Anthem Of A Teenage Prophet 2021
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Anthem Of A Teenage Prophet 2021
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SP Releasing has acquired U.S. rights to Anthem of a Teenage Prophet , a supernatural coming-of-age drama starring Shameless ‘ Cameron Monaghan , Disney Channel regular Peyton List and Juliette Lewis. A day-and-date theatrical release is set for January 11.
Based on Joanne Proulx’s YA novel and directed by first-time feature helmer Robin Hays , the story set in 1997 Michigan follows Luke (Monaghan), a teenager who foresees the death of his best friend. When this premonition becomes reality, he must deal with the trials and tribulations of being dubbed “The Prophet of Death” and a freak around town. It doesn’t help that he’s fallen in love with Faith (List), his best friend’s girlfriend. Lewis plays Luke’s mother who helps him navigate his unique challenges.
Grayson Gabriel, Danny Woodburn, Alex MacNicoll and Spencer List co-star. Sepia Films’ Tina Pehme and Kim Roberts are producers, and Handpicked Ventures’ Michel Shane executive produced with Darren Benning.
“We are thrilled to be releasing Anthem ; it’s a really great adaptation of an award-winning novel, with a tremendous young cast,” SP Releasing CEO and president Steven Paul said. “It’s a timeless story about youth, identity and discovering your truth, one that will resonate with many.”
The deal was negotiated by SP Releasing’s Jason Price and by CAA on behalf of the filmmakers.
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Personal finance guru Suze Orman said the receipt of a tax refund indicates "something's radically wrong," since the money returned to filers could otherwise have accrued value over the period it stood in the government's possession.
(Bloomberg) -- Elon Musk set records last year for one of the fastest streaks of wealth accumulation in history. The reversal is underway, and it’s steep.The Tesla Inc. chief executive officer lost $27 billion since Monday as shares of the automaker tumbled in the selloff of tech stocks. His $156.9 billion net worth still places him No. 2 on the Bloomberg Billionaires Index, but he’s now almost $20 billion behind Jeff Bezos, who he topped just last week as world’s richest person.Musk’s tumble only underscores the hard-to-fathom velocity of his ascent. Tesla shares soared 743% in 2020, boosting the value of his stake and unlocking billions of dollars in options through his historic “moonshot” compensation package.His gains accelerated into the new year. In January, he unseated Bezos as the world’s richest person. Musk’s fortune peaked later that month at $210 billion, according to the index, a ranking of the world’s 500 wealthiest people.Consistent quarterly profits, the election of President Joe Biden with his embrace of clean technologies and enthusiasm from retail investors fueled the company’s rise, but for some, its swelling valuation was emblematic of an unsustainable frothiness in tech. The Nasdaq 100 Index fell for the third straight week on Friday, its longest streak of declines since September.Bitcoin InvestmentMusk’s fortune hasn’t been solely subject to the forces buffeting the tech industry. His net worth has risen and slumped recently in tandem with the price of Bitcoin. Tesla disclosed last month it had added $1.5 billion of the cryptocurrency to its balance sheet. Musk’s fortune took a $15 billion hit two weeks later after he mused on twitter that the prices of Bitcoin and other cryptocurrencies “do seem high.”Extreme volatility has roiled many of the world’s biggest fortunes this year. Asia’s once-richest person, Chinese bottled-water tycoon Zhong Shanshan, relinquished the title to Indian billionaire Mukesh Ambani last month after losing more than $22 billion in a matter of days.Read more: Ambani Again Richest Asian as China’s Zhong Down $22 BillionQuicken Loans Inc. Chairman Dan Gilbert’s net worth surged by $25 billion on Monday after his mortgage lender Rocket Cos. was said to be the next target of Reddit day traders. His fortune has since fallen by almost $24 billion. Alphabet Inc. co-founders Sergey Brin and Larry Page are among the biggest gainers on the index this year. They’ve each added more than $13 billion to their fortunes since Jan. 1.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- It’s the curse of a strengthening economy. With bond yields rising, chasing recent winners in the stock market has morphed from a slam-dunk strategy to a historically painful one.High-flyers from Tesla Inc. to Zillow Group Inc. and Chewy Inc. tumbled this week as the spike in rates put pressure on richly valued companies. Along with cannabis plays and solar stocks, these poster children for market froth are enduring losses that exceed 20% from recent highs, meeting one definition of a bear market.Thrust to the top have been oil producers and banks, laggards during last year’s lockdown that are coming back to life on hopes of an economic recovery. While winners and losers have to some degree offset each other, limiting damage in the broad bull market that has its one-year anniversary approaching, the violent rotation speaks to the agony of faulty stock picking, which right now means standing in the way of the reflation trade.