On Tuesday, Shares of Valley National Bancorp (NYSE:VLY), lost -0.18% to $11.12.
Valley National Bancorp, declared that its merger with CNL Bancshares, was accomplished effective December 1, 2015.
Valley will issue about 21 million shares of common stock in the transaction. Valley’s average closing share price of $10.7815 during the 20 trading day period ending 5 days preceding to closing was greater than the $10.13 collar, and therefore, following the terms of the merger agreement, the exchange ratio was adjusted from 0.75 to 0.705. Accordingly, the common shareholders of CNL will receive 0.705 of a share of Valley common stock for each share of CNL common stock that they own.
Also effective December 1, 2015, CNLBank, CNL’s principal partner commercial bank with its 16 branches was merged into and under the name Valley National Bank. The branch network will allow us to service Florida’s west coast markets of Naples, Bonita Springs, Fort Myers and Sarasota. In addition, we have added three offices in the Jacksonville area, expanded our presence in the Orlando market and with three additional locations strengthened our position in the Boca Raton, Fort Lauderdale, and Coral Gables markets. These branches added to the branches we already had in place will now allow us to cover most major markets in central and southern Florida. Full systems integration is predictable to be accomplished during the first quarter of 2016.
Valley National Bancorp operates as the holding company for the Valley National Bank that provides commercial, retail, insurance, and wealth administration financial services products. The company operates through Commercial Lending, Consumer Lending, and Investment Administration segments.
Shares of DDR Corp (NYSE:DDR), inclined 1.58% to $17.32, during its last trading session.
DDR Corp. (DDR) will issue financial results for the quarter ended December 31, 2015 after the market closes on Thursday, February 11, 2016. The Company will conduct a conference call and audio webcast on Friday, February 12, 2016 at 10:00 a.m. ET.
DDR Corp. is an equity real estate investment trust. It invests in the real estate markets of the United States and Puerto Rico. The firm is in the business of acquiring, owning, developing, redeveloping, expanding, leasing and managing shopping centers.
Finally, Shares of DHT Holdings Inc (NYSE:DHT), ended its last trade with 2.67% gain, and closed at $7.70.
DHT Holdings, declared that, on November 23, 2015, it took delivery of a VLCC new building from Hyundai Heavy Industries. The vessel is named DHT Jaguar and is entering the spot market. It is the first of a series of six VLCC new buildings to be delivered to the company over the coming year. The new buildings are all fully funded and are predictable to contribute greatly to the company’s earnings power. The next new building is planned to deliver early January 2016.
DHT Holdings, Inc. operates crude oil tankers in Bermuda. As of March 10, 2015, its fleet comprised of 18 crude oil tankers, counting 14 very large crude carriers, 2 Suezmax tankers, and 2 Aframax tankers. The company was incorporated in 2005 and is headquartered in Hamilton, Bermuda.