GFI Group (GFIG) Confirms $5.25 Per Share Tender Offer from BGC Partners (BGCP), Will Review Oct 22, 2014 05:45PM

GFI Group Inc. (NYSE: GFIG) today confirmed that BGC Partners, Inc. ("BGC") (NASDAQ: BGCP) has commenced its previously announced unsolicited tender offer to acquire up to 100% of the outstanding shares of common stock of the Company for $5.25 per share in cash, subject to the various conditions stated in BGC's filings made with the Securities and Exchange Commission (the "SEC") on October 22, 2014.

The special committee (the "Special Committee") of GFI's board of directors (the "Board"), consistent with its fiduciary duties and in consultation with its financial and legal advisors, will thoroughly review the offer to determine a course of action that it believes is in the best interests of GFI stockholders. GFI intends to advise its stockholders of the formal positions of the Special Committee and the Board regarding the tender offer no later than November 4, 2014 by making available to GFI stockholders and filing with the SEC a solicitation/recommendation statement on Schedule 14D-9. Until that time, the Board advises GFI stockholders not to take any action with respect to BGC's tender offer.

The Board has not changed its recommendation with respect to, and continues to support, the pending transaction with CME Group Inc.


Parker-Hannifin (PH) Approves 35M Common Buyback; Boosts Qtr. Dividend Oct 22, 2014 05:05PM

Parker-Hannifin (NYSE: PH) announced that its Board of Directors increased the company's regular quarterly cash dividend to 63 cents per share of common stock payable December 5, 2014 to shareholders of record as of November 10, 2014. This represents a 31 percent increase over the previous quarterly dividend of 48 cents per common share. The Board also authorized the repurchase of up to 35 million shares of common stock, replacing the existing share repurchase authorization.

"This significant increase in our quarterly dividend and share repurchase authorization reflects the Board's confidence in our strong balance sheet position, consistent cash flow and long term outlook," said Chairman, CEO and President, Don Washkewicz. "The dividend increase allows us to take a meaningful step toward our goal of a 30 percent dividend payout ratio. We continue to allocate capital in a way that allows us to fund growth initiatives, including acquisitions and innovation, while returning value to our shareholders through dividends and share repurchases."

This is the company's 258th consecutive quarterly dividend. The new share repurchase authorization represents approximately 24 percent of the company's outstanding shares and is valued at approximately $4 billion at the current share price.


Eli Lilly (LLY), Zymeworks Report Expansion of Strategic Licensing and Collaboration Agreement Oct 22, 2014 04:55PM

Eli Lilly and Company (NYSE: LLY) and Zymeworks Inc. today announced the expansion of their existing licensing and collaboration agreement.

Originally announced in January 2014, the global strategic collaboration is focused on the development of an undisclosed number of novel bi-specific antibody therapeutics using Zymeworks' proprietary Azymetric™ platform.

Today, Lilly is opting to expand the collaboration by up to potentially US $375 million in milestones and other payments, plus tiered sales royalties based on country-by-country intellectual property, and sales to include development of several immuno-modulatory bi-specific antibodies against multiple targets. Zymeworks will receive an initial up-front payment in the form of an equity investment, which will strengthen the strategic relationship between the two companies. The majority of financial terms consist of potential milestone payments contingent on the achievement of certain development and commercial milestone events predominantly focused on the United States, Japan and global sales. Further financial terms were not disclosed.

Bi-specific antibodies have the potential to provide improved outcomes for patients by simultaneously targeting two proteins resulting in additive or synergistic responses.

"We are pleased to expand our collaboration with Zymeworks to develop potential immunotherapies for those fighting cancer around the world. There are many targets involved in the controlled activation and redirection of the immune system and we know that immunotherapies will not be a one-size-fits-all treatment," said Sue Mahony, senior vice president and president, Lilly Oncology. "In addition to immunotherapy programs, Lilly has a robust oncology pipeline that includes both small molecules and monoclonal antibodies, which are being studied to treat a wide range of cancers."

"Lilly is a global pharmaceutical company and we are delighted to expand our collaboration to develop novel bi-specific immunotherapies. This expansion of our strategic collaboration speaks to the robustness of our Azymetric™ platform for the development of innovative biologics," said Ali Tehrani, president and CEO of Zymeworks. "Lilly's investment in Zymeworks also highlights the strength and promise of our oncology-focused pipeline candidates in helping patients with significant unmet medical needs."

