February 25, 1994 |
Unisys Corp. said yesterday that it was about to clear a crucial hurdle before resuming dividends on its common stock. Unisys said it was about to pay off the arrearage on its preferred-stock dividends, which have been behind for three years. Previously, it said common stock dividends would not be paid until the preferred-stock payments were made current. However, a spokesman for the Blue Bell computer maker and information services firm said that no decision had been made to restore the common-stock dividend and that its top priority remained cutting debt.
January 18, 2012
Sunoco Inc., distributed 56.7 million shares of SunCoke Energy Inc. to its shareholders, completing the spin-off of its metallurgical coke subsidiary. Sunoco no longer owns any shares of SunCoke. Sunoco shareholders received 0.53046456 share of SunCoke common stock; each fractional share was worth $6.82 at the market close on Wednesday. Sunoco shares closed Wednesday at $37.07. That means the value of a Sunoco shareholder's investment in the two companies increased about 3.7 percent in trading Wednesday on the New York Stock Exchange.
April 25, 1987 |
The Glenmede Trust Co. yesterday said that it planned to sell 2.7 million shares of Sun Co. common stock. The sale, worth about $166 million at yesterday's prices, represents 2.5 percent of Sun's 108 million outstanding shares of common stock. John W. Church Jr., senior vice president of Glenmede, said that the trust was selling the stock because it had a bigger percentage of Sun's stock than it wanted. Glenmede now manages funds that own 28 percent of Sun's common stock. About 26 percent of Sun's common stock is in charitable trusts controlled by Glenmede.
June 18, 1989 |
The value of Aydin Corp.'s contract to develop electronic-warfare systems for the Air Force has been increased by $22.9 million to $100.9 million. The original value of the Horsham-based company's contract to manufacture Multiple Threat Emitter Systems (MUTES) was $78 million. When the system is complete, it will provide for "pilot training and electronic-warfare-type training for the Air Force," says Geraldine Hakimoglu, a company spokeswoman. "And it's got radar simulation in it, too. " Aydin was chosen by the Air Force in 1987 to develop and manufacture the MUTES technology.
September 27, 2011
The Bancorp Inc., Wilmington, said its board of directors authorized the repurchase of up to 750,000 shares of the company's common stock, or about 2.5 percent of the total outstanding. The shares are trading at about $7.05, making the repurchase currently worth about $5.3 million. The company operates The Bancorp Bank, which has assets of $2.5 billion and offices in Philadelphia, Exton, Warminster and several southern and midwestern cities, in addition to Wilmington. -Paul Schweizer
August 26, 2011
Urban Outfitters Inc. said its board approved the repurchase of an additional 10 million shares of the Philadelphia company's common stock. The company said it had completed the buyback of a separate 10 million shares that was authorized last November. As of early June, the retailer had 160 million shares outstanding. The stock closed Friday at $24.77, up 56 cents but down from a high this year of $38.50 in early March. Urban operates stores that sell apparel, accessories and housewares.
March 7, 2013 |
PolyMedix Inc., a struggling Radnor biotech firm that has been considering strategic alternatives that may include a sale of the company, announced a plan for a reverse stock split to increase the per-share price of its common stock. Share are currently traded over the counter, and the company said it's goal would be to list on the Nasdaq. The company called a shareholder meeting for March 15 to vote on the proposal. PolyMedix, which is developing a treatment for skin infections, in January replaced then-CEO Nicholas Landekic with CFO Edward F. Smith as interim chief executive.
March 4, 1987 |
General Motors Corp. will buy back up to 20 percent of its main class of common stock between now and the end of 1990, the nation's largest automaker said yesterday. The repurchases will be made on the open market and this year will not exceed 10 million shares, or about 3 percent of outstanding common stock, GM said. At present prices, the cost of the buyback would be about $4.8 billion. The automaker's directors approved the repurchase program, which affects its regular common stock, at a meeting in New York.
May 26, 2013
When Merck & Co. Inc. announced earlier this month that it planned to buy back $15 billion in common stock, it seemed likely that the move would follow the typical pattern: big talk, but little actual repurchase activity for months, if not years. Then the pharmaceutical company, with major operations in Montgomery County, struck an accelerated share-repurchase program with Goldman, Sachs & Co. last week to buy about $5 billion worth of Merck common stock. Also, Merck agreed to sell $6.5 billion in debt to raise cash to buy more shares, putting it well on the way to repurchasing shares worth $7.5 billion within the next 12 months.
April 6, 2013 |
Penn Virginia Corp., which has a long history in the coal and gas business, is becoming more oily. The Radnor energy company announced that it was dramatically expanding its holdings in the oil-rich Eagle Ford Shale in south Texas with the acquisition of 19,000 acres of prospective and producing leases for $401 million. The company agreed to buy the leases from Magnum Hunter Resources Corp. The acreage contains estimated proved reserves of 12 million barrels of oil equivalent.