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May 6, 2014
07:48 EDTBEAVSale of BE Aerospace consumables unit could be value destructive, says KeyBanc
After BE Aerospace said it would pursue strategic alternatives, KeyBanc believes that BE Aerospace made the announcement after it had received an unsolicited bid for all or part of the company. The firm warns that if the company decides to sell only its consumables unit, the stock would only be worth about $78-$100 per share. However, the entire company could be bought for $125-$140 per share, added the firm, which reiterates a $108 price target and Buy rating.
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August 29, 2014
16:21 EDTBEAVBE Aerospace files registration statement for spin-off of consumables segment
B/E Aerospace announced a further step in its previously announced separation of its Consumables Management Segment, consisting of the company’s aerospace distribution and energy services businesses, through a distribution, or spin-off, to the company’s shareholders. The company’s subsidiary KLX, to which the separated businesses will be transferred prior to the distribution, filed today a registration statement on Form 10 with the SEC. The spin-off would take the form of a pro rata distribution of all shares of common stock of KLX to B/E shareholders. The company expects the receipt of shares of KLX common stock by B/E shareholders to be tax-free for U.S. federal income tax purposes, except for cash received in lieu of fractional shares. The spin-off is subject to the approval of the Board of Directors of B/E and the satisfaction of certain other conditions. B/E may, at any time until the spin-off, decide to abandon the spin-off or modify or change the terms of the spin-off. Holders of B/E common stock as of the record date for the spin-off will not be required to make any payment, surrender or exchange any shares of B/E common stock or take any other action to participate in the spin-off. Additional information concerning KLX and the proposed spin-off is contained in the registration statement on Form 10.
August 27, 2014
08:30 EDTBEAVMorgan Stanley believes aerospace cycle concerns are overblown
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