On Tuesday, CONSOL Energy Inc. (NYSE:CNX)’s shares declined -1.39% to $24.80.
CONSOL Energy Inc. (CNX) declared that it has launched its initial public offering of 10,000,000 common units representing limited partner interests. The common units are predictable to trade on the New York Stock Exchange under the ticker symbol “CNXC.” The underwriters of the offering will have a 30-day option to purchase up to an additional 1,500,000 common units to cover over-allotments, if any.
The common units being offered in the offering represent a 42.2% limited partner interest in CNX Coal Resources (or a 48.5% limited partner interest if the underwriters exercise in full their option to purchase additional common units). CONSOL will own a 55.8% limited partner interest in CNX Coal Resources (or a 49.5% limited partner interest if the underwriters exercise in full their option to purchase additional common units). In addition, CONSOL will own, through its ownership of CNX Coal Resources GP LLC, the general partner of CNX Coal Resources, a 2% general partner interest and the incentive distribution rights in CNX Coal Resources.
CONSOL Energy Inc., together with its auxiliaries, operates as an integrated energy company in the United States and internationally. The company operates through two divisions, Exploration and Production (E&P), and Coal. The E&P division produces pipeline quality natural gas primarily to gas wholesalers.
Axis Capital Holdings Limited (NYSE:AXS)’s shares gained 4.10% to $57.61.
Axis Capital Holdings Limited (AXS) and PartnerRe Ltd. (PRE) declared that their joint registration statement filed on Form S-4 was declared effective by the U.S. Securities and Exchange Commission (“SEC”).
The companies also declared that they have each planned special shareholder meetings in connection with the projected combination of AXIS Capital and PartnerRe. In addition to the receipt of respective shareholder approvals, the transaction remains subject to other customary closing conditions, counting receipt of certain additional regulatory clearances. The transaction remains on track to close in the third quarter of 2015.
AXIS Capital’s special meeting of shareholders will be held on July 24, 2015 at 9:00 a.m. Bermuda time, at 92 Pitts Bay Road, Pembroke, HM Bermuda. The meeting is being held to seek shareholder approval of the amalgamation agreement with PartnerRe.
AXIS Capital Holdings Limited, together with its auxiliaries, provides insurance and treaty reinsurance products Worldwide. The company operates through Insurance and Reinsurance segments. The Insurance segment provides property insurance for commercial buildings, residential premises, construction projects, and onshore energy installations; marine insurance covering offshore energy, cargo, liability, recreational marine, fine art, specie, hull, and war; and terrorism, aviation, credit and political risk, and liability insurance. This segment also offers professional lines insurance that cover directors and officers liability, errors and omissions liability, employment practices liability, fiduciary liability, crime, professional indemnity, medical malpractice and other financial insurance related coverage for commercial enterprises, financial institutions, and not-for-profit organizations; and accidental death, travel, and specialty health products for employer and affinity groups, in addition to accident and health reinsurance for catastrophic or per life events through wholesale and retail brokers, managing general agents, and underwriters.
At the end of Tuesday’s trade, Arena Pharmaceuticals, Inc. (NASDAQ:ARNA)‘s shares surged 3.31% to $4.37.
Arena Pharmaceuticals, Inc. (ARNA) declared that Robert E. Hoffman, Senior Vice President, Finance and Chief Financial Officer, has decided to leave the company after nearly 18 years of service to pursue another opportunity in the biotechnology industry. Mr. Hoffman is predictable to remain in his current role at Arena until July 10, 2015.
Following Mr. Hoffman’s departure, Jennifer K. Bielasz, Arena’s Vice President, Accounting and Controller, will continue to play a key leadership role in Arena’s finance department. Ms. Bielasz joined Arena in 2001 and is responsible for managing all accounting activities. Prior to joining Arena, Ms. Bielasz served as the controller of both public and private companies and began her career at KPMG LLP.
Arena Pharmaceuticals, Inc., a biopharmaceutical company, discovers, develops, and commercializes novel drugs that target G protein-coupled receptors. The company offers BELVIQ, a drug used to treat chronic weight administration in adults. It is also developing a portfolio of programs in various therapeutic areas, counting cardiovascular, central nervous system, and metabolic diseases.
Opko Health Inc. (NYSE:OPK), ended its Tuesday’s trading session with -0.13% loss, and closed at $15.39.
The Law Offices of Vincent Wong are investigating potential claims against the Board of Directors of Bio-Reference Laboratories, Inc. (BRLI) (“Bio-Reference” or “the Company”) in connection with the sale of the Company to Opko Health, Inc. (OPK).
Under the terms of the transaction, Bio-Reference shareholders will receive 2.75 shares of Opko common stock for each share of Bio-Reference stock they own. The investigation concerns whether the Board of Bio-Reference breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Opko is underpaying for Bio-Reference shares.
OPKO Health, Inc., a biopharmaceutical and diagnostics company, engages in the discovery, development, and commercialization of novel and proprietary technologies in the United States and internationally. It operates through two segments, Pharmaceuticals and Diagnostics. The company develops various solutions to diagnose, treat, and prevent various conditions, counting point-of-care tests, molecular diagnostics tests, laboratory developed tests, and proprietary pharmaceuticals and vaccines. Its products comprise 4Kscore test that measures the blood plasma levels of four different prostate-derived kallikrein proteins.
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