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MEDIACOM COMMUNICATIONS (Nassdaq: MCCC) $6.86. Today announced that it has entered into a definitive merger agreement with Rocco B. Commisso, the founder, Chairman and Chief Executive Officer of Mediacom, and an entity created by Mr. Commisso. Upon consummation of the merger, all of the outstanding shares of Mediacom common stock not owned by Mr. Commisso will convert into $8.75 per share in cash.
The transaction results from extensive negotiations between Mr. Commisso and a Special Committee of independent directors of Mediacom formed in response to a “going private” proposal made on May 31, 2010 by Mr. Commisso to acquire all publicly held shares of Mediacom common stock for $6.00 per share. The final price of $8.75 per share represents a 46% premium above Mr. Commisso’s original $6.00 offer and a 64% premium above the closing price of $5.33 for Mediacom’s Class A Common Stock on the last trading day prior to the publication of Mr. Commisso’s May 31 proposal.
What They Do: Mediacom Communications is the nation’s eighth largest cable television company and one of the leading cable operators focused on serving the smaller cities in the United States, with a significant concentration in the Midwestern and Southeastern regions.
Diana Shipping Inc. (NYSE: DSX) $13.60. Today announced net income of $33.8 million for the third quarter of 2010 compared to net income of $28.7 million reported in the third quarter of 2009. Voyage and time charter revenues were $71.6 million for the third quarter of 2010, compared to $58.2 million for the same period of 2009, mainly due to the addition to the Company's fleet of the vessels m/v Houston, acquired in October 2009, m/v Melite, delivered in January 2010, m/v New York, delivered in March 2010 and the participation of the Company in Diana Containerships Inc., a majority-owned subsidiary.
Net income to Diana Shipping Inc., for the nine months ended September 30, 2010 amounted to $96.5 million, compared to net income of $93.9 million for the same period of 2009. Voyage and time charter revenues were $202.5 million for the nine months ended September 30, 2010, compared to $180.7 million for the same period of 2009.
What They Do: Diana Shipping is a global provider of shipping transportation services.
Monro Muffler Brake (Nasdaq: MNRO) $48.83. Today announced that its Board of Directors has approved a 33% increase in the Company's quarterly dividend to $.12 per share. The increased dividend rate will be effective commencing with the regular quarterly dividend payable on December 13, 2010 to shareholders of record as of December 3, 2010, including shares of common stock to which the holders of the Company's Class C Convertible Preferred Stock are entitled.
Separately, the Company's Board of Directors has declared a three-for-two stock split of the Company's common stock to be effected in the form of a 50% stock dividend. The stock split will entitle all shareholders of record at the close of business on December 13, 2010 to receive one additional share of the Company's common stock for every two shares of common stock held on that date. The additional shares will be distributed to shareholders on or about December 23, 2010. Cash will be paid in lieu of issuing fractional shares based on the closing price of the Company's common stock on December 13, 2010 (as adjusted for the stock split). Monro has approximately 20 million shares outstanding and, after giving effect to the stock split, will have approximately 30 million shares outstanding.
Following the three-for-two stock split on December 23, 2010, it is anticipated that, in declaring the fourth and final quarterly cash dividend in March 2011 for the 2011 fiscal year, the Board would ratably reduce the dividend payment from $.12 per share to $.08 per share (a reduction of 33%) to reflect the stock split (an increase of 33%). As a result, the aggregate amount to which each shareholder would be entitled would remain unchanged.
What They Do: Monro Muffler Brake operates a chain of stores providing automotive undercar repair and tire services in the United States, operating under the brand names of Monro Muffler Brake and Service, Mr. Tire, Tread Quarters Discount Tires, Autotire and Tire Warehouse.
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