This collaboration with Zymeworks adds to Lilly's bi-specific antibody and immunotherapy research portfolio. In July 2014, Lilly also announced an agreement to co-discover and co-develop novel cancer therapies with Immunocore.


Cash America Int'l (CSH) Board Approves Enova Spin-Off Oct 22, 2014 04:51PM

Cash America Int'l (NYSE: CSH) announced today that its Board of Directors has approved the spin-off of its E-Commerce Division (that comprises its e-commerce segment), Enova International, Inc. (“Enova”), into an independent and separate publicly traded company.

Cash America and Enova will be separated through the distribution of approximately 80 percent of the outstanding shares of Enova to holders of Cash America International, Inc. common stock. Subject to the satisfaction of certain conditions to the spin-off, the distribution is expected to occur at 12:01 am Eastern Time on November 13, 2014. Cash America shareholders will receive 0.915 shares of Enova common stock for every one share of Cash America common stock held at the close of business on November 3, 2014, which is the record date for the distribution. Fractional shares of Enova common stock will not be distributed. Any fractional shares of Enova common stock will be aggregated and sold in the open market and the aggregate net proceeds of the sales will be distributed ratably in the form of cash payments to Cash America shareholders of record who would otherwise be entitled to receive a fractional share of Enova common stock. Following the distribution of Enova common stock, shares of common stock will be traded on the New York Stock Exchange under the symbol “ENVA.”

Enova is a leading provider of online financial services that uses advanced technology and analytics to drive lending decisions. Since 2004, Enova has completed over 27 million transactions and collected approximately 12 terabytes of consumer behavior data. In 2013, Enova extended approximately $2.6 billion in credit to borrowers in the United States, United Kingdom, Canada, and Australia.


Reynolds American (RAI) to Prohibit Workplace Smoking Oct 22, 2014 03:50PM

In an ironic twist, Reynolds American (NYSE: RAI) said it is putting the kibosh on workplace smoking.

Well, for now, anyway.

The Associated Press reported on Wednesday that Reynolds American will only allow smokeless products, including electronic cigarettes, once dedicated indoor smoking areas are constructed in its offices.

Smoking at the company's offices is already prohibited in cafeterias and on factory floors.

Reynolds American is up 0.5 percent.


