On Monday, Frontline Ltd. (NYSE:FRO)’s shares inclined 0.62% to $2.42.
Frontline Ltd. (FRO) and Frontline 2012 Ltd. (FRNT) (“Frontline 2012″) have recently reached a contract and plan of merger, following which the two companies have agreed to enter into a merger transaction, with Frontline as the surviving legal entity (“the “Surviving Company”) and Frontline 2012 as a wholly-owned partner. Subsequent to the merger, this partner is predictable to merge into the Surviving Company (together, the “Combined Company”) which will retain the Frontline Ltd. name.
Commenting on the transaction, Chairman of Frontline Ltd. and Frontline 2012 Ltd., John Fredriksen stated: “By merging Frontline and Frontline 2012 we will regain Frontline’s position as a leading tanker Company. The Combined Company will have a large fleet and a strong balance sheet which puts us in a position to gain further market share through acquisitions and consolidation opportunities. With the current strong tanker market and attractive cash break even rates, we believe the Combined Company will generate noteworthyfree cash. The intention is to pay out excess cash as dividends at the Board’s discretion. I am very happy with this merger and I am determined to develop and grow the Company further.”
Frontline Ltd., a shipping company, through its auxiliaries, owns and operates oil tankers and oil/bulk/ore carriers. The company provides seaborne transportation of crude oil and oil products. It’s very large crude carriers (VLCCs) primarily transport crude oil from the Middle East Gulf to the Far East, Northern Europe, the Caribbean, and the Louisiana Offshore Oil Port, in addition to Suezmax tankers trade in the Atlantic Basin, the Middle East, and Southeast Asia. As of December 31, 2014, the company’s tanker fleet comprised of 22 vessels, counting 14 VLCCs and 8 Suezmax tankers. It is also involved in the charter, purchase, and sale of vessels.
Horizon Pharma PLC (NASDAQ:HZNP)’s shares dropped -0.95% to $34.54.
Horizon Pharma PLC (HZNP) pulled back from all-time highs this week, but traders are buying more time for shares to resume their monster rally.
optionMONSTER’s Heat Seeker system detected the sale off 5,000 June 30 calls for $1.40 and the purchase of 5,000 July 32 calls for the ask price of $1.50. Volume was below previous open interest in the near-term contracts, indicating that a long position was rolled forward.
The trader is closing the June contracts, which expire at the end of next week, and paying a net $0.10 to stay in the trade for another month at a higher strike price. The new long calls, which lock in the purchase price of the stock and can provide noteworthy leverage, are looking for shares to rally by expiration in mid-July.
Horizon Pharma plc, a specialty biopharmaceutical company, engages in identifying, developing, acquiring or in-licensing, and commercializing medicines for the treatment of arthritis, pain, inflammatory, and/or orphan diseases in the United States and internationally.
At the end of Monday’s trade, International Business Machines Corp. (NYSE:IBM)‘s shares dipped -0.22% to $164.73.
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.
International Business Machines Corporation provides information technology (IT) products and services worldwide. The company’s Global Technology Services segment provides IT infrastructure and business process services, such as outsourcing, processing, integrated technology, cloud, and technology support. Its Global Business Services segment offers consulting and systems integration services for strategy and transformation, application innovation services, enterprise applications, and smarter analytics; and application administration, maintenance, and support services.
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