On Wednesday, Renren Inc (NYSE:RENN)’s shares declined -2.92% to $3.99.
Renren Inc (RENN) declared that its Board of Directors has received a non-binding proposal letter, dated June 10, 2015, from Mr. Joseph Chen (“Mr. Chen”), Chairman of the Board and Chief Executive Officer of the Company, and Mr. James Jian Liu, a member of the Board and Chief Operating Officer of the Company, proposing a “going-private” transaction (the “Transaction”) to acquire all of the outstanding ordinary shares of the Company not already owned by Mr. Chen or Mr. Liu for US$4.20 in cash per American depositary share (“ADS”), or US$1.40 per ordinary share, which represents about 22% above the average closing price of the Company’s ADSs over the last 30 trading days up to and counting June 9, 2015.
Mr. Chen and Mr. Liu presently beneficially own about 32% of ordinary shares of the Company, representing about 49% in the Company’s shareholder voting power.
Renren Inc. operates a social networking Internet platform in the People’s Republic of China. The company provides online advertising services; Internet value-added services (IVAS), counting online talent show, VIP memberships, other IVAS, etc.; and online gaming services. The company operates renren.com, a social networking Website that enables its users to connect and communicate with each other, share information and user generated content, play online games, and watch videos, in addition to a range of other features and services; and Renren Games, a game operating platform that offers a portfolio of Web-based, cross-platform, and mobile games its users.
Goodyear Tire & Rubber Co (NASDAQ:GT)’s shares dropped -0.35% to $31.39.
Goodyear Tire & Rubber Co (GT) declared a contract to dissolve the global alliance with Sumitomo Rubber Industries, Ltd. This will assist save the expenses related to the arbitration process that was filed in January last year. The deal is subject to customary closing conditions, counting regulatory approvals and completion of Sumitomo Rubber’s labor agreement with the United Steelworkers union for the Tonawanda plant.
The alliance comprises four joint venture operating companies. Under the dissolution agreement, Goodyear will sell its 75% interest in Goodyear Dunlop Tires North America, Ltd. and 25% interest in Dunlop Goodyear Tires Ltd. to Sumitomo Rubber. It will also acquire Sumitomo Rubber’s 25% interest in Goodyear Dunlop Tires Europe B.V. and 75% interest in Nippon Goodyear Ltd.
Goodyear anticipates the deal to be accretive to its earnings from the first quarter of 2016. The gain will be primarily led by the removal of Sumitomo Rubber’s minority interest in Goodyear Dunlop Tires Europe B.V. Based on Goodyear’s 2015 operating plan, the benefit to adjusted net income is predictable to be around $40–$50 million or 15–18 cents per share annually.
The Goodyear Tire & Rubber Company develops, manufactures, distributes, and sells tires, and related products and services in North America, Europe, the Middle East, Africa, Latin America, and the Asia Pacific. The company offers various lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, farm implements, earthmoving and mining equipment, industrial equipment, and various other applications under the Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, and various other Goodyear owned house brands, in addition to under the private-label brands.
At the end of Wednesday’s trade, 21Vianet Group Inc (NASDAQ:VNET)‘s shares surged 9.74% to $21.85.
21Vianet Group Inc (VNET) has received a non-binding proposal letter, dated June 10, 2015, from Mr. Josh Sheng Chen (“Mr. Chen”), Chairman of the Board and Chief Executive Officer of the Company, Kingsoft Corporation Limited (“Kingsoft”) and Tsinghua Unigroup International Co., Ltd. (“Unigroup”, together with Mr. Chen and Kingsoft, the “Buyer Group”), proposing a “going-private” transaction (the “Transaction”) to acquire all of the outstanding ordinary shares of the Company not already owned by the Buyer Group for US$23.00 in cash per American depositary share (“ADSs”), or about US$3.83 per ordinary share, which represents about a 17.7% premium above the average closing price of the Company’s ADSs over the last 15 trading days up to and counting June 9, 2015.
The Board intends to form a special committee comprising of independent directors to consider this proposal.
The Board cautions the Company’s shareholders and others considering trading in its securities that the Board just received the non-binding proposal letter from the Buyer Group and no decisions have been made with respect to the Company’s response to the Transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.
21Vianet Group, Inc. provides carrier-neutral Internet data center services to Internet companies, government entities, blue-chip enterprises, and small- to mid-sized enterprises in the People’s Republic of China. It offers hosting and related services to house servers and networking equipment in its data centers, and connects them through a data transmission network; and other hosting related value-added services.
McDermott International (NYSE:MDR), ended its Wednesday’s trading session with 4.80% gain, and closed at $5.89.
McDermott International (MDR) declared that it has been awarded a contract by Mexican state-owned petroleum company – Pemex. Per the contract McDermott will perform engineering, procurement, construction, installation and pre-commissioning of the Ayatsil-C replacement jacket and related deck installation.
The company stated that this large brownfield contract would be added to its second-quarter backlog. The project is predictable to complete in the fourth quarter of 2016.
Administration at McDermott added that this is the fourth contract that it has been awarded for the Ayatsil field. Last year, the company delivered the Ayatsil-B drilling platform. Earlier this year, the firm accomplished the installation of the Ayatsil-A offshore jacket, deck and piles.
The Ayatsil field is located in the Bay of Campeche and is the biggest discovery for Pemex. The company has plans of developing the field using four platforms.
McDermott primarily serves the worldwide offshore oil and gas field developments. The company’s services comprise front-end design and detailed engineering in addition to fabrication and installation of offshore drilling and production facilities. The company also installs marine pipelines and subsea production systems.
Additionally, the company provides project administration and procurement services. It operates in most of the major offshore oil and gas producing regions, counting the U.S., Mexico, Canada, the Middle East, India, the Caspian Sea and the Asia Pacific.
McDermott International, Inc. operates as an engineering, procurement, construction, and installation company worldwide. The company operates through three segments: Asia Pacific, Americas, and the Middle East. It focuses on designing and executing offshore oil and gas projects.
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