Yucheng Technologies to MERGE with New Sihitech Limited and 3 Stocks Reaching 52-Week Highs
Tesoro Logistics Lp (NYSE:TLLP) announced that its Board of Directors has approved agreements for the company’s purchase of BP’s (NYSE:BP) integrated Southern California refining and marketing business. The purchase price of BP’s assets total $1.175 billion, plus the value of inventory at the time of closing. Currently, the inventory has a value of about $1.3 billion. The transaction is subject to regulatory approval and should close before the middle of 2013. The purchase price is predicted to be financed initially via a combination of cash and debt with proceeds from the subsequent sale of the associated logistics assets to Tesoro Logistics LP (NYSE:TLLP) gaining approximately $1 billion of cash proceeds during the first year. Earnings per share accretion should be nearly 24 percent in each of the first and second year of operations. The shares closed at $40.92, up $1.42 or 3.59% on the day. They have traded in a 52-week range of $22.41 to $40.22.
Tesoro Petroleum Cor (NYSE:TSO): BP (NYSE:BP) announced its agreement to sell its Carson, California refinery along with related logistics and marketing assets in the region to Tesoro for a total of $2.5 billion in cash as part of a previously announced plan for the reshaping of BP’s US fuels business. Subject to regulatory and other approvals, Tesoro is to acquire the 266,000 barrel per day refinery located near Los Angeles as well as the associated logistics network of pipelines and storage terminals and the ARCO-branded retail marketing network in Southern California, Arizona, and Nevada. Also, the sale includes BP’s interests in associated cogeneration and coke calcining operations. The closing should occur before mid-2013. BP is to sell the ARCO retail brand rights and exclusively license those rights from Tesoro for Northern California, Oregon, and Washington and keep producing transportation fuels at its Cherry Point, Washington refinery. BP should also keep ownership of the ampm convenience store brand and franchise it to Tesoro for use in the Southwest. The shares closed at $38.87, up $3.37 or 9.49% on the day. They have traded in a 52-week range of $17.43 to $36.06.
Time Warner Cable (NYSE:TWC): Level 3 (NASDAQ:LVLT) announced the signing of a multi-year agreement with Time Warner Cable for the expansion of Time Warner Cable’s national network. The agreement also includes the delivery of more core infrastructure services. These agreements both build upon and strengthen the strategic business relationship between the two companies. Additionally, the companies have agreed on terms and conditions beneath which they are to exchange IP traffic between their respective backbone networks. The shares closed at $89.75, up $0.32 or 0.36% on the day. They have traded in a 52-week range of $57.15 to $90.00.
Yucheng Technologies (NASDAQ:YTEC) announced that it has entered into an agreement along with a plan of merger with New Sihitech Limited and New Sihitech Acquisition Limited. Each of the company’s ordinary shares issued and outstanding immediately before the effective time of the merger is to be cancelled in exchange for the right to receive $3.90 in cash. The company’s board is acting upon the Independent committee’s unanimous recommendation which was formed by the board, approved the Merger Agreement and the merger, and resolved to recommend that the company’s shareholders vote for the approval of the merger agreement and the merger. The shares closed at $3.67, up $0.11 or 3.09% on the day. They have traded in a 52-week range of $1.90 to $3.67.
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