On Tuesday, Shares of MakeMyTrip Limited (NASDAQ:MMYT), added 44.36% and closed at $29.45 in the last trading session. NMYT stock opened its last trade at $20.60 and after floating in a range of $20.60 to $31.90. The company’s Market capitalization is $1.20 Billion with the total Outstanding Shares of 41.71 million. During the 52-week trading session the minimum price at which share price traded, registered at $13.69 and reached to max level of $31.90. The Earnings per Share of the company stands at $-2.30. Two leading travel groups in India, MakeMyTrip Limited (MMYT) and ibibo Group (owned by global technology group Naspers Limited (JSE: NPN.SJ and LSE: NPSN)), have agreed to pursue a transaction that will combine the two businesses under MMYT, creating one of the leading travel groups in India that provides a one-stop shop for all Indian travellers and serves as a critical partner for travel industry suppliers.
The combination will bring together a bouquet of leading consumer travel brands, counting MakeMyTrip, goibibo, redBus, Ryde and Rightstay, which together processed 34.1 mm transactions during FY2016.
The transaction is expected to unlock value for customers, supply partners and shareholders, by combining the complementary strengths of each business. MakeMyTrip brings its strong brand, robust mix of domestic and outbound hotels and packages business and strong position in the air ticketing business. ibibo Group, via its brand goibibo and redBus, comes with a strong presence in various fast growing travel segments counting hotels, bus bookings and air ticketing.
Shares of NorthStar Asset Administration Group Inc (NYSE:NSAM), gained 3.80% and closed at $13.65 in the last trading session. NSAM stock opened its last trade at $13.30 and after floating in a range of $13.25 to $13.78. The company’s Market capitalization is $2.66 Billion with the total Outstanding Shares of 189.00 million. During the 52-week trading session the minimum price at which share price traded, registered at $9.17 and reached to max level of $15.50. The Earnings per Share of the company stands at $0.45. NorthStar Asset Administration Group Inc. (NSAM), Colony Capital, Inc. (CLNY) and NorthStar Realty Finance Corp. (NRF), recently declared the adoption of a best-in-class corporate governance structure for the pro forma combined company, Colony NorthStar, Inc. (“Colony NorthStar”, or the “Company”), and a contract to amend the terms of the definitive merger agreement declared on June 3, 2016, following which the three companies will combine to form Colony NorthStar in an all-stock transaction.
Colony NorthStar Best-in-Class Corporate Governance Structure
The amendment to the merger agreement provides for a best-in-class governance structure for Colony NorthStar.
New Independent Directors with Extensive Real Estate and Board Governance Experience. Colony NorthStar’s board will include two new independent directors, Jon A. Fosheim and Douglas Crocker II, who are each highly respected and recognized leaders in the real estate industry.
Board Size to be Reduced. Colony NorthStar’s board will be comprised of 10 directors (a reduction from formerly contemplated board size of 13 directors), with five members jointly selected by NSAM and NRF, counting Messrs. Fosheim and Crocker, and five members selected by Colony. At the closing of the transaction, eight of the ten directors of the Colony NorthStar board will be independent under NYSE rules, counting Colony’s four current independent directors.
No Classified Board. All of Colony NorthStar’s directors will stand for election annually.