“There’s probably more investors that still need to make that rotation,” said Tony Bedikian, head of global markets at Citizens Bank. “We’ve had such a strong run-up in many of these tech sectors. As the economy reopens and somewhat normalizes, that rotation will continue.”Down another 11% this week, shares of Tesla have lost almost one third of their market value since peaking in January. Star manager Cathie Wood’s Ark Innovation ETF, which counts Tesla as its top holding, shed 10% over past five days, wiping out all its 2021 gains that at one point swelled to 26%.Zillow, whose growing popularity in the online home listing market earned the company record profits during the fourth quarter, dropped 16% for its worst week since last April. Chewy, an online pet retailer whose shares tripled last year, slumped 18%, the biggest weekly decline on record.As oil rebounded, clean energy lost favor. An ETF tracking solar stocks suffered its worst week in a year, falling 14%.The pain from the reversal of fate is demonstrated by a Dow Jones market-neutral index that buys the past year’s winning stocks while selling losers at the same time. Down four weeks in a row, the momentum gauge has extended its decline from its August peak to 29%, the largest continual drawdown since 2009.At the center of the unwind are software and internet stocks, many of them newly minted companies whose role in stay-at-home commerce made them the only businesses generating earnings growth last year. Now, as profits are roaring back for everyone from automakers to banks, the allure of the safety trade is losing some luster. The tech-heavy Nasdaq 100, which surged 48% in 2020, this week briefly fell into a correction of 10%.“Clearly, with the emergence of real post-pandemic economic growth, investors are re-allocating capital,” said Andrew Ross, a managing member of Confluence Global Capital. “It’s totally reasonable that as the economy reopens, interest rates will rise further and that growth stock multiples will contract further. They are kind of toxic -- they became bond proxies.”Thanks to gains from energy and financial shares, the S&P 500 fared better. Up for the first week in three, the benchmark has avoided a 5% pullback from a peak for four months. The Dow Jones Industrial Average performed the best, adding almost 2% over five days.A key driver of stock performance is valuation. The more expensive a stock is, the worse it’s doing. Going by price-sales ratios, the top quintile of Russell 3000 shares dropped 5.1% on average over the week, compared with a gain of 3.6% for the cheapest cohort, data compiled by Bloomberg shows.“Pick whatever your prototypical momentum stock is -- the long-term earnings picture hasn’t changed in the last few weeks. What’s changed is the 10-year” yield, said John Porter, head of equities at Mellon Investments. “Those higher-growth, long-duration assets are the ones most sensitive to changes in interest rates.”To Anastasia Amoroso, global investment strategist at JPMorgan Private Bank, while the selloff in these darling stocks may feel unpleasant, it’s a healthy process for the market to squeeze out excesses.“Parts of the market like some tech names, as much as we like these, we have to admit there were some exuberance in those sectors,” she said in an interview on Bloomberg Television. “Those are some of the sectors we like the most but it was really hard to add to the sectors when we were looking at some of those eye-popping multiples.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- The Nasdaq Biotech Index lost $85 billion this week in its worst drop in a year as funds saw the most money flow out of the sector since last March.The benchmark for biotechnology stocks is on track to close out its third weekly loss in a row.President Joe Biden said this week that the U.S. should have enough Covid-19 vaccines for every adult by May. While investors weigh the need for more medicines and vaccines to address the pandemic, they are using last year’s profits to snap up shares in some of 2020’s more beaten-down industries like banks, travel and leisure. Rising interest rates have also hurt the growth-oriented biotech sector.In the weekly period that ended March 3, $569 million exited the 127 biotech mutual and exchange-traded funds tracked by Piper Sandler’s Christopher Raymond. Still, with fund flows still positive for the year, “it’s too soon to sound the alarm, he said in an interview.