On Wednesday, Box Inc (NYSE:BOX)’s shares inclined 5.70% to $18.55.
IBM (IBM) and Box (BOX) declared a global partnership that will combine the best-in-class technologies and resources of both companies to transform work in the cloud. Together, the companies plan to integrate their existing products and services and develop new, innovative solutions targeted across industries and professions ranging from medical teams working on complex cases to individuals negotiating consumer loans by mobile phone to engineers and researchers identifying patterns in patents, reports and academic journals.
As companies increasingly seek simple, secure partnership solutions that tap into local data and have global reach, this planned alliance brings together Box’s industry-leading cloud content partnership platform with IBM Analytics and Social solutions, IBM Security technologies and the global footprint of the IBM Cloud. The two companies will jointly deliver these solutions to market internationally, and IBM will also enable builders and developers to integrate Box APIs into enterprise apps and web services.
Box, Inc. provides a cloud-based enterprise content partnership platform that enables organizations of various sizes to access, store, share, and manage their content/information. Its solutions comprise FTP alternative to keep content organized, share files, and manage content access; document administration; an executive boardroom for simplified meeting administration, security and control, and secure mobile access; project administration; a virtual data room; marketing asset administration; a sales portal; secure enterprise mobility; and business applications for enterprise-readiness. It serves advertising, construction, consumer packaged goods, education, energy, financial services and insurance, government, healthcare and life sciences, high tech, legal, manufacturing, media and entertainment, nonprofits, and retail industries. Box, Inc. was formerly known as Box.net, Inc. and changed its name to Box, Inc. in November 2011.
Catamaran Corp (USA) (NASDAQ:CTRX)’s shares gained 0.28% to $61.19.
Catamaran Corp (USA) (CTRX) reached an Arrangement Agreement (the “Arrangement Agreement”) with UnitedHealth Group Incorporated, a corporation incorporated under the laws of the State of Minnesota, USA (“UnitedHealth Group”), and 1031387 B.C. Unlimited Liability Company, an unlimited liability company incorporated under the laws of the Province of British Columbia, Canada, and a wholly owned partner of UnitedHealth Group.
Completion of the statutory “arrangement” under Section 195 of the Business Corporations Act (Yukon) (the “Arrangement”) is conditioned on, among other things, the expiration of the waiting period (and any extension thereof) or the granting of early termination under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). The waiting period under the HSR Act expired on June 17, 2015. The Company now anticipates that the Arrangement will be accomplished during the third quarter of 2015, but the Company cannot be certain when or if all the conditions to the Arrangement will be satisfied or, to the extent permitted, waived, counting the approval by the Company’s shareholders of a resolution approving the plan of arrangement contemplated by the Arrangement Agreement, the Arrangement Agreement and the Arrangement (or such other vote as a Yukon court may require).
Catamaran Corporation provides pharmacy benefit administration (PBM) services and healthcare information technology (HCIT) solutions to the healthcare benefits administration industry in North America. The company operates in two segments, PBM and HCIT. The PBM services comprise electronic point-of-sale pharmacy claims administration, retail pharmacy network administration, mail and specialty pharmacy claims administration, Medicare Part D services, benefit design consultation, preferred drug administration programs, drug review and analysis, consulting services, data access, and reporting and information analysis. It owns and operates a network of mail and specialty pharmacies.
At the end of Wednesday’s trade, Penn West Petroleum Ltd (USA) (NYSE:PWE)‘s shares dipped -1.10% to $1.80.
Penn West Petroleum Ltd (USA) (PWE) declared that it has finalized and reached definitive amending agreements with the lenders under its syndicated bank facility and the holders of its senior notes to, among other things, amend its financial covenants as initially revealed by the Company in its press release issued on March 12, 2015 announcing its year-end financial and operational results for 2014.
Since Penn West declared in March that it had reached agreements in principle with its lenders and noteholders, the Company has sold or reached agreements to sell assets for aggregate net proceeds of about $415 million , which comprises $318 million from its formerly declared royalty transactions which were accomplished in early May, and about $97 million from non-core asset dispositions which are predictable to be accomplished by the end of the second quarter of 2015. Following the terms of the amending agreements with its lenders and noteholders, in the event that Penn West completes any asset dispositions prior to March 30, 2017 , it has committed to use the net proceeds from such asset dispositions to repay at par $650 million of the outstanding principal amounts owing to noteholders, with corresponding pro rata amounts from such asset dispositions to be used to repay any outstanding amounts drawn under its syndicated bank facility.
Penn West Petroleum Ltd. explores for, develops, and produces oil and natural gas properties in western Canada. The company’s properties are located in Alberta, British Columbia, Saskatchewan, Manitoba, and the Northwest Territories, Canada; and Wyoming, the United States. As of March 12, 2015, it operated a portfolio of opportunities in light oil in Canada covering a land base of about 4.5 million acres. The company was formerly known as Penn West Energy Trust and changed its name to Penn West Petroleum Ltd. in January 2011. Penn West Petroleum Ltd. was founded in 1979 and is headquartered in Calgary, Canada.
State Street Corp (NYSE:STT), ended its Wednesday’s trading session with -0.18% loss, and closed at $79.76.
State Street Corp (STT) declared that Greg Ehret, age 45, has been named president. He will continue to report to Ron O’Hanley, chief executive officer of SSGA.
Ehret led SSGA’s business in Europe, the Middle East and Africa (EMEA) from July 2008 to September 2012 counting the purchase of the Bank of Ireland Asset Administration and spearheading State Street’s European ETF franchise.
Ehret is responsible for SSGA’s client facing, product and marketing, operations and infrastructure teams and will lead the execution of the non-investment aspects of strategy. He will also continue to leverage SSGA’s global footprint, scale and talent to both deepen and broaden the range of capabilities for clients.
State Street Corporation provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, counting custody; product- and participant-level accounting; daily pricing and administration; master trust and master custody; record-keeping; cash administration; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; and performance, risk, and compliance analytics.
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