New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
March 17, 2013
20:44 EDTRIGTransocean board rejects Icahn proposal for dividend, director nominees
Transocean announced that its board has reviewed the proposals submitted by certain Funds affiliated with Carl Icahn for vote at its 2013 shareholders meeting. Mr. Icahn proposed a dividend of $4 per share and nominated three candidates (John J. Lipinski, Josť Maria Alapont and Samuel Merksamer) for election to Transocean's Board of Directors. Mr. Icahn also submitted a proposal to repeal the company's staggered board structure. The Board has determined that Mr. Icahn's dividend proposal is in direct conflict with Transocean's disciplined capital allocation strategy, which includes maintaining a strong, flexible balance sheet and an investment grade rating on its debt; disciplined, high-return investment in the business; and the distribution of excess cash to shareholders. Specifically, the Board believes the dividend proposed by Mr. Icahn would adversely affect the company's ability to operate and compete effectively in a cyclical and capital-intensive industry. Further, the election of Mr. Icahn's candidates -- who are hand-picked to pursue his potentially damaging short-term agenda -- is not in the best interest of the company and all of its stakeholders.
News For RIG From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
<< 1 | 2 | all recent RIG news | >>
February 18, 2015
14:18 EDTRIGTransocean February volatility increases into Q4 and outlook
Subscribe for More Information
10:05 EDTRIGOn The Fly: Analyst Initiation Summary
Subscribe for More Information
06:56 EDTRIGTransocean initiated with an Underperform at BMO Capital
Subscribe for More Information
February 17, 2015
16:22 EDTRIGOn The Fly: Closing Wrap
Subscribe for More Information
16:00 EDTRIGOptions Update; February 17, 2015
Subscribe for More Information
12:50 EDTRIGOn The Fly: Midday Wrap
Subscribe for More Information
10:06 EDTRIGTransocean falls after cutting dividend, CEO departure, levels to watch
Subscribe for More Information
06:59 EDTRIGTransocean price target lowered to $6 from $16 at Deutsche Bank
Deutsche Bank lowered its price target for Transocean shares to $6 after the company announced an 80% dividend reduction and the departure of its CEO. Deutsche says reducing the dividend frees up about $800M per year and that the move will likely be viewed positively since an elimination was a potential outcome. The firm, however, expects the company's free cash flow to remain negative for the "foreseeable future" and reiterates a Sell rating on the stock. Shares of the offshore driller are trading up 55c to $19.60 in pre-market trading.
February 16, 2015
15:17 EDTRIGTransocean slashes dividend to 60c from $3.00, says CEO leaving
Subscribe for More Information
14:25 EDTRIGTransocean to lower annual dividend to 60c per share
Subscribe for More Information
10:29 EDTRIGTransocean announces departure of CEO Steven Newman
Subscribe for More Information
<< 1 | 2 | all recent RIG news | >>

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use