On Tuesday, Shares of Verizon Communications Inc. (NYSE:VZ), gained 0.50% to $47.77.
Verizon Communications, and AOL Inc. (formerly NYSE: AOL) declared the successful completion of Verizon’s tender offer to purchase all outstanding shares of AOL for $50.00 per share in cash. The tender offer expired at 11:59 p.m. (New York City time) on June 22, 2015.
Verizon subsequently accomplished the acquisition of the remaining eligible AOL shares not attained in the tender offer through a merger following Section 251(h) of the General Corporate Law of the State of Delaware. As a result, AOL shares will no longer be traded on the NYSE, and AOL is now a wholly owned partner of Verizon.
As of the expiration of the tender offer, about 47,522,501 shares were validly tendered and not withdrawn in the tender offer, representing 60.37 percent of AOL’s outstanding shares, according to the depositary for the tender offer. Notices of Guaranteed Delivery were delivered with respect to 2,767,607 additional shares, representing about 3.52 percent of AOL’s shares, according to the depositary. Verizon has accepted for payment and will promptly pay for all validly tendered (and not withdrawn) shares.
All eligible AOL shares that were not validly tendered have been converted into the right to receive $50.00 per share in cash, without interest and less any applicable withholding taxes — the same price paid in the tender offer.
Verizon Communications Inc., through its auxiliaries, provides communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide.
Shares of Darden Restaurants, Inc. (NYSE:DRI), inclined 0.01% to $69.39, during its last trading session, hitting its highest level.
Darden Restaurants, declared recently that it is soliciting consents from holders of the Company’s 6.00% Senior Notes due 2035, and the Company’s 6.80% Senior Notes due 2037 that held the relevant Notes as of 5:00 p.m., New York City time, on June 22, 2015, to approve certain amendments to the terms of the Notes.
The Company is undertaking the Solicitation to provide it with the flexibility to enter into certain sale and leaseback transactions as part of its recently declared real estate strategy. The amendments projected to be made to the terms of the Notes following the Solicitation are not a condition to the Company’s recently declared real estate strategy.
Darden Restaurants, Inc. owns and operates full service restaurants in the United States and Canada. It operates restaurants under the Olive Garden, LongHorn Steakhouse, Bahama Breeze, Seasons 52, The Capital Grille, Eddie V’s, and Yard House brand names.
Gold prices dropped Tuesday for a third day driven by U.S. Federal Reserve Governor Jerome Powell’s comments on “being prepared” to raise interest rates twice this year.
Speaking at an event sponsored by the Wall Street Journal, Powell said rates could rise as early as September and once again in December, as long as the economy performs as predictable.
Among Gold Stocks, Yamana Gold, Inc. (NYSE:AUY), ended its last trade unchanged, and closed at $3.20.
Yamana Gold Inc. engages in gold mining and related activities, counting exploration, extraction, processing, and reclamation. The company has precious metal properties and land positions in the Americas. Its portfolio comprises seven operating gold mines, such as Chapada (copper/gold), El Peñón (gold/silver), Canadian Malartic Mine (gold/silver), Jacobina(gold), Gualcamayo(gold), Minera Florida (gold/silver/zinc), Fazenda Brasileiro, and Mercedes (gold/silver), in addition to a 12.5% indirect interest in the Alumbrera mine (copper/gold/molybdenum); and various development stage projects and exploration properties in Brazil, Chile, Argentina, Mexico, and Canada.
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