortress Investment Group LLC (NYSE:FIG), inclined 7.54% to $5.85.
Fortress Investment Group LLC declared that it will close the Fortress Macro Funds and managed separate accounts (“FMF” or “the Funds”) and return all capital to investors by the end of the year. Fortress Principal Michael Novogratz, who founded the firm’s Liquid Markets business in 2002, is predictable to retire from the firm and its Board of Directors at year end.
In conjunction with declaration, Fortress will redeem all of Mr. Novogratz’ Fortress Operating Group Units, representing beneficial ownership of about 56.8 million class A or equivalent shares as of September 30, 2015. The company will repurchase Mr. Novogratz’ ownership interests at a price of $4.50, equivalent to a 17% discount to the closing price of Fortress Class A shares on October 12, 2015. As a result of this transaction, Fortress’s dividend-paying share count will be reduced by about 13%. Fortress will fund the transaction through a combination of accessible cash and a note issued to Mr. Novogratz. The transaction is subject to completion of definitive documentation and customary Board approvals.
As of June 30, 2015, FMF assets under administration (“AUM”) of about $2.3 billion represented about 3% of total Fortress AUM. FMF has been the core strategy in the firm’s Liquid Markets business, which accounted for about 2% of total Fortress pre-tax distributable earnings (“DE”) in the last 12 months through June 30, 2015. In aggregate, the firm’s Credit and Real Estate, Private Equity, Permanent Capital and traditional asset administration businesses have delivered annualized growth in DE and AUM of 24% and 14%, respectively, over the past three years.
Fortress Investment Group LLC is a publicly owned investment manager. The firm provides its services to pooled investment vehicles, pension and profit sharing plans, corporations, institutional managed accounts and structured products, banking or thrift institutions, investment companies, charitable organizations, and state or municipal government entities.
Finally, Shares of Amgen, Inc. (NASDAQ:AMGN), ended its last trade with -3.56% loss, and closed at $147.58.
Amgen (AMGN) and LabCentral declared that Novopyxis, Inc. and Cocoon Biotech, Inc. are Amgen’s 2015 selection for Golden Ticket winners, which supply each company with lab space at LabCentral. LabCentral is an innovative, shared laboratory space designed as a launch pad for life-sciences and biotech startups.
As one of LabCentral’s platinum sponsors, Amgen can nominate up to two early-stage companies per year to take up residence in LabCentral’s Kendall Square facilities in Cambridge, Mass. Novopyxis and Cocoon Biotech are each working on new ways to deliver potential life-changing therapies.
Novopyxis is developing medical devices and therapeutics to treat diseases that presently have few treatment options. The company’s flagship transdermal delivery system, Droplette, exploits fluid physics phenomena to generate an improved aerosol that enables painless and contact-free delivery of large molecules deep through skin. Additionally, Novopyxis has a therapeutic arm with two lead compounds presently undergoing preclinical testing.
Amgen Inc., a biotechnology company, discovers, develops, manufactures, and delivers human therapeutics worldwide. It focuses for the treatment of illness in the areas of oncology, hematology, inflammation, bone health, nephrology, cardiovascular, and general medicine.
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