“There are moments when there is a very fundamental policy shift, like drug pricing that makes a generalist investor want to shy away from biotech and we haven’t seen any of that yet,” Raymond said. Biden hasn’t gone after the sector with the harsh rhetoric of the prior administration, he said.ETF OutflowsEven so, the iShares Nasdaq Biotechnology ETF (IBB) saw about $88 million flow out this week. The Health Care Select Sector SPDR Fund (XLV), which is more weighted to managed care and large drugmakers, saw $242 million in capital leave in the week and has lost $1.68 billion so far this year.Cathie Wood’s $8.6 billion ARK Genomic Revolution fund (ARKG) saw the flight of more than $400 million in funds. The ETF is down 10% this week as favored holdings like Teladoc Health Inc., Pacific Biosciences of California Inc. and Crispr Therapeutics AG tumbled.Companies developing Covid-19 medicines and follow-on vaccines were among the week’s worst performers amid the approval of a third vaccine in the U.S. and a series of deals to supply the shots. Vir Biotechnology Inc. and Novavax Inc. lost about a third of their value this week, while Altimmune Inc. sank by about 21%.“Last year people were throwing money at almost any company that could come up with some type of a Covid-19 vaccine or drug,” said David Wagner a portfolio manager at Aptus Investments. “Not everybody is going to succeed.”Now investors are turning away from 2020 winners and putting some of those gains into more cyclical stocks, Wagner said. The saturation of the vaccine market is also having an impact, with Pfizer Inc., Moderna Inc. and Johnson & Johnson expected to produce enough vaccine for the U.S. by May.“All those other biotechs that were trying to find a vaccine, we have enough supply, we don’t need you anymore,” he said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Wall Street and a gauge of global equity markets rose on Friday as investors cheered signs of economic strength in a report that showed faster-than-expected U.S. jobs growth, data that initially stoked inflation concerns. Asian markets dropped overnight. MSCI's all-country index was on its longest losing streak in six months before clawing back.
(Bloomberg) -- SoftBank Group Corp.’s Chief Strategy Officer Katsunori Sago is planning to quit after less than three years at the company, as other executives gain prominence at the Japanese investment conglomerate.The Goldman Sachs veteran who joined SoftBank in June 2018 will resign on March 31, SoftBank said in a statement late on Friday. The Tokyo-based company was confirming an earlier report by Bloomberg News.The 53-year-old is a key member of founder Masayoshi Son’s inner circle and something of a celebrity in Japan’s world of finance. Prior to joining SoftBank, Sago spent more than two decades at Goldman Sachs Group Inc., rising to become vice chairman of its operations in the country. During a three-year stint at state-owned Japan Post Bank Co., he spearheaded a portfolio shift away from sovereign bonds.But little is known about his work at SoftBank. The company has never clearly defined his role as CSO, a position that did not exist prior to his joining. Over the past few years, he has assembled a small team of former Goldman bankers and set up an investment department in April.“Sago-san dedicated himself to a variety of projects by bringing a whole new perspective as SBG transforms into a strategic investment holding company,” Son said in the statement. “He played a crucial part in expanding SBG’s potential as an investment company.”Rumors about his departure began to circulate late last year as Sago seemed increasingly adrift while other Son lieutenants, including Chief Operating Officer Marcelo Claure and Vision Fund head Rajeev Misra, began to take more prominent roles in public markets and startup investment.In November, SoftBank said Sago and three other directors will leave the board in an effort to increase the proportion of outside directors and improve corporate governance. The executive earned 1.11 billion yen ($10.2 million) in the year ended March 2020, a 13% increase from the previous year.Sago’s the latest in a string of executive departures at the group. In January, Bloomberg News learned that Vision Fund managing partner Colin Fan, a former Deutsche Bank AG banker who’d focused on technology bets, was leaving along with Jeff Housenbold, the managing partner involved in its bets on startups including DoorDash Inc. and dog-walking startup Wag. Fan had overseen the fund’s investment in troubled lender Greensill Capital.Read More: SoftBank Executive Colin Fan Steps Back From Vision FundThe Vision Fund decided to cut headcount by as much as 15% last year in a round of job cuts after the business reported an $18 billion loss because of the Covid-19 pandemic. The cuts disproportionately focused on employees who supported portfolio companies, people familiar with the matter said at the time. Claure’s SoftBank Group International arm reduced its staff by 26 out of 230, a person familiar with the matter said.(Updates with background on previous executive departures in final two paragraphs)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The direction of the EUR/USD on Friday will be determined by trader reaction to 1.1973.
