Tag: Divestiture

Aviva: Swift Divestiture Shows New CEO Means Business (OTCMKTS:AIVAF)

U.K.-based insurer Aviva (AVIAF, AVVIY) recently outlined its planned strategic shift. Key to the business was the plan to divest non-core overseas assets, although for shareholders equally important is a review of the high yielding dividend, which I expect to be cut.

The company has announced a partial divestiture of its Singapore business which, given the swiftness since the previous announcement of the strategy of focusing on core business, suggests that the new chief executive is not wasting any time. I remain down on the stock, as I expect a dividend cut which will reduce its primary attraction as a high yielder. Nonetheless, the speed of the latest move is noteworthy as it suggests that Aviva may be changing quite a bit under its new leadership.

Aviva Will Sell Its Majority Singapore Holding

The company announced that it will sell a majority shareholding in Aviva Singapore to a consortium led

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PDL BioPharma Completes Divestiture of the Noden Pharmaceutical Business to Stanley Capital

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INCLINE VILLAGE, Nev., Sept. 9, 2020 /PRNewswire via COMTEX/ —
INCLINE VILLAGE, Nev., Sept. 9, 2020 /PRNewswire/ — PDL BioPharma, Inc. (“PDL” or the “Company”) (Nasdaq: PDLI) announces the closing of the sale of its wholly owned subsidiaries Noden Pharma DAC and Noden Pharma USA (collectively “Noden”) to Stanley Capital.  The total value of the transaction will result in payments to PDL of up to $52.83 million in cash, $4.58 million greater than previously announced.

“After running an extensive process, we are excited about closing this transaction with Stanley Capital,” commented PDL’s President and CEO Dominique Monnet.  “It represents the completion of a key divestiture for PDL and an exciting opportunity for the Noden team.”

Payments to PDL, in connection with the closing of the transaction, are $12.72 million.  The agreement provides for an additional $33 million

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