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Stock Offering

Northrop Grumman Announces Newport News Shipbuilding Exchange Ratio

Northrop Grumman Corporation announced in connection with its offer to acquire all of the outstanding shares (including associated preferred stock purchase rights) of Newport News Shipbuilding that the exchange ratio for the common stock of Newport News has been fixed at 0.7193. Accordingly, stockholders of Newport News who elect to receive solely Northrop Grumman common stock in the offer will receive approximately 0.7193 shares for each share of Newport News common stock validly tendered by the expiration of the offer (subject to the proration procedures and limitations described in the offer) provided the offering period expires at 12:00 midnight New York City time on Nov. 29, 2001. In the event the offering period is extended, the exchange ratio will be recalculated and Northrop Grumman will issue a press release disclosing the new exchange ratio. Northrop Grumman also announced pursuant to the Northrop Grumman-Newport News merger agreement the Parent Stock Value is approximately $93.84. As a result of this determination and the expected retirement of certain Newport News indebtedness for Newport News shares as contemplated by the merger agreement: -- The number of Newport News shares outstanding as of the expiration of the offer is currently expected to be approximately 32,512,951, and -- The amount of cash available for the offer and the merger, subject to adjustment according to the terms of the merger agreement, is


Northrop Grumman to Acquire Litton Industries for $5.1B

In a move which effectively creates a defense and marine naval construction giant, Northrop Grumman Corp. and Litton Industries jointly announced late last month that they have signed a definitive agreement under which Northrop Grumman will acquire for cash all of the outstanding shares of Litton for $80 per common share and $35 per Series B Preferred share. The transaction is valued at approximately $5.1 billion, which includes the assumption of Litton's $1.3 billion in net debt.


Royal Caribbean Prices Public Offering

Royal Caribbean Cruises Ltd. has priced the public offering of 10,800,000 shares of its common stock at a price of $46 11/16 per share. Of the 10,800,000 shares offered, 10,000,000 shares are being sold by the company, and 800,000 shares are being sold by a selling shareholder. The company has granted to the underwriters of the offering an option to purchase up to an additional 1,620,000 shares of common stock to cover over-allotments


Crowley Settles Stockholder Lawsuit

Crowley Maritime Corporation reached a proposed settlement in the pending Franklin Balance Sheet Investment Fund v Crowley ("Franklin") litigation, a purported class action and derivative complaint filed in November 2004 against certain members of the board of directors and Crowley. The plaintiffs in that lawsuit have agreed to its dismissal if they and the other unaffiliated holders of Crowley common stock have the opportunity, through a tender offer, to sell their common stock for $2


Euroseas Ltd. Announces Public Offering

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that it is commencing a public offering of 5,000,000 shares of its common stock under the Company’s effective shelf registration statement. In addition, one of the Company’s shareholders will be offering 750,000 shares. Wachovia Securities and Oppenheimer & Co. will act as joint bookrunning managers


Costamare Announces Pricing of Common Stock Offering

Athens - Costamare Inc. announced that its offering of 7,500,000 shares of its common stock was priced at $14.10 per share. The gross proceeds from the offering before the underwriting discount and other offering expenses are expected to be approximately $105,750,000. Members of the Konstantakopoulos family, who in the aggregate own a majority of the common stock of the Company, have agreed to purchase 750,000 shares in the offering


Horizon Offshore Completes Private Placement of Stock

Horizon Offshore, Inc. recently completed a private placement of restricted shares of common stock with several accredited investors. The company issued 52,650,000 common shares at $0.38 per share raising $20,007,000 before deducting commissions and other expenses. The net proceeds from the private placement will be used for working capital and general corporate purposes. Energy Capital Solutions acted as the company's placement agent in connection with this private placement.


Dresser-Rand Prices IPO

Dresser-Rand Group Inc. has priced its initial public offering of 27,000,000 shares of common stock at $21.00 per share. All of the shares are being offered by Dresser-Rand Group Inc. The common stock will begin trading tomorrow on the New York Stock Exchange under the symbol "DRC." Morgan Stanley & Co. Incorporated and Citigroup Global Markets Inc. are serving as joint book-running managers of the offering. UBS Securities LLC is co-lead manager of the offering, and Bear, Stearns & Co


Maritrans Inc. Announces Tender Offer

Maritrans Inc. announced that its Board of Directors has approved the initiation of a modified "Dutch auction" tender offer by Maritrans to purchase up to 2,000,000 shares of its outstanding common stock at a price per share of not less than $11.00 per share nor in excess of $12.50 per share. The tender offer is expected to commence on Monday, December 17, 2001 and to expire, unless extended, at 5:00 P.M., New York City Time, on Friday, January 18, 2002.


