Royal Bank of Scotland Wins Suit Dismissal and 2 Stocks Hitting 52-Week Highs
The Royal Bank of Scotland Group (NYSE:RBS) has won dismissal of a lawsuit brought by the Seoul-based Woori Bank (NYSE:WF) concerning losses from investments in collateralized debt obligations linked to the housing market. United States District Judge Harold Baer in Manhattan decided Thursday that the lender failed to present a sufficiently strong case against RBS. For its part, Woori Bank had claimed that it was tricked into investing $80 million in CDOs that were exposed to risk from the subprime housing market. Shares closed up 3.22 percent on the day at $10.58, having been traded in a 52-week range of $6.01 to $10.47.
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Yucheng Technologies (NASDAQ:YTEC) said that its shareholders voted to okay the previously announced agreement and plan of merger of August 13th, among the company, New Sihitech Limited, which is a British Virgin Islands company wholly owned by Weidong Hong, chairman of the board and chief executive; and New Sihitech Acquisition Limited, a British Virgin Islands business wholly owned by New Sihitech Limited, through which Merger Sub will merge with and into the firm, with the company continuing as the surviving company and wholly owned by New Sihitech Limited. Roughly 76.44 percent of the firm’s total outstanding ordinary shares were voted in person or by proxy, of which around 92.80 percent were voted in favor to approve the Merger Agreement. Shares closed up 0.26 percent on the day at $3.88, and have traded in a 52-week range of $1.90 to $3.67.
PPG Industries (NYSE:PPG) has initiated its exchange offer in regards to the split-off transaction of its commodity chemicals division, Eagle Spinco, its wholly-owned subsidiary that will own substantially all of the assets and liabilities of PPG’s commodity chemicals unit, with a subsidiary of Georgia Gulf Corporation (NYSE:GGC). PPG shareholders may exchange all, some or none of their shares of common stock for shares of Eagle Spinco common stock, subject to proration. Shares of Eagle Spinco common stock will convert automatically into the option to receive shares of Georgia Gulf common stock at the closing of the merger of a Georgia Gulf subsidiary with and into Eagle Spinco, which should occur promptly upon the completion of the exchange offer. Shares closed up 1.2 percent on the day at $133.12, having been traded in a 52-week range of $82.45 to $136.22.
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