On Thursday, Shares of WPX Energy, Inc. (NYSE:WPX), gained 3.93% to $9.00.
The total volume traded on Thursday accounted for 8,968,900. The high and low price for the day was $9.19 and $8.36 respectively. The stock, as of recent close, has shown weekly upbeat performance of 33.73% which was maintained at -22.61% in this year.
WPX Energy, Inc., an independent natural gas and oil exploration and production company, engages in the exploitation and development of unconventional properties in the United States.
Shares of Platform Specialty Products Corp (NYSE:PAH), inclined 3.55% to $13.40, during its last trading session.
Platform Specialty Products Corporation, offered an update on the timing of the predictable closings of its formerly declared acquisitions of Alent plc and the Electronic Chemicals and Photomasks businesses of OM Group, Inc. and offered further details regarding the financing of these acquisitions. In addition, Platform revised its 2015 guidance issued on August 13, 2015 to reflect further foreign exchange volatility, continued weakness in certain agricultural end markets, and a decision to limit “pre-season” selling activity in its Agricultural Solutions business segment. Additionally, Platform declared that Benjamin H. Gliklich has been promoted from Vice President, Corporate Development, Finance and Investor Relations to become Platform’s Chief Operating Officer. Finally, Platform declared that it intends to release its third quarter 2015 financial results before markets open on Wednesday, November 11, 2015.
Acquisition and Financing Update
As formerly declared, the closing of Platform’s projected acquisitions of the OM EC and PM Businesses will take place in two stages with the first stage predictable within thirty days and the second in early 2016. Platform’s acquisitions of the OM EC and PM Businesses have received all required regulatory approvals. The Alent acquisition is also proceeding as predictable, with approval from only one regulatory authority outstanding as of the date of this press release.
Platform has sufficient cash, principally from its $483 million June 2015 equity issuance, to fund the acquisitions of the OM EC and PM Businesses. Consideration for Platform’s acquisition of Alent is a mix of stock and cash. The stock portion is a fixed number of shares. As revealed in the joint declaration, dated July 13, 2015, issued by Platform and Alent, Platform will issue 18,419,738 shares of its common stock to shareholders of Alent as consideration for the acquisition. This partial share alternative is based on a fixed exchange ratio of 0.31523 based on the VWAP of $24.76 on July 10, 2015. At the time of the declaration, the share alternative was valued at about $455 million. For the $1.8 billion cash portion of the purchase price, and as declared in the 2.7 Declaration, Platform has an underwritten commitment for long-term debt financing at what it believes to be competitive market rates. The commitment is for a term loan which is to be pari passu with its existing secured debt. As a result, Platform does not need to issue additional equity to finance the closing of the Alent acquisition.
Platform Specialty Products Corporation produces and sells specialty chemical products in the Americas, Asia, and Europe. The company’s Performance Materials segment manufactures and markets plating products that are used to plate holes; final finishes, which are used on printed circuit boards; circuit formation products to promote adhesion and form circuit patterns; oxides that are used in the fabrication of multilayer circuit boards; and pre-treatment and cleaning solutions.
Finally, Silver Wheaton Corp. (USA) (NYSE:SLW), ended its last trade with -1.70% loss, and closed at $14.19.
Silver Wheaton Corp., will release 2015 third quarter results on Tuesday, November 3, 2015, after market close.
A conference call will be held Wednesday, November 4, 2015, starting at 11:00 am (Eastern Time) to discuss these results.
Silver Wheaton Corp. operates as a precious metals streaming company worldwide. The company has 18 long-term purchase agreements and 1 early deposit long-term purchase agreement associated with silver and gold regarding27 various mining assets. It has silver and gold interests primarily in the San Dimas, Zinkgruvan, Yauliyacu, Stratoni, Los Filos, Peñasquito, Keno Hill, Neves-Corvo, Cozamin, Minto, Barrick, Aljustrel, 777, Salobo, and Sudbury mines; and the Rosemont, Loma de La Plata, Constancia, and Toroparu projects.
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