On Wednesday, Frontline Ltd. (NYSE:FRO)’s shares declined -5.49% to $2.24.
Frontline Ltd. (FRO) and Frontline 2012 Ltd. (FRNT) (“Frontline 2012″) have recently reached a contract and plan of merger, following which the two companies have agreed to enter into a merger transaction, with Frontline as the surviving legal entity (“the “Surviving Company”) and Frontline 2012 as a wholly-owned partner. Subsequent to the merger, this partner is predictable to merge into the Surviving Company (together, the “Combined Company”) which will retain the Frontline Ltd. name.
Commenting on the transaction, Chairman of Frontline Ltd. and Frontline 2012 Ltd., John Fredriksen stated: “By merging Frontline and Frontline 2012 we will regain Frontline’s position as a leading tanker Company. The Combined Company will have a large fleet and a strong balance sheet which puts us in a position to gain further market share through acquisitions and consolidation opportunities. With the current strong tanker market and attractive cash break even rates, we believe the Combined Company will generate noteworthyfree cash. The intention is to pay out excess cash as dividends at the Board’s discretion. I am very happy with this merger and I am determined to develop and grow the Company further.”
Frontline Ltd., a shipping company, through its auxiliaries, owns and operates oil tankers and oil/bulk/ore carriers. The company provides seaborne transportation of crude oil and oil products. It’s very large crude carriers (VLCCs) primarily transport crude oil from the Middle East Gulf to the Far East, Northern Europe, the Caribbean, and the Louisiana Offshore Oil Port, in addition to Suezmax tankers trade in the Atlantic Basin, the Middle East, and Southeast Asia. As of December 31, 2014, the company’s tanker fleet comprised of 22 vessels, counting 14 VLCCs and 8 Suezmax tankers. It is also involved in the charter, purchase, and sale of vessels.
Pandora Media Inc (NYSE:P)’s shares dropped -2.01% to $14.66.
Pandora (P), the leading internet radio service, declared that its second quarter 2015 financial results will be released on Thursday, July 23, 2015, after the close of the market. The company will host a conference call at 2:00 PM (PT) / 5:00 PM (ET) to talk about the quarterly financial results with the investment community.
Pandora Media, Inc. provides Internet radio services in the United States. The company allows listeners to create up to 100 personalized stations to access free music and comedy catalogs, in addition to offers Pandora One, a paid subscription service to listeners. It also sells audio, display, and video advertising to advertisers for delivery on computer, mobile, and other connected device platforms. As of December 31, 2014, the company had about 250 million registered users; and 81.5 million active users. Pandora Media, Inc. was founded in 2000 and is headquartered in Oakland, California.
At the end of Wednesday’s trade, Grupo Televisa SAB (ADR) (NYSE:TV)‘s shares dipped -2.39% to $35.66.
Foxa and Grupo Televisa SAB (ADR) (TV) declared that, together with Univision’s major shareholders, they have reached a Memorandum of Understanding (“MOU”) and that certain auxiliaries of Univision and Televisa reached an amendment to their existing Program Licensing Agreement (the “PLA Amendment”).
Under the PLA Amendment, the terms of the existing planned relationship between Univision and Televisa have been amended as follows:
- Term Extension – Univision’s exclusive U.S. broadcast and digital rights (with limited exceptions) to Televisa’s programming counting premium Spanish-language telenovelas, sports, sitcoms, reality series, new programming and feature films, will remain unchanged. Subject to Univision concluding a public offering of its common stock that results in net proceeds to Univision of a minimum agreed upon amount and no change of control having occurred, the PLA Amendment extends the term of the PLA from its current expiration date of at least 2025 to at least 2030.
- Equity Capitalization Amendment – The equity capitalization of Univision will be adjusted to realign the economic and voting interests of Televisa and Univision’s other stockholders. As a result, Televisa will hold common stock with about 22% of the voting rights of Univision’s common stock. The classes of Univision shares of common stock to be held by Televisa will also provide Televisa the right to designate a minimum number of directors to Univision’s board of directors.
Grupo Televisa, S.A.B. operates as a media company in the Spanish-speaking world. The company operates through four segments: Content, Sky, Telecommunications, and Other Businesses. The Content segment is involved in the production of television programming and nationwide broadcasting of Channels 2, 4, 5, and 9; the sale of advertising time on programs; and the production of television programming and broadcasting for local television stations in Mexico and the United States.
Archer Daniels Midland Company (NYSE:ADM), ended its Wednesday’s trading session with -1.31% loss, and closed at $47.51.
Archer Daniels Midland Company (ADM) and Quality Liquid Feeds, Inc. declared that the two companies have entered into a 50-50 joint venture for the production and sale of liquid feed supplements for livestock. The joint venture consists of four liquid feed production facilities formerly owned by ADM—in Twin Falls, Idaho; Billings, Montana; Fremont, Nebraska; and Johnstown, Colorado—as well as the Loomix® brand. The new venture, which will be called Alliance Liquid Feeds, will serve portions of the Western United States. Quality Liquid Feeds continues to be owned by the Berg family and will continue to market QLF-branded liquid feed supplements out of their 12 facilities in the Midwest, East and Southwest United States.
Archer-Daniels-Midland Company procures, transports, stores, processes, and merchandises agricultural commodities and products. The company’s Oilseeds Processing segment originates, merchandises, crushes, and processes soybeans and soft seeds into vegetable oils and protein meals. It offers ingredients for the food, feed, energy, and industrial products industries; crude vegetable and salad oils; refined oils; oilseed protein meals; natural health and nutrition products, and other specialty food and feed ingredients; and cottonseed flour and cotton cellulose pulp. This segment is also involved in edible oils refining, sugar milling and refining, and grains processing activities; and the provision of biodiesel and fertilizers, specialty fats, and oleo chemicals, in addition to supplies peanuts and tree nuts, and agricultural commodity raw materials.
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