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Expedia's CEO, who replaced Dara Khosrowshahi, is resigning along with the company's CFO as part of a leadership shakeup (EXPE)

Credit: Business Insider- Published 3 days ago
· Expedia CEO Mark Okerstrom and CFO Alan Pickerill resigned from the company as part of a leadership shakeup, Expedia announced Wednesday.
· Okerstrom had replaced Dara Khosrowshahi, who now serves as CEO of Uber.
· The departures are the result of disagreements between the executives and the company's board, according to...
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Credit: The Street
Published 4 days ago -  01:48
Cleveland-Cliffs to Buy AK Steel - A Bright and Shiny Merger?
Iron ore pellet producer Cleveland-Cliffs s buying flat-rolled carbon, stainless steel and electrical products maker AK Steel for $1.1 billion. But is it a bright and shiny deal for investors? Under terms of the deal announced on Tuesday, AK Steel shareholders will receive 0.4 a Cleveland-Cliffs share for each AK Steel share at $3.36 a share, which represents a premium of 16% based on the closing share prices of Cleveland-Cliffs and AK Steel, respectively, as of Monday Dec. 2, and a premium of 27% based on the 30-day volume-weighted average price of AK Steel common shares. When finalized, Cleveland-Cliffs shareholders will own approximately 68% and AK Steel shareholders will own approximately 32% of the combined company. Cliffs CEO Lourenco Goncalves will lead the combined company, while AK Steel CEO Roger Newport will retire. The transaction is expected to close in the first half of 2020, subject to approval by shareholders of both companies as well as receipt of regulatory approvals and other typical closing conditions. As part of the agreement, Cliffs said it has obtained an approximately $2 billion financing commitment from Credit Suisse in connection with a new asset-backed loan and the refinancing of AK Steel's 2023 senior secured notes. For shareholders, the question is whether a combined Cleveland-Cliffs-AK Steel will make sense in the long run. Cleveland-Cliffs' shareholders appear to think less so, with the company's shares plunging at the open on Tuesday, falling more than 13% to $7.29. For AK Steel stockholders, it was a slightly more optimistic tune, with shares gaining 4.5% to $2.94.' Bull Market Fantasy: LIVE TUESDAY & THURSDAY @10:45AM Subscribe to our Youtube Channel for more videos : Listen our latest Podcasts on Soundcloud Catch Up: Today's Top News Videos Below

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