Aon Corporation (AON) and Hewitt Associates (HEW) announced have approved an agreement under which Hewitt will merge with a subsidiary of Aon. The aggregate consideration is valued at $50 per Hewitt share, which represents a 41% premium to Hewitt's closing stock price on July 9, 2010, the last trading day prior to the announcement of the agreement.
The aggregate fully diluted equity value of the transaction is approximately $4.9 billion, consisting of 50% cash and 50% Aon stock.
Hewitt shares are up over 32% on the news.
Weyerhaeuser Company (WY) announced the board of directors has declared a special dividend of $5.6 billion.
The special dividend includes the regular quarterly dividend of approximately $11 million and is payable to shareholders of record as of July 22, 2010. Weyerhaeuser expects to pay the special dividend on Sept. 1, 2010.
On the dividend, shares of Weyerhaeuser are higher by about 8.4%.
As BP (BP) approaches the end of their process in installing a more efficient cap on the leak, and as plans to finish the relief well appear to be on track, shares are trading higher today.
Currently BP is up about 7.5%.
Playboy Enterprises (PLA) (PLAA) announced that its board of directors has received a proposal from Hugh M. Hefner to acquire all of the outstanding shares of Class A and Class B common stock of Playboy not currently owned by Hefner for $5.50 per share in cash. Hefner owns 69.5% of the Class A common stock and 27.7% of the Class B common stock.
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