Gold starts the session on the bearish side of the 50% to 61.8% retracement zone of last year’s trading range.
(Bloomberg) -- A surge in bond yields is bleeding into Asian markets where at least two state-backed Indian companies and three Japanese firms pulled planned debt sales.Indian Railway Finance Corp. and National Cooperative Development Corp. withdrew rupee note offerings Thursday. NCDC said it had done so after the coupon rate at which bids were received was higher than it had anticipated. In Japan, Santen Pharmaceutical put off a yen bond sale that it had planned to price Friday, after two other issuers there also paused deals in recent days.A jump in the 10-year Treasury yield -- the global bond benchmark -- to a one-year high is sending shockwaves through markets. Global credit markets have stumbled in one of their worst weeks this year, with Asian junk bond prices extending their drop this week to the worst since October.Read more about Federal Reserve Chair Jerome Powell leaving bond markets disappointedFor now, many companies are still sitting on ample piles of cash to weather such volatility after record bond issuance in most markets last year and even through recent weeks in 2021. But any quickening in the pace of yield increases ahead would raise more concern.In India’s case, financing costs have also been pressured up after the government last month announced bigger-than-expected borrowings, fueling concern that companies will get crowded out of debt markets. Rupee corporate bond yields surged the most since 2013 in February and local note issuance plunged to a 19-month low of 504.6 billion rupees ($6.9 billion).Attention now turns to companies planning to seek bids for local-currency notes on Friday: National Highways Authority of India, LIC Housing Finance and Housing Development Finance Corp.(Retops to add broader context)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Virgin Galactic Holdings Inc. tumbled Friday after its billionaire Chairman Chamath Palihapitiya offloaded shares worth about $213 million in the space-tourism company founded by Richard Branson.Palihapitiya, who has helped drive the frenzied growth of blank-check companies, disposed of 6.2 million shares at an average price of $34.32 this week, based on a filing with the U.S. Securities and Exchange Commission. He still owns 15.8 million shares with his partner Ian Osborne through investment firm Social Capital Hedosophia, amounting to about a 6.5% stake. Palihapitiya previously sold shares worth almost $100 million in December, filings show.Palihapitiya said he sold the shares to fund an investment to help fight climate change.“The details of this investment will be made public in the next few months,” he said in a statement Friday. “I remain as dedicated as ever to Virgin Galactic’s team, mission and prospects.”Read more: The king of SPACs wants you to know he’s the next Warren BuffettVirgin Galactic’s shares fell 9.9% to $27.29 in New York on Friday and have slid more than 50% since their peak in mid-February.The Las Cruces, New Mexico-based company merged with Social Capital’s first SPAC in 2019. Palihapitiya has since launched blank-check companies that have merged with businesses across health insurance, financial services and real estate including Opendoor Technologies Inc. and Clover Health Investments Corp.Opendoor fell 9.8% on Friday, while Clover Health rose 7.5% after earlier sliding. Other Palihapitiya SPACs such as Social Capital Hedosophia Holdings Corp IV and V reversed midday losses to end up for the day.Palihapitiya, 44, has made a fortune for himself and his investors through SPACs. The former Facebook Inc. executive has raised more than $4 billion via blank-check firms, using social media to talk up the investments and becoming one of the most prominent figures in the phenomenon, which has everyone from Colin Kaepernick to former House Speaker Paul Ryan racing to market their own.He’s also a lightning rod for skeptics who dismiss his success as the product of self-promotion and see blank-check companies as proof of a bubble inflated by government money-printing.A month ago, Palihapitiya said it would only be under the rarest of circumstances that he’d reduce his holdings of any SPAC.“If I could really just go for it, I wouldn’t sell a share of anything I buy because I believe in it,” he said Feb. 8 in a interview on Bloomberg Television’s “Front Row.” “But every now and then, I run into liquidity constraints, like everybody else.”At the time, Palihapitiya had just recently sold 3.8 million Virgin Galactic shares. He said he did so because his family office called needing cash for other purposes.Shares DropSocial Capital’s merger with Virgin Galactic -- where Palihapitiya is chairman -- made the Branson startup the world’s first publicly traded space-travel venture. The transaction raised about $800 million, with Palihapitiya also directly contributing $100 million.While the shares surged in the wake of the listing, they have tumbled since a February decision to delay the next flight to space. The new