More Corporate News

View Older Stories

Oct 22, 2014 03:34PM RadioShack (RSH) Updates on Holiday Offerings; Will Have Price Matching and Apple Pay
Oct 22, 2014 03:02PM Twitter (TWTR) Debuts 'Fabric' Modular Mobile Platform for Developers
Oct 22, 2014 02:27PM Yahoo! (YHOO) Finance Launches New Interactive Charts
Oct 22, 2014 01:57PM Nike (NKE) Debuts Spring/Summer 2015 Women’s Collections
Oct 22, 2014 12:22PM Netflix (NFLX) Announces New Animated Comedy Series 'F is for Family'
Oct 22, 2014 11:04AM Johnson & Johnson (JNJ) CEO Looks to Have 250,000 Doses of Ebola Vaccine Available by May
Oct 22, 2014 10:06AM VirnetX Holding (VHC) Receives U.S. Patent '705 Covering Secure Domain Names
Oct 22, 2014 09:54AM Zynga (ZNGA) Provides Update on Poker; Will Land on iOS in 'Coming Weeks'
Oct 22, 2014 09:52AM Boulder Brands (BDBD) Stock Plunges; Cuts Q3, Q4 EPS Expectations
Oct 22, 2014 09:52AM Boulder Brands (BDBD) Stock Plunges; Cuts Q3, Q4 EPS Expectations
Oct 22, 2014 09:24AM Amgen (AMGN) Ovarian Cancer Treatment Granted FDA Orphan Designation
Oct 22, 2014 09:20AM Freddie Mac (FMCC) Issues October Outlook; Labor, Income, Policy, Fixed Investment Still Lagging
Oct 22, 2014 09:15AM Oramed Pharma (ORMP) Gains After Reporting Top-Line Data From Phase 2a ORMD-0801 Trial
Oct 22, 2014 09:05AM Caterpillar (CAT) Global Retail Sales of Machines Fell 10% in September
Oct 22, 2014 09:03AM FedEx (FDX) Sees Record 290M+ Parcel Shipments from Black Friday to Christmas Eve
Oct 22, 2014 09:02AM IBM (IBM), Microsoft (MSFT) Enter Hybrid Cloud Computing Initiative
Oct 22, 2014 09:02AM Nanosphere (NSPH) Prices 40M Common Offering at 50c/Share
Oct 22, 2014 09:00AM Kinross Gold (KGC) to Sell Aurelian Resources, FDN Stakes in $240M Deal
Oct 22, 2014 08:41AM Royale Energy (ROYL) Reports Positive Results from Recently Drilled McKinney Well
Oct 22, 2014 08:37AM Advanced Emissions Solutions (ADES) Sees Negotiations with Third-Party Investor in CCS Closing Soon
Oct 22, 2014 08:34AM Rapiscan Systems (OSIS), DHS Extend Administrative Agreement
Oct 22, 2014 08:33AM iBio, Inc. (IBIO), Novici Biotech Expand Collaboration to Include IBIO-CFB03
Oct 22, 2014 08:07AM Cisco Systems (CSCO) to Hold 10% Stake in VCE; Will Have Controlling Interest in EMC
Oct 22, 2014 08:03AM Atossa Genetics (ATOS) Receives CE Mark for ForeCYTE Breast Aspirator
Oct 22, 2014 08:02AM DragonWave (DRWI) Reports Follow on Orders in India
Oct 22, 2014 07:50AM Regulus Therapeutics (RGLS) Reports Interim RG-101 Results
Oct 22, 2014 07:48AM Federal-Mogull (FDML) Misses Q3 EPS by 13c
Oct 22, 2014 07:46AM Elbit Systems Ltd (ESLT) Awarded $85M of Contracts in Asia
Oct 22, 2014 07:45AM Lexicon Pharma (LXRX), Ipsen Enter Licensing Agreemen for Telotristat Etiprate Outside N.A., Japan
Oct 22, 2014 07:34AM SunEdison (SUNE) Awarded 17.7-MW Worth of Projects via County of Alameda's R-REP
Oct 22, 2014 07:26AM Mylan (MYL), Abbott (ABT) Enter Amended Agreement; Will be Accretive to Mylan
Oct 22, 2014 07:18AM China Mobile Games (CMGE) Granted Publishing License by Sanrio; Includes 'Hello Kitty' Business
Oct 22, 2014 07:13AM Atara Biotherapeutics (ATRA) Begins Dosing in STM 434 Phase 1
Oct 22, 2014 07:11AM Amtech Systems (ASYS) to Acquire BTU Int'l (BTUI) for ~$3.33/Share
Oct 22, 2014 07:09AM Alkermes plc (ALKS) NDA for Aripiprazole Lauroxil Accepted by FDA
Oct 22, 2014 07:09AM Full House Resorts (FLL) Initiates Sales Process
Oct 22, 2014 07:07AM AcelRx Pharma (ACRX) Reports Zalviso Phase 3 Met Primary Endpoint
Oct 22, 2014 06:59AM Synthetic Biologics (SYN) Receives USPTO Notice of Allowance Covering SYN-004
Oct 22, 2014 06:29AM Tekmira Pharma (TKMR) Commences Limited GMP Manufacture of Guinea-Variant Ebola Therapeutic
Oct 22, 2014 06:24AM BGC Partners (BGCP) Commences $5.25/Share Tender for GFI Group (GFIG)
Oct 22, 2014 06:23AM Royal Dutch Shell (RDS-B) Reports 'Substantial' Gas Discovery at Leopard-1 Well, Offshore Gabon
Oct 22, 2014 06:20AM Johnson & Johnson (JNJ) to Speed Ebola Vaccine Development
Oct 22, 2014 06:16AM Cayman Islands Court Issues Order to Acorn (ATV) SHareholder
Oct 22, 2014 06:08AM EXCO Resources (XCO) Increases Borrowing Base by $25M
Oct 21, 2014 05:26PM Family Dollar Stores (FDO) Reports Compliance With FTC'S Second Requests (DLTR)
Oct 21, 2014 05:22PM Himax Technologies (HIMX) Said Google (GOOG) Decided Not to Exercise Option for Additional Investment
Oct 21, 2014 05:21PM Blue Earth, Inc. (BBLU) Responds to Short Seller Pump Stopper
Oct 21, 2014 05:20PM Lake Shore Gold (LSG) Reports Drilling Results from Timmins West Mine
Oct 21, 2014 04:48PM Vertex Pharma (VRTX) Affirms FDA Panel Approval of KALYDECO for R117H Mutation of CF
Oct 21, 2014 04:42PM Ocwen Financial (OCN) Corrects Earlier Statement in Response to Letter from NY Regulators
View Older Stories