On Friday, Norfolk Southern Corp. (NYSE:NSC)’s shares declined -2.66% to $78.95.
Norfolk Southern Corporation (NSC) accomplished the acquisition of 282 miles of the Delaware & Hudson Railway Co.’s (D&H) line between Sunbury, Pa., and Schenectady, N.Y., a $214.5 million transaction that enhances options for rail carriers and supports jobs in Pennsylvania, New York, and New England. D&H is a partner of Canadian Pacific (CP).
The attained lines connect with NS’ network at Sunbury, Pa., and Binghamton, N.Y., and they provide NS single-line routes from Chicago and the southeastern United States to Albany, N.Y., and NS’ intermodal terminals in Scranton, Pa., and Mechanicville, N.Y. NS also gains an improved connection to its joint venture partner Pan Am Southern, which serves New England markets. Additionally, NS has attained D&H’s car shop in Binghamton together with other facilities along the corridor.
Norfolk Southern Corporation, together with its auxiliaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. As of December 31, 2014, it operated about 20,000 miles of road in 22 states and the District of Columbia. The company also operates planned passenger trains; transports overseas freight through various Atlantic and Gulf Coast ports; and provides logistics services.
Basic Energy Services, Inc (NYSE:BAS)’s shares dropped -2.77% to $4.57.
Basic Energy Services, Inc. (BAS) stated selected operating data for the month of August 2015. Basic’s well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 51,900 producing a rig utilization rate of 53%, contrast to 52% and 74% in July 2015 and August 2014, respectively.
During the month, Basic’s fluid service truck count raised by eight to 1,015. Fluid service truck hours for the month were 188,100 contrast to 193,200 and 215,100 in July 2015 and August 2014, respectively.
Drilling rig days for the month were 86 producing a rig utilization of 23%, contrast to 19% and 83% in July 2015 and August 2014, respectively.
Roe Patterson, Basic’s President and Chief Executive Officer, commented, “Given the volatility in oil prices during the month of August and the corresponding impact on our customers’ spending, we were happy to maintain utilization at relatively flat levels contrast to July for our production related services. However, to maintain these utilization levels, we did give additional rate concessions in all business segments. Activity levels for our completion related services were lower in August than July due to lower customer spending resulting from the drop in oil prices.
Basic Energy Services, Inc. provides well site services to oil and natural gas drilling and producing companies in the United States. Its Completion and Remedial Services segment offers pumping services, such as cementing, acidizing, fracturing, nitrogen, and pressure testing; rental and fishing tools; coiled tubing; snubbing services; thru-tubing; cased-hole wireline services; and underbalanced drilling in low pressure and fluid sensitive reservoirs. This segment operates 291 pumping units; and 66 air compressor packages, counting 36 snubbing units, 16 coiled tubing units, and 10 wireline units.
At the end of Friday’s trade, Take-Two Interactive Software, Inc. (NASDAQ:TTWO)‘s shares dipped -0.03% to $29.53.
Take-Two Interactive Software, Inc. (TTWO) declared that the Company will provide a live listen-only webcast of its Annual Meeting of Stockholders to be held on Thursday, September 24, 2015 at 9:00 a.m. Eastern Time.
Take-Two Interactive Software, Inc. develops, publishes, and markets interactive entertainment for consumers worldwide. The company offers its products under the Rockstar Games and 2K labels. It develops and publishes action/adventure products under the Grand Theft Auto, Max Payne, Midnight Club, and Red Dead names through developing sequels; offering downloadable episodes, and content and currency; and releasing titles for smartphones and tablets.
Solera Holdings Inc (NYSE:SLH), ended its Friday’s trading session with 0.09% gain, and closed at $54.10.
Solera Holdings, Inc. (SLH) declared that it has reached a definitive merger agreement (the “Merger Agreement”) following which an associate of Vista Equity Partners (“Vista”) will acquire Solera in a transaction valued at about $6.5 billion (the “Merger”), counting the existing net debt of Solera. Other key investors comprise an associate of Koch Equity Development LLC (“Koch Equity Development”), the investment and acquisition partner of Koch Industries, Inc., and an associate of Goldman, Sachs & Co.
Following the Merger Agreement, Vista will acquire 100% of the outstanding shares of Solera common stock for $55.85 per share in cash in the Merger. The purchase price represents an unaffected premium of 53% over Solera’s closing share price of $36.39 on August 3, 2015.
The closing of the Merger is conditioned upon customary closing conditions, counting the approval of Solera stockholders and required regulatory approvals. The Merger is predictable to close no later than the first calendar quarter of 2016.
Solera’s board of directors, following the receipt of the unanimous recommendation of a special committee of independent directors of the Solera board (the “Special Committee”), unanimously approved the Merger Agreement and the Merger, and recommended that Solera stockholders vote their shares in favor of the Merger.
Solera Holdings, Inc. provides risk and asset administration software and services to the automotive and property marketplace. The company offers estimating and workflow software that manages the overall claims process, estimates the cost to repair a damaged vehicle, and calculates the pre-collision fair market value of a vehicle; and salvage, salvage disposition, and recycling software that connects buyers and sellers through an electronic auction network.
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