Monday headlines include: Kodiak and Whiting forming the
biggest producer in the Bakken, eBay and Sotheby's teaming up to
stream auctions online, Boeing signaling that its F-18 plant
could stay open through 2017, Ford stopping production in South
Africa due to a strike and J.C. Penney getting turned down by the
CEO of HSN.
Kodiak Oil & Gas
Oil driller Kodiak Oil & Gas (
) agreed to be
by Whiting Petroleum (
). Whiting will pay a total of $3.8 billion in stock and assume
$2.2 billion in debt. Kodiak shareholders will receive 0.177
shares of Whiting for each Kodiak share. That's equivalent to
roughly $13.90 per share, which is a 5% premium to Kodiak's
average price over the last two months, but a discount to the
stock's $14.23 closing price on Friday. The combined company will
be the largest producer in the
and Three Forks formations.
Online auction side eBay (
) is teaming up with Sotheby's (
) to stream auctions at the storied auction house online. The
auctions from Sotheby's New York auction site will start
streaming in the fall, with other sites to be added later. The
two companies are also planning to ad online only sales.
Aircraft maker and defense contractor Boeing (
) said Sunday that it expects to keep producing both F/A18 and
E-18G jet fighters through the end of 2017 if Congress will
approve funding for orders for 12 more planes. Frank Kendall, the
Department of Defense's chief buyer, has reportedly said that
slowing production to keep the assembly line open longer would
add costs at a time when budgets are already tight.
Ford (F) suspended production at a plant is South Africa due to a
strike by manufacturing workers. The strike has hit supplies of
car components in the country, causing General Motors (GM) to
shut down production last week. Toyota (TM) is also expected to
stop building cars if the strike continues.
The Wall Street Journal
reported Sunday that struggling
J.C. Penney (JCP) was rejected by HSN (HSNI) CEO Mindy
Grossman. Talks had reportedly reach an advanced stage, but the
Grossman and the retailer couldn't settle on final terms.
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