schedule also pushed back plans to carry Branson, 70, on a separate mission before Virgin Galactic is expected to take its first flight with passengers paying for the trip.The company on Thursday announced the departure of its chief space officer, George Whitesides, saying he has decided to pursue potential opportunities in public service. Whitesides, who served as chief executive officer for a decade until July 2020, will remain chairman of a four-person Space Advisory Board. Swami Iyer is joining Virgin Galactic later this month as president of aerospace systems.Though Virgin Galactic has hundreds of clients lined up to pay at least $250,000 for a 90-minute flight to the edge of space, it has been a slow journey since the venture was founded in 2004. Plans were put on hold for four years in 2014 after a space plane broke up mid-flight, killing one pilot and injuring another.(Updates stock prices throughout.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Stellantis on Thursday announced distribution of the stake it still holds in auto parts maker Faurecia to its shareholders. Stellantis shareholders will decide on the distribution of the shares and up to 308 million euros ($368.46 million) raised from a previous equity sale in Faurecia, in a meeting on March 8, the group said in a statement. The stake in Faurecia was previously held by the former PSA, which merged with Fiat Chrysler (FCA) earlier this year to create Stellantis, the world's fourth largest car maker.
(Bloomberg) -- The Federal Reserve looks poised to disappoint Wall Street by not extending an emergency exemption that’s propped up the Treasury market since last year’s pandemic panic.After bond market liquidity dramatically disappeared a year ago, the Fed let banks stop factoring in Treasuries to their so-called supplemental liquidity ratios -- letting them stockpile U.S. debt without breaking regulations. That exemption expires March 31, and central bankers have given no indication it’ll get authorized for longer.The impending expiration, some say, is a reason why Treasuries just suddenly got so volatile. Disorderly trading provides a justification for regulators to keep the SLR exemption, Bank of America strategists Ralph Axel and Mark Cabana wrote in Friday note. They don’t expect an extension, but said there’s some alternatives that could help.“Extending SLR carve outs may offer a more palatable option vs more extreme control measures such as a twist,” they wrote. Cabana had argued earlier in the week that the Fed may revive Operation Twist -- simultaneously selling short-term paper while buying longer-term Treasuries -- which would help lift rates at the short-end and stabilize yields at the long end.The end of the regulatory carve-outs comes at a tenuous time as interest-rate markets have only grown more volatile, with 10- and 30-year Treasury yields climbing to their highest levels in more than a year. Without the exemption, there may be a “knee-jerk reaction” of tightening in the market for swap spreads, particularly the belly of the curve, the Bank of America strategists said. There’s also a risk of increased funding pressure at year-end as institutions become more capital-constrained.Long-end dollar swap spreads, the difference between Treasury yields and interest-rate swaps, continued to narrow Friday with the 10-year tenor approaching levels seen in the Treasury selloff a week ago. The bulk of tightening came after Federal Deposit Insurance Corp. Chair Jelena McWilliams said it doesn’t seem as though banking agencies need to extend the emergency measure.In the likely case that the exemption goes away later this month, the Bank of America report offered two options that would at least offer some partial relief until there’s a longer-term solution. The first is to allow for cash and Treasuries accumulated during the pandemic to be exempted from bank balance sheets since it would address a specific period of time. The other would be to exempt only reserves and not Treasuries from the SLR rule, though they think this is less likely because it would interfere with banks’ role as the “repo police,” investing cash in the repo market when the rate trades above the Fed’s interest on excess reserves rate of 0.10%.In the minutes from the February Treasury Borrowing Advisory Committee meeting, Deputy Director Nick Steele said some dealers noted that the SLR exemption was initially helpful but that waned because everyone knew it was a temporary situation and also the exemption didn’t include repurchase agreements.A longer-term solution for the inner workings of the Treasury market is needed, the Bank of America strategists said.“The current carve-outs are an insufficient solution to a more complex and longer lasting problem of a growing Federal Reserve balance sheet and Treasury debt market,” Axel and Cabana wrote.(Adds swap spreads move in the sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
It’s another relatively busy day ahead on the economic calendar. Stats from Germany and the U.S will be in focus as market sensitivity to yields lingers.
