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Stock Market & Financial Investment News

News Breaks
February 17, 2014
18:15 EDTDRCDresser-Rand says two items included in Q4 outlook did not occur
Dresser-Rand is updating its guidance based on its preliminary and unaudited results for Q4. The company noted two items previously discussed in its Q3 earnings call and that were included in its guidance for Q4 that did not occur. First, it did not sell the three photovoltaic power plants to MBB Clean Energy AG. Second, the company was unable to recognize revenue in Q4 on its shipment of equipment for a pipeline project in Central Asia due to pending contractual and administrative matters. The impact of these two items is approximately $19M of operating income. If these two items had occurred in Q4, the company believes its operating income for 2013 would have been between $400M-$410M. Further, if there is no material change in the status of the proposed Spanish regulation before the company files its Form 10-K, the company will be required to reduce its 2013 operating income by up to an estimated $75M. In that event, its 2013 operating income could be between approximately $306M-$316M.
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September 22, 2014
08:41 EDTDRCDresser-Rand downgraded to Neutral from Accumulate at Global Hunter
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06:45 EDTDRCDresser-Rand volatility expected to move on Siemens acquiring for $7.6B
Dresser-Rand (DRC) volatility is expected to move on Siemens (SIEGY) acquiring for $83 per share in cash. Overall option implied volatility of 31 compares to its 26-week average of 31 according to Track Data, suggesting non-directional price movement.
06:41 EDTDRCSiemens bid prompts Sulzer to end discussions with Dresser-Rand, Reuters says
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September 21, 2014
20:07 EDTDRCDresser-Rand adopts shareholder rights plan
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20:06 EDTDRCSiemens acquires Dresser-Rand for $83 per share or $7.6B
Dresser-Rand (DRC) announced that it has entered into a definitive merger agreement with Siemens (SIEGY) under which Siemens will acquire all of the outstanding shares of Dresser-Rand common stock for $83.00 per share in cash. The transaction is valued at approximately $7.6B, including the assumption of debt. The price represents a premium of 37.4% over Dresser-Rand's closing share price of $60.42 on July 16, 2014, the day before speculation in the press appeared regarding interest in Dresser-Rand. Additional per share cash consideration of 55c shall be applied on the first day of each month starting March 1, 2015, until the closing occurs. Siemens intends to operate Dresser-Rand as the company's oil and gas business retaining the Dresser-Rand brand name and its executive leadership team. The transaction is expected to close in the summer of 2015 and is subject to Dresser-Rand shareholder approval, regulatory approval in the U.S., Europe and certain other jurisdictions, and other customary closing conditions. Shares of Dresser-Rand closed Friday up $6.88 to $79.91.
20:00 EDTDRCDresser-Rand sells to Siemens for $83 per share or $7.6B
15:45 EDTDRCSiemens near deal to buy Dresser-Rand, Reuters says
The German industrial conglomerate Siemens (SIEGY) is close to forming an all cash deal to buy U.S. oilfield equipment maker Dresser-Rand Group (DRC), says Reuters, citing sources. Siemens is expected to pay in the low-to mid-$80s per share for Dresser-Rand and a deal may be announced as early as Monday, added Reuters. Reference Link
September 19, 2014
17:10 EDTDRCGeneral Electric considers deal with Dresser-Rand, FT reports
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16:25 EDTDRCGeneral Electric said in talks with Dresser-Rand on potential deal, FT reports
16:17 EDTDRCOn The Fly: Closing Wrap
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12:40 EDTDRCOn The Fly: Midday Wrap
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09:56 EDTDRCDresser-Rand downgraded to Sell from Buy at Gabelli
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09:19 EDTDRCOn The Fly: Pre-market Movers
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07:43 EDTDRCDresser-Rand volatility expected to move on Siemens is preparing offer report
Dresser-Rand (DRC) volatility is expected to move on Siemens (SIEGY) is preparing to offer more than $6.5B, or at least $85 per share, Bloomberg reports, citing people familiar with the plan. Overall option implied volatility of 38 compares to its 26-week average of 31 according to Track Data, suggesting large price movement.
06:44 EDTDRCSiemens preparing at least $85/share bid for Dresser-Rand, Bloomberg says
Siemens (SIEGY) is preparing to offer more than $6.5B, or at least $85 per share, for Dresser-Rand (DRC), Bloomberg reports, citing people familiar with the plan. Siemens is looking to offer a competing bid to Sulzer's for Dresser-Rand. Germany's Sulzer confirmed it was in takeover talks with Dresser-Rand on Wednesday. Siemensís supervisory board could vote on whether to submit a formal bid at a September 24 meeting, Bloomberg added, citing a source. Shares of Dresser-Rand closed yesterday up 22c to $73.03. Analysts at William Blair yesterday said the company could be worth in the upper $80's to $100 per share in a takeover.
06:35 EDTDRCReport says Siemens planning Dresser-Rand bid, Reuters says
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September 18, 2014
07:16 EDTDRCDresser-Rand could be worth upper $80s to $100 in deal, says William Blair
William Blair raised its price target for Dresser-Rand shares to $82 from $70 citing increasingly likelihood of a merger transaction after Sulzer confirmed itís in talks to acquire the company. The firm believes a deal, should it occur, could bring upside to its new target. William Blair says its initial accretion analysis for a combined Dresser-Rand and Sulzer yields valuations for Dresser shares in the upper $80's to $100 range. It keeps an Outperform rating on the stock. Dresser closed yesterday up 7%, or $4.93, to $72.81.
September 17, 2014
11:28 EDTDRCSulzer confirms talks with Dresser-Rand over potential merger
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11:26 EDTDRCSulzer confirms talks with Dresser-Rand over potential merger
11:19 EDTDRCDresser-Rand, Sulzer said to plan merger, Bloomberg reports
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