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. Litton is a leading supplier of advanced electronics and information systems to the U.S. government and international customers and is the premier designer and builder of non-nuclear surface combatant ships for U.S. and foreign navies. The company reported sales of $5.6 billion and net income of $218 million for the 2000 fiscal year ended July 31. Litton had $8.2 billion in fully funded backlog at the end of its first quarter, October 31, 2000. Kent Kresa, Northrop Grumman's chairman, president and chief executive officer said, "We are very pleased with our strategic acquisition of Litton, which we believe brings tremendous value to the shareholders, employees and customers of both companies. With projected combined pro forma revenues of more than $15 billion in 2001, growing to $18 billion by 2003, this acquisition solidly places Northrop Grumman among the world's top-tier defense companies and strengthens our commitment to systems integration
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
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 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. (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
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
Ocean Tankers Holdings PCL aims to raise about $13.38m from the initial public offering (IPO) that starts in the first such issue of a new company to list on the Cyprus Stock Exchange in two years. The company, presently privately owned by the Michael Ioannides Group and its affiliates, has a fleet of three double-hull tankers under the Cypriot and Maltese flags and the proceeds of the issue, that will reduce the principal shareholder’s stake to just below 70%
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. 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 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
Euronav NV announced the commencement of its underwritten initial public offering in the United States of 13,550,000 ordinary shares. The company will grant the underwriters a 30-day option to purchase additional ordinary shares representing up to 15% of the offered shares.
Lifting Gear Hire (LGH) opened a new warehouse in Phoenix, Arizona, the company’s 19th warehouse across North America. The new warehouse aims to offer a one-day equipment ship point to many southwestern cities, including Los Angeles, Denver, and Las Vegas
Belgian dry bulk shipping group CMB on Thursday said markets would remain volatile after a disappointing 2014 in which falling commodity prices reduced stock building by clients. The group added that freight rates would come to a sustainable level once overcapacity in the shipping market
Euronav NV announced today the upsizing and pricing of its initial public offering in the United States. The size of the offering has been increased from the initially announced 13,550,000 ordinary shares to 16,260,000 ordinary shares at an issue price per share of USD 12
The Hong Kong-based company with a concession to build a $50 billion shipping canal in Nicaragua said on Tuesday it is preparing to launch an initial public offering. Wang Jing, Chairman and Chief Executive of the HK Nicaragua Canal Development Investment Co Ltd (HKND Group)
Oil prices fell on Wednesday as concerns about demand for fuel kept worries about a global supply glut intact. Both Brent and U.S. crude significantly pared losses just before government data showed U.S. crude oil inventories fell 1
Euroseas Ltd. an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today that it received notice from the Nasdaq Stock Market LLC ("Nasdaq") dated December 30
CEO Hvide bullish on tanker demand and freight rates. Oslo-listed crude tanker group Frontline expects continued high demand and solid freight rates, boosted by the drop in oil prices and increased contango driven storage, Chief Executive Robert Hvide Macleod told Reuters on Tuesday.
Damen is a ubiquitous name in global ship and boatbuilding, delivering its unique brand with customary style and flair from ports of call around the world. For insights on the company’s long, colorful history and its bright future, we received insights from Arnout Damen, COO.
The board of directors at Nordic American Offshore Ltd. have declared a dividend of $0.45 per common share for the fourth quarter of 2014. This is the same as for the first three quarters of 2014 for this newly established company which was stock listed on NYSE June 12, 2014
Star Bulk Carriers Corp. announced today that it plans to make an underwritten public offering of its common stock. The Company intends to use the net proceeds from the offering for its new building program and general corporate purposes.
Kristiansund Taubåtservice has taken delivery of a Damen Stan Pontoon 4113. At 41 meters in length and 13 meters across, the Stan Pontoon joins the company’s existing fleet of three barges. Kjetil Kvande Hansen at Kristiansund Taubåtservice AS commented
Damen Shipyards Cape Town (DSCT) has completed the build of two FCS 5009 Patrol vessels, the first of their type to be built in South Africa. Another of the same class is already in operation with the Cape Verdean Coast Guard.
German container shipping group Hapag-Lloyd will focus on integration of Vapores , the Chilean firm with which it is merging, and a return to profit before pressing ahead with a stock market flotation, its chief executive said. "We believe in our plan, that is why we are not in a rush
To maintain the continuous availability of its wide range of built-for-stock vessels, Damen Shipyards Group is currently shipping a diverse cargo of 16 new pontoons and tugs, as well as numerous modular barges, from China to the Netherlands.