January 4, 2016
At its plants and offices and labs along I-95 in Delaware, 1,700 of our 6,100 neighbors who work at DuPont Co. will learn shortly - many by Monday - that their jobs have been eliminated. They're being dismissed to "reduce our corporate overhead" and "restructure our cost base," chief executive Edward Breen warned in a memo a few days ago. Breen has done the big corporate cut, shine, and sale before, boosting profits and enriching shareholders of the former General Instruments Corp.
December 25, 2015 |
Billionaire investor Carl Icahn has set a Christmas Eve deadline on the bidding war for Philadelphia's marginally profitable Pep Boys - Manny, Moe & Jack auto-parts chain. Icahn on Wednesday promised to pay $16.50 a share - or "10 cents more per share" than the rival Bridgestone tire group's best offer - and to increase it to as much as $18.10 a share or more than $1 billion. The catch is that Pep Boys has to agree to his deal by 8 p.m. Thursday. After that, Icahn's proposal would expire.
December 16, 2015 |
Destination Maternity Corp., an apparel company that recently moved its headquarters from Philadelphia to Moorestown, has rejected a French suitor, according to a Securities and Exchange Commission filing Monday. Shares of Destination Maternity, which makes maternity wear, shot up 17 percent at the start of trading Monday on the Nasdaq Stock Exchange, but soon settled down to about the same level as their Friday close of $9. Orchestra Premaman S.A., which makes clothing for children and babies, said in the filing that it paid $16.6 million for a 13.3 percent stake in Destination, and reiterated its desire to engage in merger talks with Destination.
July 5, 2014 |
Money-losing Sun Bancorp Inc. of Mount Laurel, under pressure to please investors and government regulators and boost its sagging share price, plans to sell or shut a string of its Sun National Bank branches and lay off more than 200 of the company's 600-plus workers, new chief executive officer Thomas O'Brien said in a statement Thursday. "The layoffs are part of an overall restructuring plan to bring the bank's revenue and expense model, and overall efficiency ratio, in line with our peers," said spokesman Mike Dineen.
March 9, 2014 |
The share price of UIL Holdings Corp. appeared to have found a basement Friday after declining 11.7 percent since an initial report that the Connecticut company had agreed to buy Philadelphia Gas Works. UIL's shares on the New York Stock Exchange closed up 22 cents at $34.84 on Friday, the first positive showing since the company's interest in PGW was disclosed Feb. 28, when its stock price stood at $39.45. It has lost $260 million in market value since then. UIL on Monday announced it agreed to buy the city's gas utility for $1.86 billion.
January 18, 2014 |
Comcast Corp. is weighing its options for Time Warner Cable Inc., the nation's second-largest publicly traded cable-TV company, amid Charter Communications Inc.'s continued attempts to make the acquisition. Charter's latest offer, formally presented in a letter Monday and then quickly panned by New York's Time Warner Cable as "grossly inadequate," was for $132.50 a share - $82.54 a share in cash and $49.96 a share in Charter stock. Charter, based in Stamford, Conn., approached Comcast after the rejection to participate in a revised deal, according to media reports and industry sources.
January 13, 2014 |
Dramatic market moves and a wave of initial stock offerings bring three new company names to the Philly50 for 2014, while three others have been edged off the list. Rising stock prices put all 50 companies on the list above $1 billion in market capitalization - at least for now. The newcomers are: Aramark Holdings Corp. , which introduced its ticker symbol, ARMK, to the New York Stock Exchange in December, when the company went public for the third time since its founding in Philadelphia in 1959.
November 16, 2013 |
More signs that the stock market isn't quite science: J.G. Wentworth & Co. , the Radnor firm that buys accident victims' long-term insurance settlements for up-front cash (ad slogan: "It's my money and I want it now!"), had planned to raise $200 million by selling shares to investors at $22 in its New York Stock Exchange initial public offering last week. But the stock peddlers, led by Barclays Capital and Credit Suisse Securities , couldn't find buyers at that price. So they cut it, and cut it again.
August 26, 2013 |
At Five Below's busy store in the Gallery in Center City, a grad student stocked up on items for her apartment in Camden - a $2 spatula and a $5 daisy-shaped scarf holder topped her pile of purchases. It's back-to-school season, and the discount teen-oriented store was loaded with $5 backpacks in purple, pink, and glitter, Hello Kitty pencil cases and notebooks in every hue. A year ago, on July 19, 2012, the Philadelphia-based company, founded by the creator of Encore Books and Zany Brainy, held a different kind of sale - an initial public offering, selling 11.06 million shares at $17 apiece.
February 16, 2013 |
PITTSBURGH - Before the stock markets opened Thursday, Pittsburgh's world-famous ketchup maker, H.J. Heinz Co., announced that it had agreed to be acquired for $28 billion in cash and debt by an investment partnership between Warren Buffett's Berkshire Hathaway and 3G Capital, owner of such well-known brands as Burger King and Budweiser. Heinz had been the subject of takeover rumors for years, as many thought it was a small enough and tempting enough player in the food business to be swallowed by another company.