On Friday, Pepco Holdings, Inc. (NYSE:POM)’s shares declined -0.15% to $26.72.
A state agency charged with representing utility customers’ interests is going to court to object to Maryland regulators’ decision in May to approve Exelon Corp.’s $6.8 billion acquisition of Pepco Holdings, Inc. (POM).
The Maryland Office of People’s Counsel filed an appeal of the merger approval in the Circuit Court of Queen Anne’s County, it said Thursday. Pepco serves that county through its Delmarva Power partner.
The filing comes just days before a June 15 appeal deadline and less than a month after the Maryland Public Service Commission issued a split 3-2 decision approving Chicago-based Exelon Corp.’s proposal to buy Pepco. The Office of People’s Counsel opposed the acquisition, saying it would give Exelon control of 80 percent of Maryland’s residential customers. Several other groups tried to make a stand against the deal in Maryland as well, believing the state’s strong utility regulations gave them a chance to block the acquisition.
Exelon’s acquisition would not directly change the utility landscape in the immediate Baltimore area — Pepco’s Maryland customers are in Montgomery and Prince George’s counties, while its Delmarva Power partner serves customers on the Eastern Shore. But Exelon owns Baltimore-based Constellation and Baltimore Gas & Electric.
Pepco Holdings, Inc., through its auxiliaries, engages in the transmission, distribution, and supply of electricity. The company also distributes and supplies natural gas. In addition, the company designs, constructs, and operates energy projects and distributed generation equipment, counting combined heat and power plants principally for federal, state, and local government customers.
Duke Realty Corp (NYSE:DRE)’s shares dropped -0.63% to $19.06.
The Chicago office of Duke Realty Corp (DRE) has reached a lease agreement for three of its buildings in I-55 submarket of Chicago, comprising around 500,000 square feet. Given the huge demand of quality space in the I-55 submarket, this marks a very noteworthy agreement for the Indianapolis, IN-based real estate investment trust (“REIT”).
Duke Realty is engaged in owning, managing and developing industrial, healthcare and office properties across the nation. As of Mar 31, 2015, the REIT solely or jointly owned 720 industrial, office, medical office and other properties. Of the total assets, 700 (stretching over 147.5 million square feet) are in-service properties and 20 (spanning around 5.4 million square feet) are under development. Again, in the greater Chicago region, Duke Realty owns, manages or has under development 12.2 million square feet of industrial properties.
The latest deal comprises an expansion by RTC, Inc., a designer of retail marketing displays, at 335 Crossroads Parkway in Crossroads Business Park. It also involves a new lease with APL Warehouse Logistics Administration, Inc., a third-party logistics services provider, for two of its buildings at Crossroads Business Park in Bolingbrook.
Duke Realty Corporation is an equity real estate investment trust. The firm invests in the real estate markets of the United States. It offers a single point of responsibility for all aspects of a project, counting leasing, asset administration, construction and development. The firm primarily invests in commercial real estate sector. It was founded in 1972 and is headquartered in Indianapolis, Indiana with additional offices in Atlanta, Georgia; Baltimore, Maryland; Central Florida; Chicago, Illinois; Cincinnati, Ohio; Columbus, Ohio; Dallas, Texas; Houston, Texas; Minneapolis, Minnesota; Nashville, Tennessee; New Jersey; Northern and Southern California; Pennsylvania; Phoenix, Arizona; Raleigh, North Carolina; St. Louis, Missouri; Savannah, Georgia; Seattle, Washington; Washington D.C.; and South Florida.
At the end of Friday’s trade, Gulfport Energy Corporation (NASDAQ:GPOR)‘s shares dipped -0.22% to $44.55.
Gulfport Energy Corporation (GPOR) is in the process of raising capital for its shale operations. The company plans to go about this is through a secondary offering.
The company declared the pricing of its secondary offering of 10 million shares of common stock at a price of $43.25 per share. Also the underwriters have a 30-day option to purchase up to an additional 1.5 million shares.
The offering is predictable to close on June 12.
Credit Suisse is acting as the sole book-running manager for this offering.
Gulfport is an independent oil and natural gas exploration and production company with its principal producing properties located in the Utica Shale of Eastern Ohio and along the Louisiana Gulf Coast. Additionally, Gulfport holds a sizable acreage position in the Alberta Oil Sands in Canada through its 24.9% interest in Grizzly Oil Sands.
Net proceeds are predictable to be roughly $417.2 million, after deducting underwriting discounts, commissions and estimated offering expenses. Gulfport intends to use the net proceeds from this offering for a couple of objectives:
To fund a portion of the purchase price for its formerly declared acquisition of certain acreage and other assets in the Utica Shale
For general corporate purposes, counting the funding of a portion of its 2015 capital development plans
Gulfport Energy Corporation engages in the acquisition, exploration, exploitation, and production of natural gas, natural gas liquids (NGLs), and crude oil in the United States. The companys principal properties are located in the Utica Shale primarily in Eastern Ohio; Louisiana Gulf Coast in the West Cote Blanche Bay; and Hackberry fields. It also has interests in the Niobrara Formation of Northwestern Colorado; Bakken Formation; entities that operate in Southeast Asia, counting the Phu Horm gas field in Thailand; and Alberta oil sands located in Canada.
Qorvo Inc (NASDAQ:QRVO), ended its Friday’s trading session with 1.84% gain, and closed at $83.51.
Qorvo Inc (QRVO) will replace Lorillard Inc. (LO) in the S&P 500, and WisdomTree Investments Inc. (WETF) will replace Qorvo in the S&P MidCap 400 after the close of trading on Thursday, June 11. S&P 500 constituent Reynolds American Inc. (RAI) is acquiring Lorillard in a deal predictable to be accomplished on June 12.
Qorvo provides technologies and radio frequency solutions for mobile, infrastructure, defense, and aerospace applications. Headquartered in Greensboro, NC, the company will be added to the S&P 500 GICS (Global Industry Classification Standard) Semiconductors Sub-Industry index.
WisdomTree Investments operates as an exchange-traded funds sponsor and asset manager. Headquartered in New York, NY, the company will be added to the S&P MidCap 400 GICS Asset Administration & Custody Banks Sub-Industry index.
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