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Cui Global Inc (CUI) announced that it signed a non-exclusive agreement with Energy Measurement Consulting LLC, or EMC, located in Houston, Texas for North American Sales of its Vergence GasPT2 natural gas metering device. The shares closed at $6.99, up $0.04 or 0.58% on the day. They have traded in a 52-week range of $0.08 to $7.00.
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Gencorp Inc. (NYSE:GY) announced the signing of a definitive agreement for the acquisition of Pratt & Whitney Rocketdyne from United Technologies (NYSE:UTX) for $550 million. The purchase price of $550 million is subject to adjustment for working capital as well as other specified items, and it is expected to be financed with both cash on hand and issuance of debt. The acquisition of PWR is conditioned upon the receipt of required regulatory approvals and other customary closing conditions. If these conditions are met, the acquisition should close within the first half of 2013. The transaction is predicted to be accretive to earnings in the first year. The shares closed at $7.58, up $0.83 or 12.3% on the day. They have traded in a 52-week range of $3.74 to $7.27.
Kandi Technologies (NASDAQ:KNDI) has announced that Zhejiang Kandi Vehicles Co., Ltd., the Company’s wholly owned subsidiary, has signed a framework agreement with the government of Weifang Binhai Economic Development Zone in Wei Fang City of Shandong Province, under which Kandi Vehicles hoope to invest and establish a project company in the development zone which will possess the annual capacity to produce important components and parts for 100,000 EVs. Shandong is the first Chinese providence to commercialize EV, and it has the largest EV market in China. The shares closed at $4.20, up $0.37 or 9.66% on the day. They have traded in a 52-week range of $1.88 to $4.19.
Nexen (NYSE:NXY) and CNOOC Ltd (NYSE:CEO) announced that they have entered into a definitive agreement beneath which CNOOC Ltd will acquire all of Nexen’s outstanding common shares for $27.50 per share in cash. This purchase price reflects a 61 percent premium to the closing price of Nexen common shares on the NYSE as of July 20, and a 66 percent premium compared to Nexen’s 20 trading-day volume-weighted average share price. Total cash consideration of approximately $15.1 billion is to be paid for common and preferred shares of Nexen, and the company’s current $4.3 billion debt will remain outstanding. The transaction, which is to be completed via a plan of arrangement, is predicted to close in Q4 of 2012. This acquisition expands CNOOC Limited’s overseas businesses and resource base to provide long-term, sustainable growth. In Q2 of 2012, Nexen showed an average production of 207 mboe/d. The transaction is to be funded by the existing cash resources and external financing of NOOC Limited. The shares closed at $25.90, up $8.84 or 51.82% on the day. They have traded in a 52-week range of $13.63 to $24.77.
Railamerica (NYSE:RA): Genesee & Wyoming (NYSE:GWR) expects to fund the transaction and the simultaneous refinancing of the existing debt with nearly $2 billion worth of new debt and nearly $800 million of equity or equity-linked securities. GWI received $2.3 billion of committed debt financing from Bank of America Merrill Lynch and $800M of committed equity financing from The Carlyle Group (NYSE:CG) of which it agreed to take a minimum of $350 million via a private placement of two-year mandatory convertible preferred stock from Carlyle Partners. The Carlyle Convertible possesses a coupon of 5 percent per annum for two years, and it is mandatorily convertible at a $58.49 conversion price. Genesee & Wyoming can fund up to another $450 million of the Carlyle Converible with the same terms, subject to specific conditions. Also, Another option for Genesee & Wyoming would be to choose to fund the $450 million via the issuance of equity or equity-linked securities. The shares closed at $27.25, up $2.44 or 9.83% on the day. They have traded in a 52-week range of $11.06 to $26.90.
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