Benzinga’s M&A Chatter for Friday February 10, 2012
by Insider Scoop - February 10th, 2012 6:20 pm
Courtesy of Benzinga.
The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday February 10, 2012:
Actuant Acquires Jeyco Pty
The Deal:
Actuant (NYSE: ATU) announced Friday that it has acquired Jeyco Pty Ltd (“Jeyco”). Headquartered near Perth, Australia, Jeyco designs and provides specialized mooring, rigging and towing systems and services to the offshore oil & gas industry in Australia and other international markets. Additionally, its highly engineered products are used in a variety of applications for other markets including cyclone mooring and marine, defense and mining tow systems. Jeyco generates annual revenues of approximately $20 million.
Actuant shares closed at $27.33 Friday, a loss of 0.18% on average volume.
Cisco to Acquire Riverbed Technology
The Rumor:
Cisco (NASDAQ: CSCO) to acquire Riverbed Technology (NASDAQ: RVBD) for $39 per share, according to sources. The same two companies were mentioned in a rumored deal on January 17.
A Riverbed Technology spokesperson would not comment on the rumor. A Cisco spokesperson could not be reached for comment.
Riverbed Technology closed at $27.67, a loss of 0.22% for the day on average daily volume.
EU to Approve Google Takeover of Motorola Mobility
The Rumor:
Google (NASDAQ: GOOG) is expected to get approval from European regulators to complete its purchase of Motorola Mobility (NYSE: MMI), according to sources.
A spokesperson for Motorola would not comment on the rumor. A Google spokesperson could not be reached for comment.
Motorola Mobility Holdings closed at $39.45, a gain of 0.25% for the day on 5 times the average daily volume.
AT&T to Acquire Dish Network
The Rumor:
AT&T (NYSE: T) to acquire Dish Network (NASDAQ: DISH). This rumor has been circulating since AT&T’s deal with T-Mobile fell apart.
Spokespersons for AT&T and Dish could not be reached for comment.
Dish Network closed at $28.50 Friday, a loss of 0.42% for the day on half the average daily volume.
Aaron’s Chairman Open to Sale of Company
The Comments:
Aaron’s (NYSE: AAN) Chairman Charles Loudermilk Sr. says he is ready to sell the company he founded in 1955, for the right price.
Aaron’s reported in-line earnings Friday.
Aaron’s closed at $27.96 Friday, a loss…
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DiggWatson Confirms Beyaz Patent Challenge
by Insider Scoop - February 10th, 2012 4:07 pm
Courtesy of Benzinga.
Watson Pharmaceuticals, Inc. (NYSE: WPI) today confirmed that its subsidiary, Watson Laboratories, Inc., filed an Abbreviated New Drug Application with the U.S. Food and Drug Administration (FDA) seeking approval to market Drospirenone and Ethinyl Estradiol and Levomefolate Calcium Tablets, 3.0 mg/0.02 mg/0.451 mg and Levomefolate Calcium Tablets, 0.451 mg. Watson’s ANDA product is a generic version of Bayer HealthCare Pharmaceuticals Inc.’s Beyaz®. Beyaz® is an oral contraceptive indicated for use by women to prevent pregnancy, treat symptoms of premenstrual dysphoric disorder (PMDD) for women who choose to use an oral contraceptive for contraception, treat moderate acne for women at least 14 years old only if the patient desires an oral contraceptive for birth control, and raise folate levels in women who choose to use an oral contraceptive for contraception.
For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.
Lions Gate Reports Terrible Earnings – Then Soars 10%
by Insider Scoop - February 10th, 2012 1:57 pm
Courtesy of Benzinga.
Lions Gate Entertainment (NYSE: LGF) released its fiscal Q3 earnings results after the closing bell on Thursday. The company, which noted investor Carl Icahn unsuccessfully attempted to acquire last year, reported a net loss of $1.7 million or $0.01 per share, compared to a loss of $6 million or $0.04, in the year ago period.
