Bid/ask: T. Rowe Price repays investors for a flub; Pelé sells a World Cup medal
T. Rowe Price compensates clients for a flawed proxy vote. Although the fund company was among those claiming that a $ 24.9 billion buyout of Dell undervalued the computer maker, T. Rowe mistakenly supported the transaction. The payments cover the difference between the $13.75 per share the company paid and the $17.62 per share a Delaware court ruled should have been the deal’s fair value.
Qatar buys a big building in Singapore. The country’s sovereign wealth fund agreed to purchase the 43-story Asia Square Tower 1. It’s the biggest office sale in Singapore’s history.
A device maker gets some backbone. Zimmer Biomet Holdings, one of the largest U.S. manufacturers of replacement hips and knees, agreed to buy LDR Holding, which makes spinal devices.
Devon sheds fields. Devon Energy agreed to sell gas fields in Texas and Oklahoma and royalties in the northern Midland Basin. The company is divesting assets to reduce its debt.
A fracker taps the market. Shale driller WPX Energy issued 49.5 million new shares to raise money for more wells, acquisitions, and pipeline construction.
An Italian soccer club gets a new controlling shareholder. China’s Suning Holdings Group will buy about 70 percent of Inter Milan. President Xi Jinping wants to make China a soccer power.
Rothschild chases families with beaucoup bucks. The merger adviser is buying Financière Martin Maurel to expand its private banking for French families and entrepreneurs.
Pelé scores. The soccer giant sold his winner’s medal from his first FIFA World Cup. He’s auctioning more than 2,000 pieces of memorabilia and donating some proceeds to a children’s hospital.