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News Breaks
November 12, 2012
19:40 EDTSEMG, BCSBarclay's wins dismissal of SemGroup lawsuit, Reuters reports
Barclay's (BCS) has gotten a case brought against it by creditors of SemGroup (SEMG) dismissed by a U.S. District Judge in Manhattan, according to a Reuters report. The suit had sought a repayment of a $143M fee SemGroup paid Barclay's in 2008 for taking over the company's commodities trading positions. Reference Link
News For BCS;SEMG From The Last 14 Days
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January 27, 2015
06:52 EDTBCSEuropean Central Bank raises capital requirements for banks, WSJ says
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January 26, 2015
16:16 EDTSEMGSemGroup says board will 'carefully consider' letter from Sandell
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11:21 EDTSEMGSemGroup higher after Sandell urges company to explore strategic alternatives
Earlier today, Sandell Asset Management, a shareholder of SemGroup Corporation, announced it had publicly released a letter to the Board of Directors of the company requesting that the Board review strategic alternatives including the exploration of the sale of SEMG, "in light of what, we believe, is a gross undervaluation of the company’s shares in the public market and growing M&A activity in the sector." Tom Sandell, CEO of Sandell, stated: “Although we believe management and the Board of SemGroup have been respectable stewards of the company over the past few years, we simply believe that in this environment the best outcome for shareholders is for the company to sell itself. As long time investors in the North American energy infrastructure industry and SEMG’s shares, we firmly believe there are a number of potential acquirers for the entire company at significant premiums to current trading levels given its highly valued asset base and pipeline of exciting growth opportunities.” Mr. Sandell continued, “Our analysis has led us to conclude that this market environment, driven by extreme energy price volatility, has disproportionately affected SEMG’s share price due to its smaller equity market capitalization, lower liquidity profile and unwieldy mix of assets...We believe that this adverse dynamic will persist for longer than most expect given the seismic changes occurring in global energy markets.” Mr. Sandell added, “In our view, given the availability of cheap debt and equity capital, a takeout price of up to $104/share for SEMG would easily be justified. This price would yield modest accretion to cash available to pay dividends in Year 1 for the acquirer, and provide significant upside with the maturation of SEMG’s asset base, the deployment of growth capital throughout SEMG’s footprint and the realization of significant balance sheet, tax and operational synergies.” Shares of SemGroup are higher by almost 8% to $68.97 in late morning trading.
January 22, 2015
10:03 EDTSEMGOn the Fly: Analyst Initiation Summary
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06:42 EDTSEMGSemGroup initiated with an Outperform at RBC Capital
Target $75.
06:37 EDTBCSNew York Attorney General seeks to expand Barclays lawsuit, Telegraph says
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January 20, 2015
07:30 EDTBCSU.K. banks see Bitcoin as threat to sterling, boon to terrorists, Telegraph says
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07:28 EDTBCSTreasury Institute for Higher Education to hold a symposium
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January 18, 2015
16:16 EDTBCSBarclays loses 'millions' on Swiss franc volatility, Reuters says
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January 16, 2015
09:09 EDTBCSDeutsche Bank, Barclays lost 'tens of millions' on Swiss franc, WSJ says
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January 15, 2015
06:42 EDTBCSECB most likely will unveil bond buying program, NY Times says
The European Central Bank is "all but certain" to announce at its next meeting that it will buy government bonds, according to The New York Times. But the ECB may announce that it will buy bonds but say that it will only provide details about the program in March, some believe, the newspaper reported. Some economists contend that the initiative could be a case of "too little, too late," The Times added. Publicly traded European banks include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Reference Link
January 14, 2015
06:57 EDTBCSBarclays appoints Jonathan Moulds as Group COO
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06:44 EDTBCSTop court official backs ECB bond buying, NY Times reports
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