The top-line results came in well below Wall Street consensus EPS estimates of $0.09 per share. Not good. Revenues at the company were down 44.8% to $323.03 million versus $422.91 million in last year’s corresponding quarter. The lower revenue was primarily attributable to the fact that LGF did not have any major theatrical releases in the quarter.
Nevertheless, the top line number still missed Street revenue estimates of $358.78 million by a fairly wide margin. Not surprisingly, LGF shares immediately fell after the earnings numbers were released, although the move was on very thin volume. At its worst levels, the stock was down roughly 8% in the after hours.
What was surprising, to me at least, was that the stock quickly bounced back despite the ugly earnings. Even more surprising, LGF has rocketed higher on Friday, adding 10% to $12.14 – giving the stock a gain of more than 43% already in 2012. Obviously, the market was not reacting to the company’s quarterly report, so what is going on in Lions Gate? Quite a bit, actually.
On January 13, 2012 Lions Gate announced that it was acquiring Summit Entertainment, another large Hollywood independent studio, for $412.5 million in cash and stock. The deal gives LGF the last installment of the “Twilight” series and library rights to the first four uber-successful teen vampire films. The deal is expected to be accretive to LGF’s fourth quarter and year end financial results.
Looking at LGF’s chart, it is clear that the Summit deal has been a major catalyst as the shares have been headed pretty much straight up since this transaction was announced last month. The acquisition of Summit and the “Twilight” series, however, is not the only catalyst for LGF. The studio will be producing a series of films based on a blockbuster teen sci-fi book trilogy called “Hunger Games.” …
Timken Raises Dividend by 15 Percent; Approves Increased Stock Buyback Authorization Plan
by Insider Scoop - February 10th, 2012 1:30 pm
Courtesy of Benzinga.
The Timken Company (NYSE: TKR) board of directors today declared a quarterly cash dividend of 23 cents per share, an increase of 15 percent over the previous quarterly amount. This marks the 359th consecutive dividend on the common stock of the company, payable on Mar. 2, 2012, to shareholders of record as of Feb. 21, 2012.
At the same time, the board approved a new stock buyback authorization for up to 10 million shares of Timken common stock. This replaces the company’s existing share purchase plan, which had 2 million shares remaining and was set to expire on Dec. 31, 2012. Under the new plan, the company may purchase its own common shares in the open market or through privately negotiated transactions through Dec. 31, 2015.
For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.
Marriott International Declares Cash Dividend; Board Increases Stock Repurchase Authorization by 35M Shares
by Insider Scoop - February 10th, 2012 12:46 pm
Courtesy of Benzinga.
Marriott International, Inc. (NYSE: MAR) today announced that its board of directors declared a quarterly cash dividend of ten cents ($0.10) per share of common stock. The dividend is payable on March 30, 2012 to shareholders of record on February 24, 2012.
Marriott also announced that its board has increased the authorization to repurchase the Company’s Class A common stock by an additional 35 million shares, for a total of approximately 40 million shares currently authorized for repurchase. Shares may be purchased in the open market or in privately negotiated transactions. The company repurchased 43.4 million shares for $1.4 billion in 2011.
For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.
Motorola Mobility Spokesperson Could Not Comment on Reported Pending EU Approval of Google Deal
by Insider Scoop - February 10th, 2012 12:30 pm
Courtesy of Benzinga.
For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.
Whirlpool Comments on ITC’s Decision Regarding Korean Washers
by Insider Scoop - February 10th, 2012 11:56 am
Courtesy of Benzinga.
