On Friday, Renren Inc (NYSE:RENN)’s shares inclined 0.25% to $4.00.
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.
Textron Inc. (NYSE:TXT)’s shares dropped -0.41% to $45.96.
Bell Helicopter, Textron Aviation Inc., Textron Systems, Textron AirLand, and TRU Simulation + Training, all businesses of Textron Inc. (TXT), declared their joint presence during the International Paris Air Show, June 15-18, at Le Bourget Parc des Expositions.
Subject matter experts will be accessible to talk about a broad range of aerospace and defense capabilities at the Textron Pavilion A-2, during the show hours from 8:30 a.m. to 6 p.m. daily.
Textron Inc. operates in the aircraft, defense, industrial, and finance businesses worldwide. It operates through five segments: Textron Aviation, Bell, Textron Systems, Industrial, and Finance. The Textron Aviation segment manufactures business jets, turboprop aircraft, piston aircraft, military trainer and defense aircraft, and parts, in addition to provides maintenance, inspection, and repair services.
At the end of Friday’s trade, Mindray Medical International Ltd (ADR) (NYSE:MR)‘s shares dipped -1.32% to $28.36.
Mindray Medical International Ltd (ADR) (MR) declared that its board of directors (the “Board”) has received a preliminary non-binding proposal letter dated June 4, 2015 from Mr. Li Xiting, its Executive Chairman of the Board, President and Co-Chief Executive Officer, Mr. Xu Hang, its Chairman of the Board, and Mr. Cheng Minghe, its Co-Chief Executive Officer and Chief Planned Officer (collectively, the “Buyer Group”), to acquire all of the outstanding shares of the Company not already owned by the Buyer Group in a going private transaction for US$ 30.0 per American Depositary Share (“ADS”, each ADS representing one ordinary share) or US$ 30.0 per ordinary share in cash, subject to certain conditions. A copy of the proposal letter is attached hereto as Exhibit A.
The Board intends to form a special committee compriseing of independent directors to consider this proposal. The Company cautions its shareholders and others considering trading in its securities that the Board just received the non-binding proposal and has not made any decisions with respect thereto. 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.
Mindray Medical International Limited develops, manufactures, and markets medical devices worldwide. The company operates in three segments: Patient Monitoring and Life Support Products, In-Vitro Diagnostic Products, and Medical Imaging Systems.
Grupo Televisa SAB (ADR) (NYSE:TV), ended its Friday’s trading session with 0.26% gain, and closed at $38.65.
Foxa and Grupo Televisa SAB (ADR) (TV) two companies with ties to sports marketing companies at the heart of the controversy regarding sponsorship rights to the world soccer games, are staying mum on the connections.
Fox reportedly holds a more than 50% stake in T&T Sports Marketing LLC, a joint venture between Traffic Group and Torneos y Competencies, The Wall Street Journal reports. The two firms were at the center of a scandal that resulted in a 47-count indictment for charges of racketeering, wire fraud and money laundering conspiracies that comprised of nine FIFA (Federation International de Football Association) officials.
Both Fox and DirecTV, which is pending a $48.5 billion acquisition by AT&T (T), have attained rights to noteworthy soccer events through Traffic Group, a Brazilian company that bought and resold soccer rights, and Torneos, an Argentine sports marketing firm, the report said, citing “people familiar with the businesses.”
In fact, broadcast satellite service provider DirecTV holds a 40% stake in Torneos, with four seats on Torneos’ nine-seat board. Torneos, in turn, own a stake of Datisa, which allegedly attained rights to Copa America tournament, this year hosted in Chile June 11 to July 4, with in part more than $1 million in bribes to soccer officials. DirecTV did not return calls for comment.
Meanwhile, Fox’s connections with Torneos and Traffic Group comprise a more than 50% stake in a joint venture between the two called T&T Sports Marketing LLC, although with reportedly no operational interest. FOX spokesman Nathaniel Brown declined to comment on the ties, saying the company was not issuing a statement on the matter.
Grupo Televisa, S.A.B. operates as a media company in the Spanish-speaking world. The company operates through four segments: Content, Sky, Telecommunications, and Other Businesses. The Content segment is involved in the production of television programming and nationwide broadcasting of Channels 2, 4, 5, and 9; the sale of advertising time on programs; and the production of television programming and broadcasting for local television stations in Mexico and the United States.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should might occur.
