May 15, 2015 |
Big stock-index funds and small investors joined forces to reelect incumbent DuPont Co. directors in a Wednesday vote at the company's Wilmington headquarters, pushing back a rival slate led by billionaire activist investor Nelson Peltz. After the vote, Peltz said that "the vast majority" of actively managed mutual funds and hedge funds had backed his slate. Vote totals were not released. "We won," company chair and chief executive Ellen Kullman crowed. "Apparently, we got their attention," she said, referring to the company's $15 million campaign to win support from retirees and other small investors, who own nearly one-third of DuPont's 900 million shares outstanding and had not voted much in recent elections.
April 20, 2015 |
Few of us are fond of mild, rainy summers like the one the Philadelphia region experienced last year. Nick DeBenedictis is definitely not a fan. DeBenedictis is chairman and CEO of Aqua America, the Bryn Mawr water utility that operates in eight states, including Pennsylvania and New Jersey. Wet summer weekends dampen demand: Too much free product falls from the sky. Gardeners don't water; cars don't get washed. "Two straight years, we've had pretty depressed sales," he said in an interview last week.
October 22, 2014 |
Pennsylvania Real Estate Investment Trust has been renovating shopping malls, selling less-successful properties, and paying down its debt since the last recession. But it's not moving fast enough for one activist shareholder. Connecticut-based Jonathan Litt, whose Land & Buildings investment fund owns about $10 million of PREIT stock - a little less than 1 percent - posted an open letter Monday urging the Philadelphia-based company to sell half its malls, including a handful in this region.
October 10, 2014 |
Comcast Corp. shareholders approved on Wednesday the all-stock, $45.2 billion proposed acquisition of beleaguered Time Warner Cable Inc., with 99.6 percent of the votes cast saying the takeover should go through. Based on the deal, Time Warner Cable shareholders would receive 2.875 Comcast shares for each Time Warner Cable share. For example, a Time Warner Cable shareholder with 100 shares would receive 287 Comcast shares. Time Warner Cable shareholders will vote on the plan to merge the nation's largest and second-largest cable companies Thursday morning in New York City.
September 19, 2014 |
Chesterbrook drugmaker Auxilium Pharmaceuticals responded Wednesday to an unsolicited takeover offer from Endo International P.L.C. by saying it would look at the offer, as required by financial regulations, but also would institute a poison-pill stock-dividend plan to ward off Endo. Endo valued the cash-and-stock offer at $28.10 per share, or $2.2 billion, but it did not specify how much of that total was stock and how much was cash. Endo chief executive officer Rajiv De Silva sent the takeover letter to Auxilium CEO Adrian Adams on Friday night, then went public with the offer Tuesday after the stock market closed in New York.
September 18, 2014 |
In a Philadelphia-area pharmaceutical takeover attempt, Endo International P.L.C. Tuesday offered to buy all of the shares of Auxilium Pharmaceuticals for $2.2 billion. After the New York Stock Exchange closed, Endo said in a statement that it "delivered a proposal to acquire all of the outstanding shares of Auxilium," for $28.10 per share in a cash and stock transaction that Endo valued at $2.2 billion. There was no immediate comment from Auxilium, whose stock closed Tuesday at $21.52.
September 11, 2014 |
Shareholders in Comcast Corp. and Time Warner Cable Inc. will vote early next month in separate meetings in Philadelphia and New York on the $45.2 billion proposal that would merge the companies. The specific dates are Oct. 8 for Comcast shareholders and Oct. 9 for Time Warner Cable shareholders. The approvals are part of a complex and now months-long process for Comcast's proposed acquisition of the nation's second-largest cable company. Comcast shareholder approvals seem assured as Brian Roberts, the company's chief executive officer, chairman, and son of founder Ralph Roberts, agreed in the merger negotiations with Time Warner Cable to vote Class B shares held in two family trusts, dated 1993 and 1998, for the deal.
June 7, 2014 |
NEW YORK - Time Warner Cable Inc. shareholders met on a soggy Thursday morning here, a couple blocks off Columbus Circle, to hear chief executive Robert D. Marcus say he considers that the company's dismal 2013 performance is "old news," and that its proposed $45.2 billion acquisition by Comcast Corp. in an all-stock transaction is a "dream combination. " The sedate affair contained none of the drama that marked the Comcast shareholders' May gathering in Philadelphia, which was disrupted by about 50 protesters opposing the merger of the nation's two largest cable companies because of anti-competitive concerns and media concentration.
June 6, 2014 |
Time Warner Cable Inc., the nation's second-largest cable-TV company, will hold its annual shareholder meeting Thursday in New York, and the proposed $45.2 billion merger with Comcast Corp. is not part of the agenda. The meeting follows a tumultuous year at Time Warner Cable in which the company lost hundreds of thousands of cable-TV customers and then became a target of an unfriendly takeover by Charter Communications Inc. Comcast, the nation's largest cable-TV operator, negotiated a friendly all-stock deal to acquire Time Warner Cable that was announced in February.
May 23, 2014
CONSUMERS UNION hates Kabletown, thinks it's too big already and wants it to grow no more. Nonprofit Consumers Union says it works to make for a "fair, just and safe marketplace for all consumers. " Kabletown is what Comcast was called on Tina Fey's brilliant "30 Rock," the title being shorthand for the headquarters of NBC Universal, which Comcast bought from GE. Yes, Philadelphia's Comcast. Wednesday morning, when Comcast held its annual shareholders meeting at the Kimmel Center, Consumers Union and other big-is-bad groups planned to crash it to protest Comcast's proposal to swallow Time Warner.