Powell reiterated the Fed is unlikely to alter policy until it sees signs that the unemployment rate will drop significantly and that inflation will rise sustainably.
Stocks don't only go up, and that includes one red-hot ETF manned by a star manager.
Federal Reserve Chairman Jerome Powell on Thursday said he would be concerned if there was persistent tightening in U.S. financial conditions
(Bloomberg) -- With headline crude futures hitting $65 a barrel, the broader oil market is booming.From futures spreads watched by hedge funds to swaps tied to North Sea oil, swaths of the market were sent spiraling by Thursday’s surprise announcement that the OPEC+ group will keep output largely in check next month.Much of Wall Street is now highlighting concerns that OPEC and its allies may end up overtightening the market, with several gauges already climbing beyond pre-pandemic levels. Here are some of the indicators that vaulted higher since the OPEC+ meeting.1. Spreading the LoveThere’s no clearer indication that the market is baking in tightening supplies than the shape of the futures curve.The spread between the December 2021 and December 2022 contracts for U.S. benchmark West Texas Intermediate -- closely watched by hedge funds as a gauge of market health -- has swelled $1.25 to near $5 a barrel since Thursday’s open and is heading for its strongest close since 2019. The nearby WTI contract is already $6 more expensive than that for 12 months’ time, and Goldman Sachs Group Inc. says the market’s bullish slant -- known as backwardation -- will continue to firm over the next six months.“It is now clear that OPEC+ is in fact pursuing a tight oil market strategy,” the bank said.2. Swaps Soar TooIt’s not just futures markets. Swaps tied to the North Sea oil grades that help set prices for more than two-thirds of the world’s crude rallied into Friday. The so-called Dated-to-Frontline swaps were up through to the end of the year, according to data from brokerage Eagle Commodities. There was also active trading of swaps tied to Russia’s Urals crude, it said.3. Call CrazyOptions markets have also been busy, with trading volumes surging across the board on Thursday. For the global Brent benchmark, the volume of bullish call options was the biggest since March 2020. The premium traders were willing to pay for bearish put options also declined sharply in the nearest contracts -- another bullish indicator.4. Trading FrenzyAll of that contributed to bumper volumes of futures changing hands in the world’s two leading crude markets. Thursday’s trading of Brent contracts on the Intercontinental Exchange and of CME Group Inc.’s WTI contract equated to more than 3 billion barrels -- the most since the day in April last year that U.S. crude turned negative.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Thyssenkrupp's steel unit must cut costs to reach a point where it no longer needs financial support from the group, Chief Executive Martina Merz said in an internal memo to staff seen by Reuters on Friday. Her remarks come after the group cancelled an extraordinary supervisory board meeting originally scheduled for March 12 to decide whether to sell the steel division to Britain's Liberty Steel. Thyssenkrupp last month terminated sale talks, saying the two sides were far apart on issues like value and funding.
During early trading on Friday, Brent surpassed $69 per barrel while WTI was trading at $66
Noble Midstream's unitholders will get 0.1393 Chevron shares for each unit held under the new agreement, Chevron said. As of Chevron's Thursday closing price, the offer translates to $14.55 per Noble Midstream share. The oil major's original offer, announced in February, envisioned Noble Midstream shareholders getting about $12.47 per share.
