MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Tuesday, May 22
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12:33 PM United Tech (UTX +0.9%) CEO Louis Chenevert tells an investor conference that he's confident that the company's $16.5B acquisition of Goodrich (GR +0.4%) will close in July despite the EU giving itself until the end of August to complete an antitrust review. "We have done the right things to wrap this deal up," Chenevert says. Comment!
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11:03 AM Now that the merger is official, Bloomberg BusinessWeek has published a lengthy piece on Google's (GOOG) plans for Motorola (MMI), and the background of new Motorola chief Dennis Woodside. Woodside promises not to ask for special treatment from the Android unit, but wants to use Google's resources towards goals such as improving battery life and camera image quality. It's added Google will be creating a new Motorola R&D lab focused on advanced technology projects. Comment!
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10:48 AM Nordson (NDSN) +9.4% after its guidance yesterday offsets an FQ2 miss. Net profit -20% to $52.1M as lighter organic volume and higher expenses weakened margins. Nordson also announced the $200M buy of extrusion-dies producer EDI. In FQ3, Nordson expects EPS of $0.96-$1.04 vs. forecasts of $0.86 and revenue of $337M-$$349M vs. $326M. Comment!
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9:13 AM EMC has acquired Syncplicity, a provider of enterprise cloud storage services, for an undisclosed sum. Snycplicity, whose services compete with Box (formerly Box.net) and Dropbox, complements EMC's Documentum content management software business, and provides it with another value-added service to sell. The purchase comes shortly after a major product refresh that emphasized the cloud-readiness of EMC's solutions. There's some overlap between Syncplicity and VMware's (VMW) Project Octopus. Comment!
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9:08 AM EDGAR Online (EDGR) agrees to be acquired by R.R. Donnelley (RRD) for $70.5M, which includes $1.092 per common share, assumption of debt and payment of an amount equal to the redemption price of the preferred shares. EDGR trading halted. Comment!
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9:01 AM BlackRock (BLK), along with Waddell & Reed (WDR) and Norway's SWF purchase a 20% stake in Formula One Group from CVC Capital Partners for $1.6B ahead of its Singapore IPO (expected next month). Comment!
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9:01 AM Shares of Benihana (BNHN) come off a trading halt to move up 21.3% premarket after receiving a go-private offer from Angelo, Gordon & Co. Following P.F. Chang's China Bisto own rocket ride after going private earlier this month, a number of other similar-sized restaurant sector names could be on watch. KONA, CHUX, BHRI, TXRH, CASA. Comment!
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8:27 AM Benihana (BNHN) will go private, agreeing to be acquired by Angelo, Gordon & Co.'s Private Equity Group for ~$296M; the $16.30/share price represents a premium of 46% over the average closing price for the 30 days ended March 13, 2012, when BNHN announced it was exploring strategic alternatives. Trading halted. Comment!
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7:43 AM CME Group has been eliminated from the bidding process to purchase the London Metal Exchange (LME), say sources, leaving just the ICE and Hong Kong Exchanges and Clearing as possible suitors. Comment!
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3:29 AM Blackstone (BX) will buy Accor's troubled U.S. budget hotel business for $1.9B. Accor, a French hotel group, is trying to focus on growth outside the U.S., while Blackstone wants to invest "significant capital" in Motel 6 properties to "accelerate the expansion of the franchise base." Comment!
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