Northrop Grumman Extends Offer

Northrop Grumman Corporation announced that it has extended its pending exchange offer for all outstanding shares of common stock, including associated rights, of Newport News Shipbuilding Inc. (NYSE: NNS) from Oct. 4, 2001, to Oct. 11, 2001, at midnight E.D.T. Approximately 6,948,883 shares of Newport News Shipbuilding common stock had been tendered to Northrop Grumman as of 5:00 p.m. E.D.T. on Oct. 4, 2001, including approximately 5,246


Hapag Lloyd IPO Valued at Over $5.5 Bln

Photo: Hapag-Lloyd AG

 A flotation of a minority stake could value the world's fourth-largest shipping group German-Chilean Hapag-Lloyd AG at more than 5 billion euros ($5.5 billion) and could take place as early as autumn.   Hapag-Lloyd AG has already mandated investment banks Deutsche Bank AG


Gazprom becomes Public Joint Stock Company

Gazprom headquarters in Moscow

  The procedure of renaming Open Joint Stock Company (OJSC) Gazprom into Public Joint Stock Company (PJSC) Gazprom has finished. The change in the Company's legal status is reflected in the new version of the Articles of Association approved by the annual General Shareholders Meeting on


Self-lubricating Bearing Polymer: Safe, Easy to Machine

Photo: Vesconite

Many plastics and metallic alloys present machining challenges as some deform and are difficult to maintain exacting tolerances, while others require strict and costly adherence to environmental regulations. Vesconite claims to solve these issues with a high-performance bearing polymer that is


ExxonMobil 3Q Dividend Unchanged

...

  The Board of Directors of Exxon Mobil Corporation today declared a cash dividend of 73 cents per share on the Common Stock, payable on September 10, 2015 to shareholders of record of Common Stock at the close of business on August 13, 2015.


Poseidon to Go Public

Image: New York Stock Exchange

 Poseidon Containers Holdings, a private equity backed containership operator with an initial fleet of 18 vessels, has filed for an initial public offering.    It plans to raise $100 million, which is likely only a placeholder as Poseidon has not specified the number of shares to


Danish Investors Sue Bankrupt OW Bunker

Photo: OW Bunker

A group of Danish investors have sued OW Bunker for 800 million Danish crowns ($120 million) for misleading them in its initial public offer (IPO), after the ship fuel supplier filed for bankruptcy just months after listing. The 27 institutions


Oranjewerf Ship Repair becomes Damen Shiprepair Oranjewerf

Damen Shiprepair Oranjewerf

  On 1 July 2015, Oranjewerf Ship Repair, which joined Damen Shipyards Group in 1989, will officially change its name to Damen Shiprepair Oranjewerf. This name change will be the final step of integrationfor the yard into Damen Shiprepair & Conversion, part of the Damen Shipyards Group


Fund Targets Mols-Linien

Photo: Mols-Linien

 The Danish equity fund Polaris makes a tender offer on all shares of the ferry operator Mols-Linien, which sails on routes Odden-Ebeltoft and Odden-Aarhus.    Polaris offered to pay 34 Danish crowns a share, valuing the ferry operator at 482 million Danish crowns ($71.7 million)


Estonian Port Passenger Number Up in June, Cargo Volume Down

Image: Estonian Ports Association

 The ports of the Estonian state-owned port operator Tallinna Sadam (Port of Tallinn) handled in June 1.68 million tonnes of cargo and serviced 1,045,461 passengers.   Compared to the same period last year, the cargo volume dropped by 25% while the number of passengers was by 1


Damen Stan Pontoon 9127 for Ocean Koper

Stan Pontoon 9127 artist impression (Image: Damen)

Ocean Koperd.o.o, a member of the Ocean Team headquartered in Trieste, Italy, will strengthen its fleet with the addition of a Damen Stan Pontoon 9127. The contract, signed on June 24, is for the largest pontoon in the region, and certainly in the Adriatic Sea, the builder noted.


New Wärtsilä Subsidiary Trades Classic Engine Parts

Wärtsilä announced it has established a subsidiary to trade spare parts for classic four-stroke Wärtsilä engines. QuantiParts, fully owned by Wärtsilä, will operate from the Netherlands and serves customers in the marine, locomotive and power plant industries worldwide


Halliburton, Baker Hughes Extend DoJ Review Date for Deal

Halliburton, Baker Hughes

  Halliburton Co and Baker Hughes Inc have agreed with the U.S. Department of Justice to extend the date of the department's review of Halliburton's acquisition of Baker Hughes, a deal that would create an oilfield services behemoth.


Russia, US Agree on Arctic Fishing Ban

Photo: NOAA

Five nations set moratorium on fishing near North Pole; no fish there now, but thaw is drawing stocks north. The United States, Russia and other Arctic nations signed an agreement deal on Thursday to bar their fishing fleets from fast-thawing seas around the North Pole


GE Shipping to Raise Funds via NCD

Pic: Great Eastern Shipping Company

 Great Eastern Shipping Company (GE Shipping), India’s largest private shipping company, is planning to raise up to Rs 500 crore ($79 million) through non-convertible debentures (NCDs) on a private placement basis, says PTI.  


$1.7 billion NOL Up for Sale. Will Hapag-Lloyd Buy?

Photo: NOL Group

 Singapore Sovereign Wealth Fund Temasek Holdings has put Neptune Orient Lines (NOL) up for sale, says a Wall Street Journal (WSJ) report.   The WSJ reported that Temasek was in talks with one buyer in recent months but the two sides could not agree on a price for the loss-making






 
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