Highly Active Stocks: BofA, Sirius XM Radio, Chesapeake Energy May 1st
Bank of America Corp (NYSE:BAC): Bonds were the only investments to provide positive returns last month, the first time that’s happened since 2008, reports Bloomberg. According to Bank of America Merrill Lynch index data, fixed-income assets gained 0.7%, including reinvested interest, The MSCI All-Country World Index of stocks fell 1.1%, including dividends, while the Standard & Poor’s GSCI Total Return Index of metals, fuels and agricultural products dropped 0.5%. The U.S. Dollar Index was down 0.3%.
Sirius XM Radio Inc (NASDAQ:SIRI): SiriusXM is updating its app for Google’s (NASDAQ:GOOG) Android operating system, according to The Verge. Users of the app will now be able to “rewind” satellite radio station programming for up to five hours, and access SiriusXM’s program guide, the publication reported.
Chesapeake Energy Corporation (NYSE:CHK): Chesapeake Energy Corporation announced that its Board of Directors has renegotiated the terms of the company’s Founder Well Participation Program with Chairman and CEO Aubrey K. McClendon to provide for the early termination of the FWPP on June 30, 2014, 18 months before the end of its current term on December 31, 2015. Mr. McClendon will receive no compensation of any kind in connection with the early termination of the FWPP. The FWPP, which was approved by shareholders for a 10-year term in 2005, in conjunction with Mr. McClendon’s employment agreement with the company, provides Mr. McClendon a contractual right to participate and invest as a working interest owner in new wells drilled on the company’s leasehold. Mr. McClendon has agreed to forego such contractual right 18 months early without compensation. The Board of Directors will name an independent, Non-Executive Chairman in the near future. The Board’s Nominating and Corporate Governance Committee is considering potential candidates with no previous substantive relationship with Chesapeake and will be soliciting input from major shareholders. Upon the appointment of a Non-Executive Chairman, Mr. McClendon will relinquish the position of Chairman and continue as CEO.
Collective Brands Inc. (NYSE:PSS): Collective Brands (NYSE:PSS) and a consortium comprised of Wolverine Worldwide (NYSE:WWW), Blum Capital Partners and Golden Gate Capital announced that they have entered into a definitive agreement under which Collective Brands will be acquired for $21.75 per share in cash, or a total of approximately $2.0B, including the assumption of debt. The purchase price represents a 104% premium to the 30-day volume weighted average trading price prior to the August 24, 2011 announcement that Collective Brands’ Board of Directors, together with management, would conduct a review of strategic and financial alternatives. Upon closing, which is expected to occur late in the third quarter or early in the fourth quarter of the current calendar year, Wolverine Worldwide will acquire Collective Brands’ Performance + Lifestyle Group (AMEX:PLG), which includes the wholesale and retail operations of the Sperry Top-Sider, Saucony, Stride Rite and Keds brands, and will continue to operate out of Lexington, Massachusetts. Investment firms Blum Capital and Golden Gate will jointly acquire the operations of Payless ShoeSource and Collective Licensing International, which together will operate as a standalone entity.
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