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Stock Market & Financial Investment News

News Breaks
March 30, 2014
20:05 EDTBIOFBiofuel Energy surges after Greenlight discloses proposal
Shares of Biofuel Energy (BIOF) were up as much as 43% in after hours trading on Friday after David Einhorn's Greenlight Capital disclosed a 35.5% stake in the company and proposed that the company acquire real-estate developer JBGL for $275M. WHAT'S NOTABLE: In a regulatory filing, it was noted that Greenlight and James R. Brickman, a real estate investor, delivered to the board of Biofuel Energy a preliminary non-binding proposal. Greenlight and Brickman proposed that one or more newly-formed, wholly-owned subsidiaries of Biofuel will acquire all of the equity interests of real estate developer JBGL, which is currently owned and controlled by Greenlight and Brickman for $275M in cash and stock. In the filing, Greenlight Capital also noted that that after the acquisition, the board of directors of the company will consist of David Einhorn, Brickman, and other members to be agreed upon. The proposal also stipulates that after the proposed acquisition, Brickman will be the CEO of the company. In a separate filing, BioFuel said it had received the proposal and that its board will establish a special committee of independent directors to evaluate the transaction, as well as alternatives for the company. PRICE ACTION: Shares of Biofuel Energy energy finished the after-hours session up 37% to $4.31.
News For BIOF From The Last 14 Days
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July 18, 2014
16:27 EDTBIOFThird Point reports 19.3% stake in Biofuel Energy
July 16, 2014
10:12 EDTBIOFBiofuel Energy rises after Greenlight commits to rights offering
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