Citigroup Inc. (NYSE:C) announced it has increased its price target on Allegheny Energy, Inc. (NYSE:AYE) from $20 to $24. Citi said they maintain their "Hold" rating on the company.
The recent recommendation from four proxy advisory firms for the proposed merger of FirstEnergy Corp. (NYSE:FE) and Allegheny to go forward has given both companies a boost.
Both boards of the companies have given unanimous approval, and the deal is awaiting shareholder approval.
Terms are a stock-for-stock transaction valued at $4.7 billion, which would close in the first half of 2011.
Showing posts with label Merger. Show all posts
Showing posts with label Merger. Show all posts
Friday, September 10, 2010
Friday, July 16, 2010
Shareholders Approve SandRidge (NYSE:SD) and Arena Resources (NYSE:ARD) Merger, Deal Closed
The merger between SandRidge (NYSE:SD) and Arena Resources (NYSE:ARD) was finalized today, as shareholders of each company gave approval to go forward with the deal, which was closed soon afterwards.
Today will be the final trading day of common stock of Arena on the New York Stock Exchange, which will stop after the close today.
From Arena's standpoint, their shareholders approved the merger, while Sandridge shareholders gave approval to issue SandRidge common stock to Arena stockholders as part of the merger proposal and to change SandRidge's certificate of incorporation to increase the number of authorized shares of its capital stock.
Today will be the final trading day of common stock of Arena on the New York Stock Exchange, which will stop after the close today.
From Arena's standpoint, their shareholders approved the merger, while Sandridge shareholders gave approval to issue SandRidge common stock to Arena stockholders as part of the merger proposal and to change SandRidge's certificate of incorporation to increase the number of authorized shares of its capital stock.
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