New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
March 15, 2013
17:12 EDTPNXPhoenix Companies files to delay 10-K, to provide update before April 30
Phoenix reported that it will not meet the previously announced timetable for filing its restated financial information and third quarter 2012 Form 10-Q and will not timely file its 2012 Form 10-K. The company will provide an update on or before April 30. On Nov. 8, 2012, Phoenix announced that it would restate previously issued GAAP financial statements for the years ended December 31, 2011, 2010 and 2009, the interim periods for 2011, and 1Q12 and 2Q12. In its announcement, the company said it was delaying filing its 3Q12 Form 10-Q pending the filing of restated financial results, which it expected to be prior to the timely filing of its 2012 Form 10-K.
News For PNX From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
September 29, 2015
09:27 EDTPNXOn The Fly: Pre-market Movers
HIGHER: Yahoo (YHOO), up 4.5% after the company's board authorized the company to continue to pursue its spin-off of Aabaco Holdings, a newly formed independent registered investment company that will hold all of Yahoo's remaining holdings in Alibaba Group (BABA)... Phoenix Companies (PNX), up 164% after Nassau Reinsurance agreed to acquire Phoenix for $37.50 per share in cash... McDonald's (MCD), up 1.4% after the stock was upgraded to Outperform at Credit Suisse... Johnson & Johnson (JNJ), up 1% following upgrade at Deutsche Bank. LOWER: Esperion (ESPR), down 29% after reporting that the FDA has encouraged the company to initiate a cardiovascular outcomes trial promptly since any concern regarding the benefit/risk assessment of ETC-1002 could necessitate a completed cardiovascular outcomes trial before approval... Solera (SLH), down 2% after IHS (IHS) said on its earnings call that it is not pursuing an acquisition of the company, as previouly indicated in media reports... Zosano (ZSAN), down 54% after the company announced that it would discontinue its ZP-PTH agreement with Eli Lilly (LLY).
07:24 EDTPNXNassau Reinsurance to acquire Phoenix Companies for $37.50 per share in cash
Nassau Reinsurance Group Holdings L.P.and The Phoenix Companies (PNX) announced that they have entered into a definitive agreement in which Nassau will acquire Phoenix for $37.50 per share in cash, or aggregate equity purchase price of $217.2 million. The purchase price represents a 188% premium over Phoenix's closing stock price of $13.03 on Sept. 28, 2015. After completion of the transaction, which is expected to occur by early 2016, Nassau will contribute $100 million in new equity capital into Phoenix to further stabilize and improve Phoenix's balance sheet as well as providing growth capital. As of June 30, 2015, Phoenix had GAAP equity including AOCI of $199.2 million, GAAP equity excluding AOCI of $464.4 million, and total statutory surplus of $817.3 million. After completion of the transaction, Phoenix will be a privately held, wholly owned subsidiary of Nassau. Phoenix's corporate headquarters will remain in Hartford, Conn., and its service center will continue to be located in East Greenbush, N.Y. Phoenix's retail bonds (PFX) will remain outstanding and, in connection with the transaction, Phoenix will solicit its bondholders to amend the indenture to replace its public filing obligations with reporting obligations more appropriate for a privately held company. Nassau was launched in April 2015 and is an insurance and reinsurance business founded by insurance industry executives Phillip J. Gass and Kostas Cheliotis. Nassau is backed by Golden Gate Capital, a private investment firm founded in 2000 with more than $15 billion of committed capital. "After considering various strategic alternatives, Phoenix's Board of Directors initiated a thorough process and, in conjunction with our financial and legal advisors, determined a transaction with Nassau was in the best interests of Phoenix and our shareholders," said James D. Wehr, Phoenix's president and CEO. The transaction is subject to approval by Phoenix shareholders, approvals by regulatory authorities including Connecticut and New York insurance regulators, FINRA and Hart-Scott-Rodino, as well as other closing conditions. Phoenix and Nassau engaged in discussions with state insurance regulators regarding the proposed transaction in advance of executing the agreement.
07:22 EDTPNXNassau Reinsurance to acquire Phoenix Companies for $37.50 per share in cash
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use