On Monday, Shares of Colony Capital Inc (NYSE:CLNY), gained 1.74% to $22.20.
Starwood Waypoint Residential Trust and Colony American Homes, declared the signing of a definitive merger agreement to combine the two companies in a stock-for-stock transaction. In connection with the transaction, SWAY will internalize the SWAY manager. The combined internally managed company is predictable to own and manage over 30,000 homes and have an aggregate asset value of $7.7 billion at the closing of the transaction. The merger is predictable to achieve estimated annualized cost synergies of $40 - $50 million.
Under the Agreement, the CAH shareholders will receive an aggregate of 64,869,583 SWAY shares in exchange for all shares of CAH. Upon completion of the transaction, existing SWAY shareholders and the former owner of the SWAY manager will own about 41% of the Company’s shares combined, while former CAH shareholders will own about 59% of the Company’s shares. The share allocation was determined based on each company’s net asset value and is not subject to adjustment. The Company’s shares will continue to trade on the New York Stock Exchange. The Company is predictable to maintain SWAY’s quarterly dividend of $0.19 per share. The transaction has been approved by the boards of both SWAY and CAH, and the terms of the internalization of the SWAY manager were negotiated and approved by a special committee of the board of trustees of SWAY. The transaction is predictable to close in the first quarter 2016. Among other things, the transaction is subject to approval of SWAY shareholders and customary closing conditions.
Barry Sternlicht, Chief Executive Officer (“CEO”) and Chairman of Starwood Capital Group, and Thomas J. Barrack, Jr., Executive Chairman of Colony Capital, Inc., will serve as non-executive Co-Chairmen of the Company’s Board of Trustees. Fred Tuomi, President and Chief Operating Officer (“COO”) of CAH, will serve as CEO. Doug Brien, CEO of SWAY, will serve as President and COO. Arik Prawer, Chief Financial Officer (“CFO”) of CAH, will serve as CFO. The Company’s corporate and operational headquarters will be in Scottsdale, Arizona, while maintaining a noteworthypresence in Oakland, California.
Colony Capital, Inc. is a publicly owned real estate investment trust. The firm invests in the real estate markets across the globe. It owns and manages a diversified portfolio of primarily real estate equity and debt-related investments. The firm also invests in turnaround situations and distressed situations.
Shares of DSW Inc. (NYSE:DSW), inclined 0.78% to $28.41, during its last trading session.
DSW Inc. (DSW), a leading branded footwear and accessories retailer, declared a new DSW to University Mall on East University Parkway. The store opened on September 17, 2015.
The brand new store will be stocked with designer and name brand footwear and accessories for men and women at an extraordinary value. Twelve thousand pairs of men’s and women’s shoes will fill the 12,000 square feet space, making DSW the greatest shoe shopping destination in Orem, Utah right now. Ladies will be able to shop the latest fall trends counting a large assortment of boots and booties, retro style sneakers, comfort styles, and dressy pumps and heels. Guys will be able to get men’s casual and chukka boots, running shoes, dress shoes, and sneakers from their favorite brands.
DSW Inc., together with its auxiliaries, operates as a branded footwear and accessories retailer in the United States. The company operates through two segments, DSW and Associated Business Group.
At the end of Monday’s trade, Shares of SolarCity Corp (NASDAQ:SCTY), lost -0.40% to $47.90.
The Northern and Central California SunShot Alliance declared plans to construct and interconnect rooftop solar systems in one day or less, an unprecedented aim given the industry’s current average of 30 days. In a contest sponsored by the U.S. Department of Energy SunShot Initiative, teams made up of local governments, solar and technology companies, and electric utilities will compete for a total of $10 million in cash prizes that will go back into local communities.
The alliance, which comprises Pacific Gas and Electric Company, SolarCity, Qado Energy, Accela and the City of Livermore, will compete in the small systems category (1 - 100 kW) for a first-place prize of $3 million and second-place prize of $1 million. The potential winnings would be split between the City of Livermore and possibly other jurisdictions that will use the funds to enhance the solar experience in their communities. The alliance is also eligible for the Change Prize Award of $100,000, which will be used to develop necessary technologies and recruit additional jurisdictions to join the team.
SolarCity Corporation designs, manufactures, installs, maintains, monitors, leases, and sells solar energy systems to residential, commercial, government, and other customers in the United States. It offers solar energy systems; solar lease and power purchase agreement finance products; mounting hardware for photovoltaic panels; and related software, in addition to develops a proprietary battery administration system, which is designed to enable remote, bidirectional control of distributed energy storage that can provide benefits to customers, utilities, and grid operators.
Finally, Pernix Therapeutics Holdings Inc (NASDAQ:PTX), ended its last trade with -7.66% loss, and closed at $4.10.
Pernix Therapeutics Holdings, declared that a series of studies of ZX007, the Company’s next-generation extended release formulation of hydrocodone bitartrate developed in coordination with Altus Formulation, showed the tablet resists both physical manipulation and extraction with typical household solvents commonly used by opioid abusers. The success of the studies supports continued evaluation of the formulation in human abuse liability (HAL) studies. The analysis was accepted as a late-breaking abstract and will be presented as a poster at PAINWeek, the nation’s largest pain conference for frontline practitioners taking place this week in Las Vegas.
Studies comprised attempts to crush tablets using a variety of methods and extraction tests utilizing cold or boiling water, low and high pH media, alcohol, methanol, nail varnish remover and isopropyl alcohol. Manipulation with water and other solvents resulted in the immediate formation of a viscous gel with no supernatant or aqueous extraction solution being formed.
Pernix Therapeutics Holdings, Inc., a specialty pharmaceutical company, develops, manufactures, markets, and sells branded and generic pharmaceutical products. The company’s product comprise CEDAX, an oral cephalosporin used for the treatment of mild to moderate acute bacterial exacerbations of chronic bronchitis, middle ear infection due to haemophilus influenza, or streptococcus pyogene; Zutripro, Rezira, and Vituz for the relief of cough and nasal congestion; and OMECLAMOX-PAK a gastroenterology product
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