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Stock Market & Financial Investment News

News Breaks
February 11, 2013
08:58 EDTMCGCMCG Capital receives SBA green light letter
MCG Capital Corporation announced the receipt of a green light letter from the U.S. Small Business Administration inviting MCG to continue its application process to obtain a license to form and operate a second Small Business Investment Company. MCG began the application process during 2012 and recently met with the investment committee of the Investment Division of the SBA, which voted to permit MCG to advance to the second part of the process. The receipt of the SBIC application is subject to the approval of the SBA. If approved, the additional license would provide MCG with an incremental source of attractive long-term capital.
News For MCGC From The Last 14 Days
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June 29, 2015
08:47 EDTMCGCMCG Capital reaffirms recommendation in favor of merger with PennantPark
MCG Capital (MCGC) announced that its board, after careful review of the revised proposal made by HC2 Holdings (HCHC), on June 23, and consultation with its legal and financial advisors, has unanimously affirmed its commitment to the pending merger with PennantPark Floating Rate Capital (PFLT), and its recommendation that MCGC stockholders vote in favor of the PFLT transaction.
June 26, 2015
08:34 EDTMCGCLF Partners' Frischer says MCG should 'immediately move forward' with HC2
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June 24, 2015
08:33 EDTMCGCMCG Capital responds to revised unsolicited proposal from HC2 Holdings
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June 23, 2015
17:30 EDTMCGCHC2 offers cash payment to MCG Capital if proposed merger fails
HC2 Holdings (HCHC) announced that it has sent a letter to MCG Capital (MCGC) in response to MCG's recent investor presentation, further modifying its proposed offer to purchase all of the company's outstanding shares. The letter reads as follows: "We were disappointed by your rejection of our latest offer and your recent presentation... which we believe paints an erroneous and misleading picture of HC2 and our offer... In our June 15 letter, in response to your concerns about a failure to close the transaction due to regulatory issues, we had offered to, in addition to reimbursing MCG in cash for the $7M termination fee, issue $13.35M of HC2 common stock to MCG... We are writing to update our proposal to now offer a $13.35M cash payment in lieu of an issuance of HC2 common stock if a deal with HC2 is not consummated."
June 22, 2015
08:51 EDTMCGCMCG Capital responds to unsolicited proposals
MCG Capital Corporation (MCGC) announced that its board, after careful review of the proposals made by each of HC2 Holdings (HCHC) and Accretive Capital Partners and consultation with its legal and financial advisors, has determined that neither proposal constitutes or is reasonably likely to lead to a superior proposal under MCG’s existing merger agreement with PennantPark Floating Rate Capital (PFLT). The board has unanimously affirmed its commitment to the pending merger with PFLT, and its recommendation that MCG stockholders vote in favor of the PFLT transaction.

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