Massey Energy Co. says it's going to sell at least 8.5 million shares of stock to help pay for the $960 million acquisition of rival Cumberland Resources. Massey Energy Co. trades on the “New York Stock Exchange” under the stock symbol “MEE”. For More information regarding “MEE”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
Join today and be part of the best free investment newsletter on the web where we focus on market moving news.
Massey Energy Co., (NYSE:MEE) a coal producer says it's going to sell at least 8.5 million shares of stock to help pay for the $960 million acquisition of rival Cumberland Resources. Massey says the offering includes an option for an additional 1.275 million shares.
Terms of the Cumberland deal call for Massey to pay $640 million in cash and $320 million in stock. Massey ended 2009 with $665.8 million in cash and recently withdrew a $72 million litigation bond, but officials said last week they were keeping financing options open.
Combined, the companies would operate dozens of mines in West Virginia, Virginia and Kentucky.
You can contact us during market hours at 1-888-9-ClubGrand (1888-925-8247) or via email at staff@wallstreetgrand.com.
Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") including 2009 growth, revenue for the second quarter and year of 2009 and gross margin for the second quarter and year of 2009. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the impact of intense competition, the continuation or worsening of current economic conditions and the condition of the domestic and global credit and capital markets.
Disclaimer:
Wall Street Grand LLC has not been compensated by the company for this press release and does not expect to be compensated in the future for any type of awareness. To read our full disclaimer clicks the link http://www.wallstreetgrand.com/disclosure.html
