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Stock Market & Financial Investment News

News Breaks
May 27, 2014
08:29 EDTKKRKKR proposes to acquire Goodpack Limited for about S$1.4B
The directors of Goodpack Limited announced the proposed acquisition of Goodpack by an affiliate of KKR by way of a scheme of arrangement in accordance with the Companies Act of Singapore and the Singapore Code on Take-overs and Mergers. Under the Share Scheme, all issued ordinary shares in Goodpack held by the shareholders of Goodpack as at a book closure date to be announced by the company will be transferred to IBC Capital, a company held by a fund affiliated with and advised by KKR. In consideration for the transfer, such Goodpack Shareholders will be entitled to receive S$2.50 per Goodpack Share in cash. With an outstanding issued share capital comprising 559,748,035 Goodpack Shares, excluding treasury shares, the consideration price values Goodpack at approximately S$1.399B. Upon the completion of the Share Scheme, Goodpack will become a wholly-owned subsidiary of IBC Capital, and will be delisted from the Official List of the Singapore Exchange Securities Trading Limited. IBC Capital has received irrevocable undertakings from David Lam, Executive Chairman of Goodpack, and a company majority-owned and controlled by Lam, representing, in aggregate, approximately 32% of total Goodpack Shares as at the date of the Announcement, to, inter alia, vote, or procure the voting of, all their Goodpack Shares in favour of the Share Scheme.
News For KKR From The Last 14 Days
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October 17, 2014
06:40 EDTKKRSysco aiming for asset sales to help complete US Foods deal, Reuters says
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October 16, 2014
06:39 EDTKKRKKR announces minority investment in arago AG
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October 14, 2014
13:09 EDTKKRGlaxoSmithKline seeks binding bids for mature drugs, Reuters reports
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October 8, 2014
07:08 EDTKKRKKR coverage assumed with an Outperform at Credit Suisse
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October 7, 2014
13:59 EDTKKRKKR invests in Lemonade Restaurant Group, terms not disclosed
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10:08 EDTKKRSodaStream sinks after Q3 profit warning
Shares of SodaStream International (SODA) are sinking this morning after the company warned that revenue for the third quarter of 2014 will come in well below Wall Street estimates. SodaStream develops, manufactures and markets home beverage carbonation systems and related products. WHAT'S NEW: This morning, SodaStream reported preliminary Q3 revenue of $125M, significantly missing analysts' consensus estimate of about $154M. The company said it expects operating income of about $8.5M for the quarter. Chief Executive Officer Daniel Birnbaum cited an underperformance in the U.S. market as the primary driver of the quarterly shortfall, and said the results are an indication that the company must alter its course and improve its execution. Birnbaum said in a statement that the company is "very disappointed" by its recent performance, noting that it has "not succeeded in attracting new consumers to our home carbonation system at the rate we believe should be achieved." Birnbaum said the company has started a strategic shift towards health and wellness, mostly in the U.S., where he believes the message "will resonate more strongly" with customers. In addition, SodaStream is developing a growth plan, and more details are expected when Q3 results are reported later this month. WHAT'S NOTABLE: The carbonated beverage machine company has been the subject of buyout rumors for months. In July, Bloomberg reported that the company was in talks to go private for around $40 per share. In September, Israel's TheMarker said SodaStream was in talks to sell itself to a British investment fund for $840M, or $40 per share. SodaStream has also been rumored as an acquisition target for beverage makers SABMiller (SBMRY) and Diageo (DEO) or private equity group KKR (KKR), The Independent reported last month. In July, SodaStream cut its fiscal year 2014 revenue growth view to 5% from 15% and cut its FY14 net income expectations to a 5% decrease from a 3% increase. At that time, the company said it believed sales trends for sodamakers would remain challenging in the U.S. in the second half of the year. PRICE ACTION: In mid-morning trading, SodaStream shares dropped $5.72, or 21%, to $21.85.

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