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
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 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
One of the first commercial applications of MAN Diesel & Turbo’s new MAN Alpha Kappel FP propeller took place off the coast of China recently when the vessel Elsabeth C, a 58,500-dwt Supramax bulk carrier owned by Frontmarine Co. Ltd – an affiliated and managed company of
All good things come in threes as Damen delivers the third vessel of the year, from the Damen Fast Ferry (DFFe) series to South Korean operators. Having already delivered the SeaStar 5 to existing customer Seaspovill earlier this year
Swiss Re Corporate Solutions has expanded its marine business by opening a North America marine office. Beginning October 1, 2015, the New York-based team will provide ocean cargo insurance, with additional products to follow, the company said.
Israel’s Zim Integrated Shipping Services has hired two banks to carry out its initial public offering (IPO) in the US, Bloomberg reported. Zim Integrated Shipping Services Ltd has hired Bank of America Corp.’s Merrill Lynch unit and Barclays Plc to lead a New York IPO
German ocean carrier Hapag-Lloyd aims to launch preparations for an initial public offering (IPO) in September, which is sooner than it originally planned, as a result of strong financial results, says Reuters. Hapag-Lloyd’s solid second quarter financial performance
APM Terminals Pipavav (Gujarat Pipavav Port Ltd) and NYK Auto Logistics (India) today announced the commencement of RORO operations at Pipavav Port. Ford Motors India Pvt Ltd dispatched the first lot of its new Ford FIGO built in its Sanand plant in Gujarat for exports.
Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year lows on recovering equities markets, strong U.S. economic growth and news of low crude supplies from Nigeria.
Thordon Bearings Inc. of Canada announced that CY Engineering Co. Ltd. will take over as the new authorized distributor for the People’s Republic of China, including Macau and Hong Kong, effective August 28, 2015. With this agreement, CY Engineering becomes Thordon’s stocking
Workboats are built for a diverse range of purposes, but they all share the need for trouble-free bushings and bearings. Answering this call, Vesconite offers a line of low-friction, long-lived polymers that it says thrive in a dirty, marine environment.
The closed-door talks on what is believed to be merger discussions between Cosco and China Shipping continue, reports local media. According to JoC, the Chinese executives of the carriers have been tight lipped on the discussions
German container shipping group Hapag-Lloyd has taken further steps in preparation of a stock market listing and has mandated more banks for the move, but it remains undecided on the timing of the deal, people familiar with the situation said.
All stocks under Drewry Maritime Equity Research (DMER)’s dry bulk coverage were down and recorded double-digit negative returns, taking cues from vessel earnings. The BDI shed its gain of the previous two months and nudged down 20% m/m in August led by a fall in the Capesize
Record high stocks of fuel oil in Singapore are pushing traders to store the shipping and feedstock fuel into tankers temporarily as demand slows regionally. At least seven very large crude carriers (VLCCs) have been provisionally fixed to store fuel oil on short-term time charters
Press release - The Damen Shipyards Group is shipping a total of 22 vessels from several Damen shipyards aboard the heavy-lift vessel Happy Star. This is Damen’s largest transportation of stock vessels to date. Upon arrival in Europe later this month
German container carrier Hapag-Lloyd is looking to sell shares for a total US$500 million, and will seek listings in Hamburg and Frankfurt before the end of 2015. Hapag-Lloyd has confirmed that it is preparing for a US500 million initial public offering (IPO) this year