Paloma Partners To Take Goodrich Petroleum Private For $23/share – Quick Facts
Goodrich Petroleum Corp. (GDP) announced Monday that it has entered into a definitive merger agreement pursuant to which a subsidiary of Paloma Partners VI Holdings, LLC, an affiliate of EnCap Energy Capital Fund XI L.P., will commence a tender offer to acquire all of Goodrich’s outstanding common shares for $23.00 per share in cash for a total of approximately $480 million, including assumption of the company’s first lien debt.
The offer price in the transaction, which has been unanimously approved by Goodrich’s Board of Directors, represents an approximate 7 percent premium to Goodrich’s closing price on November 19, 2021.
Certain stockholders of Goodrich have entered into tender and support agreements pursuant to which those stockholders have agreed to tender their Goodrich shares pursuant to the tender offer.
The tender offer will be subject to customary conditions, including the tender of a majority of the outstanding Goodrich shares pursuant to the offer, and is expected to close in December 2021.
The transaction is not subject to a financing condition. Paloma has secured from EnCap equity financing commitments for the entire acquisition, including assumption of debt, to complete the transaction.
Upon the completion of the transaction, Goodrich will become a privately held company and shares of Goodrich common stock will no longer be listed on any public market.
Edinburgh Investment Trust HY Return Rises
Edinburgh Investment Trust plc (EDIN.L) reported that its return on ordinary activities after taxation for for the period ended 30 September 2021 rose to 101.87 million pounds or 59.16 pence per basic share from 62.72 million pounds or 35.99 pence per basic share in the prior year.
Return before finance costs and taxation grew to 106.21 million pounds from 67.09 million pounds in the previous year.
Net Asset Value in total return terms rose by 9.8%, compared to 8.0% rise of FTSE All-Share.
Apollo Funds To Acquire 50% Stake In Broad Reach Power From EnCap – Quick Facts
Alternative asset manager Apollo (APO) and EnCap Energy Transition Fund I announced Monday that funds managed by Apollo affiliates have agreed to acquire a 50% stake in Broad Reach Power LLC, a leading utility-scale energy storage and renewable energy platform in the US. The financial terms of the deal were not disclosed.
The Apollo Funds will acquire the stake from existing investor EnCap Investments L.P. and its co-investment partners Yorktown Partners and Mercuria Energy. EnCap and its co-investment partners will retain the other 50% stake and, together with the Apollo Funds, commit to invest up to $400 million of additional equity to fund Broad Reach’s continued expansion and growth pipeline.
Broad Reach is a leading energy storage platform in the US, applying advanced energy storage technology and power market analytics to improve the performance of renewable and power generation facilities.
EnCap has been one of the most aggressive pioneer investors in the fast-growing US battery storage business. EnCap’s energy transition platform established Broad Reach in 2019. The acquisition by the Apollo Funds will also represent the first sale by EnCap’s $1.2 billion Energy Transition Fund I.
The transaction is subject to customary closing conditions and expected to be completed by year-end 2021.
Rupee slips 5 paise to 74.35 against U.S. dollar in early trade
At the interbank foreign exchange, the rupee opened weak at 74.36 but edged up to quote 74.35 against the American dollar, showing a fall of 5 paise in the early session
The rupee depreciated 5 paise to 74.35 against the U.S. dollar in opening trade on November 22, as a massive sell-off in domestic equities and firm American currency overseas weighed on investor sentiment.
However, lower crude prices supported the local unit and restricted the fall, forex dealers said.
At the interbank foreign exchange, the rupee opened weak at 74.36 but edged up to quote 74.35 against the American dollar, showing a fall of 5 paise in the early session.
On November 18, the rupee had closed at 74.30 against the U.S. dollar.
Forex markets were closed on November 19 on the occasion of ‘Guru Nanak Jayanti’.
On the domestic equity market front, the 30-share Sensex was trading 641.37 points or 1.08% lower at 58,994.64, while the broader NSE Nifty declined 179.25 points or 1.01% to 17,585.55.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, gained 0.10% to 96.12.
Global oil benchmark Brent crude futures declined 0.19% to $78.74 per barrel.
Foreign institutional investors were net sellers in the capital market on November 18, as they offloaded shares worth ₹3,930.62 crore, as per exchange data.
Aurinia Pharma Falls More Than 25%; Downtick Continues
Aurinia Pharmaceuticals Inc. (AUPH) shares are sliding more than 25 percent from the previous close, continuing a bearish trend in search of new support, after the company peaked to a five-year high by end of October. There were no corporate announcements on the day to impact the stock movement.
Currently, shares are at $21.38, down 25.27 percent from the previous close of $28.47 on a volume of 9,604,248. The shares have traded in a range of $9.72-$33.97 on average volume of 4,431,581.
Gold Dips On Dollar Strength
Gold hovered near a two-week low on Monday as the dollar strengthened on expectations that the Federal Reserve might accelerate the pace of policy tightening.
Spot gold dipped 0.4 percent to $1,838.78 per ounce, while U.S. gold futures were down 0.6 percent at $1,840.85.
The U.S. dollar was higher against its most major counterparts amid safe-haven demand due to rising coronavirus cases and curbs in Europe, as well as hopes for a faster tapering of the QE program amid strong economic recovery.
Austria imposed a full national lockdown and Germany warned of similar measures, after COVID-19 cases continued to surge in Europe.
Hawkish comments from Fed Vice Chairman Richard Clarida and Fed Governor Christopher Waller intensified hopes for an earlier tightening of monetary policy.
Clarida said on Friday that the economy is “in a very strong position” and a faster tapering of the QE program is on the cards.
Waller urged to accelerate the pace of the tapering in the wake of the rapid improvement in the labour market and the hot inflation data.
Investors await U.S. durable goods orders, GDP data, personal consumption expenditure price index and Fed minutes this week for more direction.
U.S. existing home sales for October will be published in the New York session.