On Tuesday, Shares of TECO Energy, Inc. (NYSE:TE), surged 25.01% to $26.34, hitting its highest level.
Emera Inc. and TECO Energy declared a definitive agreement for Emera to acquire TECO Energy, creating a North American energy leader, with over US$20 billion of assets and more than 2.4 million electric and gas customers. Upon closing, TECO Energy will become a wholly owned partner of Emera.
Under the terms of the all-cash deal, which has been unanimously approved by the Board of Directors of both companies, TECO Energy shareholders will receive US$27.55 per common share, a 48 percent premium based on TECO Energy’s unaffected closing stock price on July 15, 2015 (the last trading day before news reports regarding TECO Energy’s planned review) and 25 percent above TECO Energy’s unaffected 52-week high. This represents an aggregate purchase price of about US$10.4 billion counting assumption of about US$3.9 billion of debt.
The closing of the Transaction, which is predictable to occur by mid-2016, is subject to TECO Energy common shareholder approval and certain regulatory and government approvals, counting approval by the New Mexico Public Regulation Commission, the Federal Energy Regulatory Commission and compliance with any applicable requirements under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the satisfaction of customary closing conditions.
TECO Energy, Inc., an electric and gas utility holding company, engages in the regulated electric and gas utility operations. It generates purchases, transmits, distributes, and sells electric energy to retail customers, in addition to utilities and other resellers of electricity in West Central Florida; and has electric generating plants with a winter peak generating capacity of 4,668 megawatts.
Shares of Office Depot, Inc. (NASDAQ:ODP), inclined 5.23% to $7.64, during its last trading session, after analyst firm B. Riley upgraded the office supply company.
- Riley upgraded Office Depot to “buy” from “neutral” in a note to investors, setting a price target of $11 for the company.
The analyst firm said it is “unlikely” that Staples’ (SPLS) planned acquisition of Office Depot won’t be approved, according to Benzinga. B. Riley analyst Scott Tilghman said that Office Depot’s fundamentals as a stand-alone company can support a higher valuation considering the $250 million termination fee attached to the acquisition.
Office Depot, Inc., together with its auxiliaries, supplies office products and services. The company’s North American Retail division sells an assortment of merchandise, counting office supplies, technology products and solutions, business machines and related supplies, facilities products, and office furniture under various brands through its chain of office supply stores.
Finally, Hertz Global Holdings, Inc. (NYSE:HTZ), ended its last trade with 2.50% gain, and closed at $18.05.
Hertz Global Holdings is launching the Hertz Autumn Sale to provide customers with great savings on vehicle hire in more than 100 countries for rentals starting any time from September 1, 2015, to March 20, 2016.
Available on bookings made from September 1, 2015, until September 30, 2015, savings will be applied when reserving online at www.hertz.com or by phone, quoting the code ‘CDP 809600’.
Customers will be able to enjoy discounts up to 25% on qualifying domestic or outbound rentals in Europe, 20% in South America, the Caribbean, and Asia Pacific and up to 20% in the Middle East and Africa. In addition, the sale offers 20% savings on qualifying outbound rentals to North America. Discounted Hertz van rental is also offered in Germany, France, Italy, Norway, Spain, Switzerland, and UK. The rentals made through the sale qualify for loyalty points and reward days through the Hertz Gold Plus Rewards program.
The Hertz Autumn Sale comprises rentals on a wide range of vehicles from economical city cars to family hatchbacks, luxury vehicles and people carriers. Many locations are also providing discounts on Hertz’s popular Prestige, Fun, Family and Green Collections. Customers renting from the Prestige and Fun Collections can also benefit from Hertz’s Make and Model Guarantee, meaning that they will drive away the exact car they chose when booking.
Hertz Global Holdings, Inc., through its auxiliaries, rents and leases cars and trucks in the United States and internationally. It operates in four segments: U.S. Car Rental, International Car Rental, Worldwide Equipment Rental, and All Other Operations.
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