Realty Income Corp. (NYSE:O) and American Realty Capital Trust (ARCT), announced that the signing of a definitive agreement beneath which Realty Income is to acquire all of the outstanding shares of American Realty Capital Trust in a transaction with a value at approximately $2.95 billion. The board of directors of both companies unanimously approved the agreement. After a shareholder vote by both companies, the transaction should close during Q4 or early in 1Q13. The acquisition is to be financed by Realty Income directly issuing $1.9 billion of its common stock to American Realty Capital Trust shareholders, the assumption of about $526 million of debt, and the immediate repayment of about $574 million of outstanding debt and transaction expenses. Beneath the terms of the agreement, American Realty Capital Trust shareholders is to receive a fixed exchange ratio of 0.2874 Realty Income shares for each share of American Realty Capital Trust common stock that they own. Based on Realty Income’s closing stock price of $42.48 on September 5, 2012, the consideration would be equal to about $12.21 per share. The shares closed at $42.21, down $0.27 or 0.64% on the day. They have traded in a 52-week range of $29.78 to $42.96.
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Orthofix Internation (NASDAQ:OFIX) $7.8 million settlement with federal regulators regarding accusations that the company defrauded Medicare by paying kickbacks has been rejected by a U.S. District Judge, Bloomberg reports. The shares closed at $43.43, up $0.62 or 1.45% on the day. They have traded in a 52-week range of $30.82 to $43.16.
Omnicom Group Inc. (NYSE:OMC): MTV (NYSE:VIAB) will introduce a new type of multi-platform ad service today, which is the latest effort by a TV network to capture the attention of consumers who watch TV while also surfing the Web or tweeting, according to the Wall Street Journal. PepsiCo (NYSE:PEP), Verizon (NYSE:VZ), and Kraft (NYSE:KFT) are to test ads on that platform. The shares closed at $52.84, up $1.17 or 2.26% on the day. They have traded in a 52-week range of $35.27 to $52.56.
Penske Automotive (NYSE:PAG) along with Hertz (NYSE:HTZ) announced that they signed an agreement for Penske Automotive Group to join Hertz’s franchising network. This partnership for the Memphis, Tennessee market is part of Hertz’s company-wide initiative to grow its presence in the off airport car rental markets. The agreement calls for Penske Automotive Group, subject to the completion of closing conditions, to buy the assets of Hertz’s existing Memphis market, giving the opportunity to operate over 15 Hertz airport and off-airport locations. The shares closed at $28.50, up $1.1 or 4.01% on the day. They have traded in a 52-week range of $14.87 to $27.58.
Par Technology Corp. (NYSE:PAR), a subsidiary of PAR Technology Corporation, was awarded a contract by the U.S. Army Contracting Command/Aberdeen Proving Ground Natick Contracting Division to support US warfighters and coalition partners by providing advanced Full Motion Video, Geospatial Information Systems, and Intelligence Surveillance and Reconnaissance software and hardware technologies. The indefinite delivery/indefinite quantity contract has a five year period of performance with a total contract ceiling value of about $48 million. The shares closed at $5.25, up $0.14 or 2.74% on the day. They have traded in a 52-week range of $3.04 to $5.25.
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