On Tuesday, Shares of Norfolk Southern Corporation (NYSE:NSC), lost -1.51% to $86.97.
Norfolk Southern Corporation, confirmed that it has received an unsolicited, low-premium, non-binding and highly conditional indication of interest from Canadian Pacific (CP.TO) to acquire the Company for $46.72 in cash and a fixed exchange ratio of 0.348 Canadian Pacific shares per Norfolk Southern share, representing a premium of less than 10% based on closing prices.
The Company’s board of directors, in consultation with its financial and legal advisors, will carefully evaluate and consider this indication of interest in the context of Norfolk Southern’s planned plans, and its ongoing review of opportunities to enhance stockholder value through planned, financial and operational measures and pursue the best interests of the Company and its stockholders. Notably, any consolidation among Class I railroads in North America would face noteworthy regulatory hurdles. Norfolk Southern’s board of directors and administration team are committed to enhancing value for all stockholders. The Company’s stockholders do not need to take any action at this time.
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.
Shares of SunTrust Banks, Inc. (NYSE:STI), inclined 0.37% to $42.95, during its last trading session.
SunTrust Banks - This year, 46 percent of Americans feel pressure to spend more than they can afford during the holidays, up from 39 percent in 2014. The recent online survey conducted in October by Harris Poll on behalf of SunTrust Banks, Inc. (STI) also found that 29 percent of adults expect this holiday shopping season to be more financially stressful than last year, contrast to only 24 percent who answered the same question in 2014 about the previous year.
Simple steps to de-stress the holidays comprise:
- Make a plan: Set limits on your spending, shop for sales and stay within your means.
- Cash in rewards: Use credit card rewards accumulated throughout the year to assist cover the cost of gifts or travel during the holiday season.
- Download your bank’s mobile app: Check your balances on a mobile app to better track saving and spending.
- Sign up for overdraft protection: Link a checking account with a savings account, credit card or line of credit to avoid fees and ensure you don’t get stuck at the cash register.
- Set up text alerts: Arrange for text message alerts when your balance is running low to assist avoid overdrafts and remind you when it’s time to transfer money.
SunTrust Banks, Inc. operates as the holding company for SunTrust Bank that provides various financial services in the United States. The company operates in three segments: Consumer Banking and Private Wealth Administration, Wholesale Banking, and Mortgage Banking.
Finally, MarkWest Energy Partners, L.P. (NYSE:MWE), ended its last trade with -3.70% loss, and closed at $43.73.
Marathon Petroleum Corporation (MPC) declared that in connection with the combination of MPLX LP (MPLX), MPC`s midstream master limited partnership, and MarkWest Energy Partners, L.P. (MWE), MPC will further improvement the amount of the one-time cash consideration contributed to MPLX and payable to MarkWest common unitholders to $6.20 per unit, up from the cash consideration formerly declared on Nov. 10, 2015, of about $5.21 per unit. This cash consideration represents a noteworthy enhancement to the initial July 13, 2015, offer, which was about $3.37 per unit. Under the revised terms of the merger agreement, which represents the best and final offer, MarkWest common unitholders will receive about $1.28 billion in total cash consideration and 1.09 MPLX common units per MarkWest common unit, for a total consideration of about $51.74 per MarkWest common unit, based on the closing price of MPLX`s common units on Nov. 16, 2015.
Three of MarkWest`s largest unitholders, Kayne Anderson Capital Advisors, L.P., Tortoise Capital Advisors, L.L.C., and, as formerly declared, The Energy & Minerals Group, which cumulatively represent more than 15 percent of MarkWest`s outstanding units entitled to vote, have all reached voting agreements to vote in favor of the transaction. The merger is also recommended by each of the boards of directors of MPC, MPLX and MarkWest, and the executive administration of both partnerships strongly support the transaction and its revised terms.
MarkWest Energy Partners, L.P. engages in the gathering, processing, and transportation of natural gas. The company is also involved in the gathering, transportation, fractionation, storage, and marketing of natural gas liquids; and the gathering and transportation of crude oil.
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