Shares of The Western Union Company (NYSE:WU) ended Thursday session in red amid volatile trading. The shares closed down -0.04 points or -0.19% at $21.52 with 2.48 million shares getting traded. Post opening the session at $21.50, the shares hit an intraday low of $21.39 and an intraday high of $21.54 and the price vacillated in this range throughout the day. The company has a market cap of $10.54 billion and the numbers of outstanding shares have been calculated to be 487.73 million shares.
On August 26, 2016 The Western Union Company (WU) and the Western Union Foundation announced a multi-faceted response involving Western Union employees, individuals, Agents, business customers and other business partners to provide support for families and communities most affected in Italy by this week’s earthquake.
The Western Union Foundation is committing an initial US$ 50,000 to Save the Children. From August 25, 2016 through September 09, the Foundation will also provide a dollar-for-dollar match of qualifying contributions from Western Union Agents, business customers and other business partners to NGOs providing disaster relief support in the impacted region. In addition, it will match employee donations 2:1 to NGOs providing disaster relief.
“We are committed to helping the communities we serve. Our thoughts are with the people of Italy,” said Giovanni Angelini, Senior Vice President, European Union. “In addition to the immediate response, we will be working with Western Union Agents, employees and non-profit partners to provide additional support for long-term initiatives that will help the area recover and rebuild.”
Western Union Foundation Chairman, John Dye, added, “Italy’s worst earthquake since 2009 has caused devastation with significant loss of life and damage to property. The Western Union Foundation is responding with support for relief efforts, helping address the most critical needs and help begin the long-term recovery process.”
Shares of Mid-America Apartment Communities Inc (NYSE:MAA) ended Thursday session in green amid volatile trading. The shares closed up +0.11 points or 0.12% at $93.99 with 953,160.00 shares getting traded. Post opening the session at $93.69, the shares hit an intraday low of $93.27 and an intraday high of $94.38 and the price vacillated in this range throughout the day. The company has a market cap of $7.06 billion and the numbers of outstanding shares have been calculated to be 75.53 million shares.
On Aug. 15, 2016 Mid-America Apartment Communities Inc (MAA) and Post Properties, Inc. (PPS) announced that they have entered into a definitive merger agreement under which Post Properties, Inc. will merge with and into MAA, creating a Sunbelt-focused, publicly traded, multifamily REIT with enhanced capabilities to deliver superior value for residents, shareholders and employees. The combined company is expected to have a pro forma equity market capitalization of approximately $12 billion and a total market capitalization of approximately $17 billion.
Under the terms of the agreement, each share of Post common stock will be converted into 0.71 shares of newly issued MAA common stock. On a pro forma basis, following the merger, former MAA equity holders will hold approximately 67.7 percent of the combined company’s equity, and former Post equity holders will hold approximately 32.3 percent. The all-stock merger is intended to be a tax-deferred transaction. The merger is subject to customary closing conditions, including receipt of the approval of a majority of both the MAA and Post shareholders. The parties currently expect the transaction to close during the fourth quarter of 2016.
The merger brings together two highly complementary multifamily portfolios with a combined asset base consisting of approximately 105,000 multifamily units in 317 properties. The combined company will maintain strategic diversity across urban and suburban locations in large and secondary markets within the high-growth Sunbelt region of the U.S. The combined company’s ten largest markets by unit count will be Atlanta, Dallas, Austin, Charlotte, Raleigh, Orlando, Tampa, Fort Worth, Houston and Washington, DC.
Commenting on the merger, H. Eric Bolton, Jr., MAA Chairman and CEO, said, “The combination of MAA and Post will establish the leading apartment real estate platform focused on the high-growth Sunbelt region of the country with significant competitive advantages to drive superior value for our shareholders, residents and employees. The combined company will capture a broader market and submarket footprint, with improved rental price-point diversification that will support an enhanced level of performance over the full real estate cycle. Further, the Post development platform, with a strong history of value accretive new development, supported by the newly combined company platform, will expand external growth and accretive capital recycling opportunities for MAA.”