July 18, 2016 |
In slow-growth America, beyond urban centers with their forests of cranes, attractive design of a shopping center isn't enough to create new businesses, replace jobs vanishing in mergers, or keep the bankers from the door. Consider Hercules Plaza, a half-million-square-foot pile of blue-glass boxes built by a now-vanished chemical company and upgraded with $20 million in recent and pledged improvements by owner McConnell Johnson Real Estate, such as an atrium, shops, and an "Innovation Center" for start-ups.
June 5, 2016 |
Talen Energy Corp., the Allentown independent power producer that was spun off from PPL Corp. a year ago, is being taken private. Riverstone Holdings, a New York private equity firm that owns 35 percent of Talen's stock, agreed to acquire the remainder of the company for $1.8 billion in cash. Talen's shares had been beaten down as its profits dwindled in the highly competitive merchant power-generation business. Riverstone offered $14 a share for Talen stock, whose value had fallen below $6 a share in January after it began trading last June at $20 a share.
May 18, 2016 |
A 28-year-old Ukrainian hacker pleaded guilty Monday to taking part in a long-running international scheme in which yet-to-be published financial news releases were stolen and the information used in illegal trading that generated an alleged $30 million in profits. The scheme - in which a Glen Mills man, Vitaly Korchevsky, 50, also has been charged - involved trading ahead of about 800 corporate news releases, hours or even days before the releases went public. The traders allegedly paid the hackers a percentage of the illegal profits and used foreign shell companies to share in them, as well, according to federal prosecutors.
January 6, 2016
John Angelo, 74, who cofounded Angelo, Gordon & Co. and presided 27 years over the New York investment firm's growth to $26 billion in assets under management, died Friday from cancer, according to an email statement from Michael Gordon, the firm's other cofounder. "John was one of the most forward-looking people I have known, and a driving force in achieving success for our clients and for us," Gordon said. "We will all miss him. " Mr. Angelo, the firm's chief executive officer, started the company with Gordon after an 18-year career with L.F. Rothschild & Co. in which he specialized in convertible securities, options, futures and distressed securities, according to a biography on the firm's website.
December 30, 2015 |
Billionaire investor Carl Icahn on Monday upped the ante in his bid to win Pep Boys - Manny, Moe, and Jack, offering $18.50 a share in cash, or more than $1 billion. In a news release issued Monday evening, the Philadelphia-based auto supply and repair chain said its board of directors, after consulting with its legal and financial advisers, had determined that the new offer from Icahn Enterprises constituted a "superior proposal" as defined in its agreement and merger plan with Bridgestone Retail Operations L.L.C.
December 10, 2015 |
Shares of Pep Boys - Manny Moe & Jack rose Tuesday as investors bet that Bridgestone Corp. will boost its $15-a-share offer to beat billionaire Carl Icahn's Monday bid of $15.50 a share for the Philadelphia-based auto-parts sales and service chain. Shares closed at $16.30, up 1.5 percent or 24 cents, in Tuesday trading on the New York Stock Exchange. That's the marginally profitable chain's highest daily closing price since 2008. On Tuesday morning, Pep Boys said its board recognized that Icahn's offer may be "a superior proposal" compared with the deal it agreed to accept from Bridgestone in October.
November 12, 2015 |
The interim chief executive of embattled Radnor oil producer Penn Virginia Corp. told investment analysts Tuesday that the company has suspended a search for a new CEO until it completes restructuring the company. "We just felt there was too much noise going on trying to bring somebody in now," said Edward B. Cloues, the chairman of Penn Virginia, who stepped in after chief executive H. Baird Whitehead announced his retirement Oct. 26. Cloues described the company's leaders as energized and optimistic.
June 3, 2015 |
PPL Corp. in Allentown on Monday completed the spinoff of its competitive energy business, which was combined with the power generation assets owned by Riverstone Holdings to form a new merchant power producer called Talen Energy Corp. The new company's shares will begin trading Tuesday on the New York Stock Exchange under the symbol TLN. New Jersey officials have been wooing Talen's management to move the new company's headquarters from Allentown to Phillipsburg, 20 miles to the east.
February 20, 2015 |
Campbell Soup Co. plans to cut at least $200 million in expenses over the next three years, with a little less than a third of the savings expected to come from an unspecified number of job cuts, the Camden food company said Wednesday at an investors conference in Florida. The savings will amount to 2 percent to 3 percent of the company's annual revenue and provide money for expansion in product areas that are growing faster than its legacy soups, sauces, and beverages that are sold in the center aisles of supermarkets, the company said.
January 22, 2015 |
As Gov. Christie nears a decision on whether to run for president, he faces a likely crowded Republican primary field - and competition for wealthy donors. One billionaire, however, has made his allegiance to Christie clear. "The American people are ready for the truth. I think one thing the governor demonstrates loud and clear is candor," Ken Langone, a cofounder of Home Depot, said in a recent interview. "He has no trouble standing by his decisions and explaining why he made those decisions.