(Reuters) - Two institutional proxy advisory services, Institutional Shareholder Services and Glass Lewis & Co., had recommended against an earlier $19.5 billion bid to take Clear Channel private, saying $39 a share was too low.
According to a term sheet contemplating a change in the terms and structure of the proposed merger, Chairman Lowry Mays, CEO Mark Mays and CFO Randall Mays -- who together own more than 6 percent -- and each Clear Channel director would receive $37.60 per share in cash for their stock.
Read more at Reuters.com Bonds News
Thursday, May 3, 2007
Australian Dollar Slumps After Central Bank Cuts 2007 Inflation Forecast
(Bloomberg) -- The Australian dollar declined, in the biggest fluctuation of any currency today, after the central bank cut its inflation forecast, weakening the case for an interest-rate increase.
The local dollar is the worst performer of the 16 most traded currencies this week as traders pared bets the Reserve Bank of Australia will increase the nation's 6.25 percent benchmark rate this year. The Australian dollar also fell to the lowest in almost four weeks after a government report showed the trade deficit widened more than expected.
Read more at Bloomberg Currencies News
The local dollar is the worst performer of the 16 most traded currencies this week as traders pared bets the Reserve Bank of Australia will increase the nation's 6.25 percent benchmark rate this year. The Australian dollar also fell to the lowest in almost four weeks after a government report showed the trade deficit widened more than expected.
Read more at Bloomberg Currencies News
Options Traders the Most Bullish on Rising Canadian Dollar in Five Weeks
(Bloomberg) -- Options traders are the most bullish on the Canadian dollar in five weeks amid signs of economic strength and rising commodity prices.
The Canadian dollar this week reached the highest in almost eight months and has strengthened more than 6 percent versus the U.S. dollar since March 5. It is also gaining on speculation the Canadian central bank is comfortable with the currency's strength.
Read more at Bloomberg Currencies News
The Canadian dollar this week reached the highest in almost eight months and has strengthened more than 6 percent versus the U.S. dollar since March 5. It is also gaining on speculation the Canadian central bank is comfortable with the currency's strength.
Read more at Bloomberg Currencies News
U.K. Personal Insolvencies Rose 60 Percent in First Quarter, Report Shows
(Bloomberg) -- U.K. personal insolvencies rose 60 percent in the first three months of the year from the same period in 2006, a report today showed.
So-called individual voluntary arrangements also rose, by 33 percent from the same period a year earlier, said TDX Group, a debt manager whose clients include HSBC Holdings Plc, Europe's largest bank. An IVA is a form of insolvency that allows individuals to write off most of their debt and make gradual repayments on the remaining amount.
Read more at Bloomberg Bonds News
So-called individual voluntary arrangements also rose, by 33 percent from the same period a year earlier, said TDX Group, a debt manager whose clients include HSBC Holdings Plc, Europe's largest bank. An IVA is a form of insolvency that allows individuals to write off most of their debt and make gradual repayments on the remaining amount.
Read more at Bloomberg Bonds News
Rand firms on solid emerging markets
(Reuters) - South Africa's rand strengthened versus the dollar on Thursday on positive emerging market sentiment and traders expected to keep its firmer tone.
The rand traded firmer than 7 to the dollar for most of the trading session, reaching a session high of 6.9650. It was changing hands at 6.9775 at 1520 GMT, about 0.6 percent firmer than its New York close of 7.02 on Wednesday, and just off a recent four-month high.
Read more at Reuters Africa
The rand traded firmer than 7 to the dollar for most of the trading session, reaching a session high of 6.9650. It was changing hands at 6.9775 at 1520 GMT, about 0.6 percent firmer than its New York close of 7.02 on Wednesday, and just off a recent four-month high.
Read more at Reuters Africa
Asian Equities Extend Record on Metals, U.S. Economy; BHP, PetroChina Gain
(Bloomberg) -- Asian stocks extended a record high, led by BHP Billiton Ltd. as metals prices climbed after better- than-forecast productivity growth in the U.S. eased concern of a deepening economic slowdown in the world's largest economy.
Benchmarks in Australia, South Korea, Singapore, Malaysia and Indonesia rose to new highs, tracking advances in the Morgan Stanley Capital International Asia-Pacific excluding Japan Index.
Read more at Bloomberg Stocks News
Benchmarks in Australia, South Korea, Singapore, Malaysia and Indonesia rose to new highs, tracking advances in the Morgan Stanley Capital International Asia-Pacific excluding Japan Index.
Read more at Bloomberg Stocks News
Green Mountain, Monster, Phoenix, RealNetworks: U.S. Equity Movers Final
(Bloomberg) -- The following is a list of companies whose shares had unusual price changes in U.S. exchanges today. Stock symbols are in parentheses after company names. Shares prices are as of 4 p.m. New York time.
Acorn International Inc. (ATV US) American depositary receipts, each representing three shares, jumped $6, or 39 percent, to $21.50 in the first day of trading. The company, which distributes consumer products through direct television sales, sold 7.7 million shares at $15.50 each, raising $119 million in an initial public offering.
Read more at Bloomberg Stocks News
Acorn International Inc. (ATV US) American depositary receipts, each representing three shares, jumped $6, or 39 percent, to $21.50 in the first day of trading. The company, which distributes consumer products through direct television sales, sold 7.7 million shares at $15.50 each, raising $119 million in an initial public offering.
Read more at Bloomberg Stocks News
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