On Thursday, Shares of Yelp Inc. (NYSE:YELP), lost -10.04% to $38.18, hitting its lowest level, following a report that the consumer-review company had put off plans to find a buyer.
Yelp “has temporarily decided” not to pursue a sale of the company, Bloomberg News stated Thursday, attributing the information to unidentified people with knowledge of the matter.
The San Francisco company might pursue the deal again if Yelp Chief Executive Jeremy Stoppelman changes his mind, Bloomberg said.
Yelp declined to respond to the report, saying via email, “We do not comment on speculation or rumor.”
Yelp Inc. operates a platform that connects people with local businesses in the United States. Its platform covers various local business categories, counting restaurants, shopping, beauty and fitness, arts, entertainment and events, home and local services, health, nightlife, travel and hotel, auto, and others categories.
Shares of Laboratory Corp. of America Holdings (NYSE:LH), declined -1.18% to $120.75, during its last trading session.
Laboratory Corporation of America Holdings, declared that its Zero Coupon Convertible Subordinated Notes due 2021 (Zero Coupon Notes) may be converted as set forth below.
The Zero Coupon Notes are convertible into cash and Common Stock of LabCorp, if any, subject to the terms of the Zero Coupon Notes and the Indenture, dated as of October 24, 2006 between LabCorp and The Bank of New York Mellon, as trustee (Trustee) and the conversion agent.
In order to exercise the option to convert all or a portion of the Zero Coupon Notes, holders must validly surrender their Zero Coupon Notes at any time during the calendar quarter through the close of business at 5:00 p.m., New York City time, on Wednesday, September 30, 2015. The Trustee has informed LabCorp that, as of this date, all custodians and beneficial holders of the Zero Coupon Notes hold the Zero Coupon Notes through Depository Trust Company (DTC) accounts and that there are no certificated Zero Coupon Notes in non-global form. Accordingly, all Zero Coupon Notes surrendered for conversion must be delivered through the transmittal procedures of DTC.
Should Zero Coupon Notes be converted, LabCorp would be required to pay holders in cash for the accreted principal amount of the securities to be converted, with the remaining amount, if any, to be satisfied with shares of Common Stock. The shares required for settlement of the Zero Coupon Notes are comprised of in LabCorp’s computation of fully diluted earnings per share.
Laboratory Corporation of America Holdings operates as an independent clinical laboratory company worldwide. The company offers a range of clinical laboratory tests and procedures, such as blood chemistry analyses, urinalyses, blood cell counts, thyroid tests, Pap tests, hemoglobin A1C, PSA, STD tests, HCV tests, microbiology cultures and procedures, and alcohol and other substance-abuse tests that are used by the medical profession in core testing, patient diagnosis, and in the monitoring and treatment of diseases.
Finally, Extra Space Storage Inc. (NYSE:EXR), ended its last trade with 0.87% gain, and closed at $67.41.
On June 22, Extra Space Storage declared the closing of an underwritten public offering of 6,325,000 shares of its common stock at a price to the public of $68.15 per share, counting 825,000 shares sold following the exercise in full of the underwriters’ option to purchase additional shares. The gross proceeds from this offering are predictable to be about $431.0 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Extra Space. Wells Fargo Securities, BofA Merrill Lynch and Citigroup acted as the joint book-running managers for the offering.
Extra Space intends to use the net proceeds of this offering to partially fund its recently declared acquisition of SmartStop Self Storage, Inc. (“SmartStop”). Upon completion of the acquisition, Extra Space will own 121 SmartStop stores and will assume the property administration of 43 third-party managed stores. The aggregate purchase price of the acquisition is $1.4 billion, comprising of $1.29 billion to be paid by Extra Space and $120 million to come from the sale of certain assets by SmartStop at or preceding to the closing.
The pending acquisition is subject to the approval of SmartStop’s stockholders and the satisfaction of other customary closing conditions. Extra Space anticipates to close the acquisition in the latter half of 2015; however, there can be no assurances that these conditions will be satisfied or that the acquisition will close on the terms described, or at all.
Extra Space Storage, Inc. operates as a real estate investment trust (REIT) in the United States. It engages in property administration and development activities that comprise acquiring, managing, developing, and selling, in addition to the rental of self-storage facilities.
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