| Spirit Finance Corporation to Be Acquired by Macquarie-Led Consortium
SCOTTSDALE, Ariz. & NEW YORK--(BUSINESS WIRE)--Spirit Finance Corporation (NYSE: SFC) ("Spirit Finance"), a real estate investment trust focused on single tenant, operationally essential real estate, today announced that it has entered into a definitive merger agreement under which a consortium including Macquarie Bank Limited, Kaupthing Bank hf. and other independent equity participants (collectively, "the Consortium") will acquire Spirit Finance in a transaction valued at approximately $3.5 billion, including approximately $1.9 billion of assumed debt. Under the terms of the agreement, the Consortium will acquire all of the outstanding shares of Spirit Finance common stock for $14.50 per share in cash. This represents a premium of approximately 15% over Spirit Finance's 90 day average closing share price and an 11% premium over Spirit Finance's closing price on March 12, 2007.
Bank of America Says US Trust's Scaturro Won't Join Company
April 3 (Bloomberg) -- Bank of America Corp. said Peter Scaturro, U.S. Trust Corp.'s chief executive officer, won't join the bank as originally planned when the two companies combine later this year. Scaturro, 47, will step down from U.S. Trust before the transaction is completed, Bank of America spokeswoman Alex Trower said today. She declined to comment on the reason for Scaturro's departure. Scaturro was poised to head up the private-banking business at Charlotte, North Carolina-based Bank of America after it purchased U.S. Trust from Charles Schwab Corp. in the third quarter. When the $3.3 billion deal was announced in November, Bank of America said Scaturro would report to Brian Moynihan, head of the company's wealth and investment management unit. ``We thank Peter for his efforts in the early stages of the transition planning process leading up to our recent Fed approval and wish him the best,'' Trower said.
Alcoa Q1 2007 Earnings Call Transcript
Good day, ladies and gentlemen. Welcome to the Alcoa 2007 first quarter earnings conference call. (Operator Instructions) At this time, I will turn the presentation over to Mr. Tony Thene, Director of Investor Relations. Please proceed, sir. Tony Thene Good evening, and thank you for attending Alcoa's first quarter 2007 analyst conference. In today's conference, Chuck McLane, Vice President and Chief Financial Officer, will review first quarter financial results, as well as current and next quarter's anticipated business conditions. In addition, Alain Belda, Chairman and CEO, will give an overview of current market conditions and a review of recent actions. Before I turn it over to Chuck, I would like to remind you that in discussing the company's performance today, we have included some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
United Rentals Considers Sale; Chief Hicks to Retire (Update3)
April 10 (Bloomberg) -- United Rentals Inc., the biggest U.S. construction-equipment rental company, put itself up for sale after its shares plunged and said Chief Executive Officer Wayland Hicks will retire in June. The shares rose 17 percent, the most in almost three years. The company is considering options ``because the stock is undervalued,'' said Investor Relations Vice President Chuck Wessendorf. UBS AG and Credit Suisse Group have been hired for advice, Greenwich, Connecticut-based United Rentals said today in a statement. Shares of United Rentals, which has a market value of $2.63 billion, fell 22 percent in the past year before today. The company rents equipment from almost 700 locations in the U.S., Canada and Mexico, supplying construction companies, utilities and homeowners in what United estimates was a $33 billion market.
Board to advise Delaware EPSCoR and Critical Zone Center
Members of the research advisory board for Delaware NSF-EPSCoR and the Center for Critical Zone Research met recently at UD. From left: Stephen Borleske, co-director of Delaware NSF-EPSCoR; Jeffrey M. Bross, president of Duffield Associates, Inc.; Alexandra Navrotsky, the Edward Roessler Chair in Mathematical and Physical Sciences at the University of California, Davis; Michael Hochella Jr., professor of nanogeoscience and biogeochemistry at Virginia Tech; Stephen Sutton, senior scientist at the University of Chicago’s Department of Geophysical Sciences; and Donald Sparks, director of UD’s Center for Critical Zone Research. Not pictured are Kevin Donnelly, director of the Division of Water Resources within the Delaware Department of Natural Resources and Environmental Control; and Thomas Taylor, the Roy A.
Ocean City Stops Issuing Business Licenses for Adult Stores
The outcry this month after Sex Style opened on 137th Street has resulted in a moratorium on business licenses for similar stores. Zoning administrator Blaine Smith is researching ordinances and regulations that could regulate the stores in the future.
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Nkwe plots 1m oz platinum output, AIM listing
[miningmx.com] -- AUSTRALIAS Nkwe Platinum, which has as its largest shareholder a South African black-owned company, plans to become an independent million ounce per annum producer and list on AIM and the JSE by mid-2007, managing director Maredi Mphahlele said. But those plans come with a huge caveat: Nkwe and its partner Genorah must first resolve a legal tussle with Anglo Platinum, the worlds largest platinum company, over the rights ownership of five farms on the Eastern Limb of the Bushveld Igneous Complex. Anglo Platinum has taken the Department of Minerals and Energy (DME) and Genorah, the black-owned company and owner of the new-order prospecting rights to the farms, to court to prove it has the rights to the property, which Genorah acquired after the change in South African mineral legislation in 2004.
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