On Thursday, Shares of Rite Aid Corporation (NYSE:RAD), gained 2.52% to $8.95.
Rite Aid Corporation, declared that Frank Ho, presently senior director of indirect procurement, has been promoted to vice president of indirect procurement.
In this position, Ho will oversee the Company’s procurement strategy and all related operations, counting systems, supplier and contract administration. Ho will report to Frank Vitrano, Rite Aid senior executive vice president and chief administrative officer.
“A valued member of Rite Aid’s indirect procurement group for nearly seven years, Frank understands the importance of planned sourcing,” said Vitrano. “His knowledge of the Company paired with his purchasing expertise will assist Rite Aid meet its long-term cost administration aims and we look forward to realizing the additional positive contributions from Frank and the entire indirect procurement team.”
Rite Aid Corporation, through its auxiliaries, operates a chain of retail drugstores in the United States. The company sells prescription drugs and a range of other merchandise, counting over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, food and beverages, greeting cards, seasonal merchandise, and other every day and convenience products.
Shares of JetBlue Airways Corporation (NASDAQ:JBLU), inclined 2.02% to $22.74, during its last trading session, hitting its highest level.
JetBlue Airways Corporation, declared that it will hold its quarterly conference call to talk about second quarter 2015 financial results on July 28, 2015 at 10:00 a.m. ET.
JetBlue Airways Corporation, a passenger carrier company, provides air transportation services. As of December 31, 2014, the company operated a fleet of 13 Airbus A321 aircrafts, 130 Airbus A320 aircrafts, and 60 EMBRAER 190 aircrafts.
Finally, Marathon Petroleum Corporation (NYSE:MPC), ended its last trade with 1.69% gain, and closed at $58.48.
MPLX LP (MPLX) and MarkWest Energy Partners, L.P. (MWE) (MarkWest) recently declared they have signed a definitive merger agreement whereby MarkWest would become a wholly owned partner of MPLX. The merger would be a unit-for-unit transaction, generally predictable to be tax-free, plus a one-time cash payment to MarkWest unitholders, that implies a total enterprise value for MarkWest of about $20 billion, counting the assumption of debt of about $4.2 billion, as of the close of trading on Friday, July 10, 2015.
Under the terms of the merger agreement, which was unanimously approved by the boards of directors of the general partners of MPLX and MarkWest, the common unitholders of MarkWest would receive 1.09 MPLX common units and a one-time cash payment of about $3.37 per MarkWest common unit, for total consideration of $78.64 per MarkWest common unit, based on fully diluted units presently outstanding and the closing price of MPLX`s units on July 10, 2015. MPLX`s sponsor, Marathon Petroleum Corporation (MPC), would contribute $675 million of cash to MPLX to fund the one-time cash payment. In addition to the attractive premium of 32 percent based on the July 10, 2015, closing price of $59.75, MarkWest unitholders would take part in the combined partnership`s projected peer-leading distribution growth.
The projected transaction combines the nation`s second-largest processor of natural gas and largest processor and fractionator in the Marcellus and Utica shale plays with a rapidly growing crude oil and refined products logistics partnership sponsored by MPC. The combination would create the fourth-largest master limited partnership (MLP) based on a market capitalization of $21 billion. MPLX Chairman and Chief Executive Officer Gary R. Heminger said that as part of the combination, MPLX affirms its anticipated distribution growth of 29 percent this year and anticipates a 25 percent compound annual distribution growth rate for the combined entity through 2017, with the capacity to support a peer-leading distribution growth profile for an extended period of time thereafter. “Our planned combination with MarkWest would result in a large-cap, diversified MLP with an exceptional growth profile,” Heminger said. “This transaction creates a tremendous platform for the combined partnership to continue to grow distributable cash flow and creates noteworthy long-term value for the unitholders.”
Marathon Petroleum Corporation, together with its auxiliaries, engages in refining, marketing, retailing, and transporting petroleum products primarily in the United States. It operates through three segments: Refining & Marketing, Speedway, and Pipeline Transportation.
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