latest news releases from the newsroom
Levi & Korsinsky, LLP
Levi & Korsinsky, LLP Investigates Breach of Fiduciary Duty by the Board of Pharmacopeia Inc.
NEW YORK, Sept. 25, 2008 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the Board of Directors of Pharmacopeia Inc. ("Pharmacopeia" or the "Company") (Nasdaq:PCOP) arising out of their attempt to sell the Company to Ligand Pharmaceuticals Inc. Under the terms of the agreement, Pharmacopeia shareholders would receive 0.58 shares of Ligand Pharmaceuticals stock for each share of Pharmacopeia. Based on the September 24, 2008 closing price of Ligand Pharmaceuticals stock, the value Pharmacopeia shareholders are to receive is approximately $1.81 per share. The transaction also includes a contingent value right under which Pharmacopeia shareholders may receive an additional $15 million under certain circumstances bringing the potential value of the transaction to approximately $70 million. The price is unfair given that the Company's share price traded at $2.87 as recently as August 22, 2008 and the Company has more than $1.49 per share in cash. The proposed acquisition is subject to customary conditions and regulatory approvals.
Tyson Foods Inc
Disaster Relief Convoy Hits Highway to Help Texas, Gulf States
SPRINGDALE, Ark., Sept. 25, 2008 (GLOBE NEWSWIRE) -- Tyson Foods, Inc. (NYSE:TSN) is stepping up in a big way to help supply more than 3.2 million meals for Texas and Gulf Coast residents affected by recent hurricanes. Twenty-six truckloads of Tyson chicken and pork are headed south to restock food banks in Texas, Louisiana, Alabama, Tennessee and Mississippi during the next four days. As a part of the company's ongoing commitment to hunger relief with Feeding America, formerly known as America's Second Harvest, Tyson Team Members have coordinated this caravan of goodwill. The first 15 of 26 tractor trailers left Arvest Ballpark Thursday in a convoy that, in total, will deliver more than 3.2 million meals for those in need.
Delta Air Lines, Inc.
Delta, Northwest Stockholders Approve Merger to Create Premier Global Airline
ATLANTA, Sept. 25, 2008 (GLOBE NEWSWIRE) -- ATLANTA, Sept. 25, 2008 - Delta Air Lines (NYSE:DAL) and Northwest Airlines (NYSE:NWA) today announced that their respective stockholders have overwhelmingly approved the pending merger between the two companies. Delta stockholders approved the issuance of 1.25 shares of Delta common stock for each outstanding share of Northwest stock to be distributed upon closing of the merger, expected later this year. The proposal was approved by approximately 99 percent of the votes cast by Delta stockholders. More than 98 percent of the votes cast by Northwest stockholders were voted in favor of the merger.
Port of Houston Authority
PHA Commission Considers $3 Million for Shoreline Protection At Morgan's Point
HOUSTON, Sept. 25, 2008 (GLOBE NEWSWIRE) -- The Port Commission of The Port of Houston Authority (PHA) will consider approving $3 million for shoreline protection at Morgan's Point, near Barbours Cut Terminal, on Tuesday, Sept. 30, beginning at 9 a.m. in the board room of the PHA Executive Building, 111 East Loop North (Exit 29 off Loop 610) in Houston. Chairman Jim Edmonds will preside over the meeting with Commissioner Steve Phelps, Commissioner Jim Fonteno, Commissioner Kase Lawal, Commissioner Jimmy Burke, Commissioner Janiece Longoria and Commissioner Elyse Lanier.