The U.S. International Trade Commission voted today that imports of large residential washers from South Korea and Mexico – including imports by Samsung Electronics and LG Electronics – are harming the domestic appliance industry in the United States. This preliminary vote was taken as a result of the anti-dumping petition filed by Whirlpool Corporation (NYSE: WHR) against large residential washers from South Korea and Mexico, and a companion countervailing duty petition against the same products from South Korea. “Whirlpool Corporation is pleased with the ITC’s preliminary affirmative injury determination,” spokesperson Kristine Vernier said. “This decision by the ITC validates the actions we’ve taken to protect the U.S. domestic appliance industry, our 23,000 U.S. employees and the communities in which they work.” Whirlpool Corporation filed its petitions with the ITC and U.S. Department of Commerce ( on December 30, 2011, to promote a fair and open global trading system, to protect American jobs and to ensure its ability to continue to innovate and invest in the United States. Of the products Whirlpool makes, more than 80 percent of those sold in the U.S. are made in the U.S.
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E-Commerce Dangdang Popping on Partnership Rumors
by Insider Scoop - February 10th, 2012 10:35 am
Courtesy of Benzinga.
Shares of E-Commerce China Dangdang (NASDAQ: DANG) are seeing a strong bounce higher during Friday’s trading session after rumors circulated saying that the company is preparing a partnership with China’s largest electronics retailer.
According to Marbridge, “Chinese E-commerce Dangdang and home appliance and consumer electronics retailer Gome are preparing a strategic, mutually complementary partnership between their two sites to counter their mutual rival 360Buy. The report has not been confirmed by Gome CEO Han Depeng or Dangdang co-president Li Guoqing.”
The GOME Group was founded in China in 1987 and is engaged in the retail business of electrical appliances and consumer electronics in China. It is the largest retail chain of electrical appliances and consumer electronics and the largest retail chain enterprise in China.
Currently, shares of Dangdang are trading up over 3% at $7.06.
For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.
Heartland Express Announces Share Repurchase Authorization of 5M Shares
by Insider Scoop - February 10th, 2012 9:25 am
Courtesy of Benzinga.
Heartland Express, Inc. (Nasdaq: HTLD) The Board of Directors of Heartland Express, Inc. announced today the authorization of the repurchase of up to 5,000,000 shares of its outstanding common stock. This replaces the existing repurchase authorization. The specific timing and amount of the repurchases will be determined by market conditions, cash flow requirements, securities law limitations, and other factors. Repurchases will continue from time to time, as conditions permit, until the number of shares authorized to be repurchased have been bought, or until the authorization to repurchase is terminated, whichever occurs first. The share repurchase authorization is discretionary and has no expiration date. The repurchase program may be suspended, modified, or discontinued at any time.
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Claude Resources Inc. Forecasts 50,500 Ounces in 2012
by Insider Scoop - February 10th, 2012 9:02 am
Courtesy of Benzinga.
Claude Resources (NYSE: CGR) today reported that it expects to produce approximately 50,500 ounces of gold from its 100 percent owned Seabee Gold Operation during 2012. In 2011, the Company produced approximately 11,270 ounces of gold in the fourth quarter for a total of 44,760 ounces of gold during the year, representing a decrease of five percent year over year.
President and Chief Executive Officer, Neil McMillan stated, “Although we were able to do a lot of things right in 2011, we were disappointed with the production results. We were able to get the Santoy 8 Mine to commercial production but lower grade ore and unexpected circumstances affected the ability to produce forecasted production levels. To improve and sustain future production and reduce unit costs, the Company initiated the shaft extension and mill expansion, as well as increased investment in mine development, production equipment and infrastructure. We believe these plans will position the Company to expand production on a sustainable basis. In 2012, the Company plans on producing approximately 50,500 ounces of gold with the majority of these ounces expected to come in the second and fourth quarters.”
In 2011 at the Seabee Gold Operation, Claude drilled 56,000 metres underground and an additional 44,700 metres from surface. An updated Seabee Resource and Technical Report, inclusive of both the Santoy Gap and L62 are in progress and planned for release during the first quarter of 2012. In 2012, the Company plans to drill 130,000 metres at the Seabee Gold Operation, 70,000 metres regionally and 60,000 metres underground. The focus will be on expansion of the Santoy Gap, L62, Santoy 8 and Seabee deposits, as well as continued advancement of Neptune and other regional targets.
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