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Stock Market & Financial Investment News

News Breaks
March 11, 2013
09:05 EDTATAtlantic Power announces agreement to sell interests in Path 15 Transmission
Atlantic Power announced that a subsidiary of the company has entered into a purchase and sale agreement with Duke-American Transmission Company, a joint venture between Duke Energy and American Transmission to sell the company's interests in the Path 15 transmission project. Atlantic Power expects to receive net cash proceeds from the Sale, including working capital adjustments, of approximately $56M. All project level debt issued by Path 15, totaling $137M as of December 31, 2012, will transfer with the sale. The Company intends to use the net proceeds from the Sale for general corporate purposes and to invest in future accretive growth opportunities. The sale is subject to customary closing conditions and approvals, including approval from the Federal Energy Regulatory Commission and certain lender approvals, and is expected to close in the second quarter of 2013.
News For AT From The Last 14 Days
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October 21, 2014
08:09 EDTATAtlantic Power says offered to share information on sale process with Clinton
On October 16, Clinton Group delivered a letter to the board urging the Company to reinstate the strategic review process based upon Clinton Group's belief that the strategic review process yielded offers for the Company at or above $4.00 per share and a transaction may still be consummated at a price above $4.00 per share. Clinton Group's speculation about the Company's sale or merger process is not consistent with the actual results of that process. The Company is committed to having an open and constructive dialogue with its security holders, and regularly communicates with significant stakeholders either proactively or in response to enquiries. Consistent with that approach, on October 17, the Company spoke with representatives of Clinton Group. The Company offered to share certain information from the sale process, provided that Clinton Group agreed to be bound by confidentiality obligations with respect to such information. Clinton Group declined the Company's request to be bound by confidentiality obligations.In light of the letter and enquiries from investors, the Company wishes to provide the following additional detail to all shareholders concerning the process. The Company did not receive any offers that the Company's Board of Directors believed could be consummated at or above the closing share price of $3.04 on May 1, 2014, being the day prior to press rumors concerning a possible sale or merger of the Company. As such, the Company's Board of Directors reaffirms that, at the present time, the interests of the Company and its stakeholders are best served by continuing to operate as an independent company and executing the Company's business plan, including the objectives of enhancing the value of its existing assets through optimization investments and commercial activities, delevering its balance sheet to improve both its cost of capital and ability to compete for new investments, and utilizing the Company's core competencies to create proprietary investment opportunities. In addition, the Company will continue to assess other potential options, including asset sales or the contribution of assets to a joint venture in order to raise additional capital for growth and/or debt reduction.
October 17, 2014
10:00 EDTATOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AK Steel (AKS) upgraded to Buy from Neutral at Nomura... AMD (AMD) upgraded to Sector Perform from Underperform at Pacific Crest... Atlantic Power (AT) upgraded to Market Perform from Underperform at BMO Capital... Basic Energy (BAS) upgraded to Outperform from Market Perform at Cowen... BorgWarner (BWA) upgraded to Buy from Hold at Deutsche Bank... CA Technologies (CA) upgraded to Overweight from Equal Weight at Barclays... Calumet Specialty Products (CLMT) upgraded to Outperform at Wells Fargo... DHT Holdings (DHT) upgraded to Buy from Hold at Evercore... Exelon (EXC) upgraded to Neutral from Sell at Citigroup... Fifth Third Bancorp (FITB) upgraded to Buy from Neutral at Citigroup... Goldman Sachs (GS) upgraded to Outperform from Market Perform at Keefe Bruyette... Helmerich & Payne (HP) upgraded to Buy from Neutral at UBS... Hilton (HLT) upgraded to Buy from Neutral at SunTrust... Hyatt Hotels (H) upgraded to Outperform from Neutral at Macquarie... IPG Photonics (IPGP) upgraded at Stifel... ITC Holdings (ITC) upgraded to Neutral from Underperform at Credit Suisse... Manpower (MAN) upgraded to Outperform from Market Perform at Avondale... Nabors Industries (NBR) upgraded to Outperform from Market Perform at Cowen... Newpark Resources (NR) upgraded at Cowen... Old Dominion (ODFL) upgraded to Buy from Neutral at Longbow... PDC Energy (PDCE) upgraded at SunTrust... Patterson-UTI (PTEN) upgraded to Buy from Neutral at UBS... PrivateBancorp (PVTB) upgraded to Outperform from Neutral at Macquarie... QLogic (QLGC) upgraded to Buy from Hold at Summit Research... RPC, Inc. (RES) upgraded at Cowen... Sonoco (SON) upgraded to Neutral from Underperform at DA Davidson... Southwestern Energy (SWN) upgraded to Outperform from Market Perform at Raymond James... SunEdison (SUNE) upgraded to Outperform at Cowen... TSMC (TSM) upgraded to Buy from Neutral at Mizuho... Tesco (TESO) upgraded to Outperform from Market Perform at Cowen... UnitedHealth (UNH) upgraded to Outperform from Market Perform at Leerink... Xilinx (XLNX) upgraded to Outperform from Market Perform at Wells Fargo.
07:32 EDTATAtlantic Power upgraded to Market Perform from Underperform at BMO Capital
As previously reported, BMO Capital upgraded Atlantic Power to Market Perform from Underperform. The firm upgraded shares based on valuation and activist shareholder, Clinton Group, efforts to re-initiate the sales process. Price target raised to $3 from $2.25.
06:57 EDTATAtlantic Power upgraded to Outperform from Market Perform at BMO Capital
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October 16, 2014
18:36 EDTATOn The Fly: After Hours Movers
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17:37 EDTATClinton group urges Atlantic Power to restart sale process, Reuters reports
Activist investor Clinton Group is getting ready to urge Atlantic Power to renew a sale process that it abandoned last month, Reuters reports, citing a draft letter to the company's board of directors. Reference Link
15:53 EDTATClinton group urges Atlantic Power to restart sale process, Reuters reports
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