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March 24, 2014
08:31 EDTBERY, REXMYBerry Plastics offers to acquire Rexam's Healthcare C&C business for $135M
Berry Plastics Group (BERY) announced that it has entered into a definitive agreement to acquire the U.S., Mexico, and India portions of Rexam’s (REXMY) Healthcare Containers and Closures business. Berry Plastics has also made a binding offer to purchase the French portion of Rexam’s C&C business, which Rexam may accept after completion of the required consultation process with the works council in France. Upon completion of both transactions, Berry Plastics would pay approximately $135M for the entire Healthcare Containers and Closures business unit, with the closing expected to take place in the second calendar quarter of 2014. The company expects the acquisition, which will be funded from existing liquidity, to be deleveraging after achieving synergies. The Healthcare Containers and Closures business produces bottles, closures and specialty products for pharmaceutical and OTC applications. The transaction includes eight manufacturing locations - five in the United States and one each in Mexico, France, and India, with total employment of approximately 1,500 and 2013 sales of $262M.
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July 17, 2014
10:00 EDTREXMYOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 21st Century Fox (FOXA) downgraded to Buy from Strong Buy at ISI Group... Charter (CHTR) downgraded to Hold from Buy at Jefferies... Covidien (COV) downgraded to Hold from Buy at Needham... Diageo (DEO) downgraded to Underweight from Neutral at JPMorgan... GNC Holdings (GNC) downgraded to Hold from Buy at Jefferies... International Game (IGT) downgraded to Market Perform from Outperform at BMO Capital... JAVELIN Mortgage (JMI) downgraded to Market Perform from Outperform at JMP Securities... Macquarie Group (MQBKY) downgraded to Underweight from Neutral at JPMorgan... PNC Financial (PNC) downgraded to Neutral from Buy at Compass Point... PetSmart (PETM) downgraded to Sector Perform from Outperform at RBC Capital... Rexam (REXMY) downgraded to Hold from Buy at Deutsche Bank.
05:28 EDTREXMYRexam downgraded to Hold from Buy at Deutsche Bank
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