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Stock Market & Financial Investment News

News Breaks
June 26, 2014
16:04 EDTMATXMatson increases dividend 6.25% to 17c
The board of directors of Matson declared a third quarter dividend of 17c per common share. The dividend represents a one-cent increase, or 6.25%, over the previous quarter's dividend and will be paid on September 4 to all shareholders of record as of the close of business on August 7.
News For MATX From The Last 14 Days
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November 13, 2014
08:05 EDTMATXMatson price target raised to $40 from $33 at Oppenheimer
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November 12, 2014
07:52 EDTMATXMatson deal less accretive than headline suggests, says FBR Capital
FBR Capital believes Matson paid a "healthy premium" for Horizon's (HRZL) assets and that the deal will be much less accretive than the headline would suggest, at least in the near term. FBR thinks the acquisition will ultimately be accretive to earnings, but it finds the deal slightly dilutive in the near term. It reiterates a Market Perform rating on Matson.
07:42 EDTMATXMatson purchase of Horizon most significant event since A&B split, says Stephens
Stephens said it believes Matsonís (MATX) acquisition of Horizon Lines (HRZL) is the most significant event in the companyís modern history since its separation of Alexander & Baldwin (ALEX). The firm expects the transaction to be immediately and materially accretive and raised its price target on Matson to $43 from $32. Stephens maintains its Overweight rating on Matson shares.
07:21 EDTMATXMatson acquisition positive, says Stifel
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07:21 EDTMATXHorizon Lines to be acquired by Matson for 72c per share cash
Horizon Lines yesterday announced it has entered into definitive agreements with each of Matson (MATX) and The Pasha Group. Under the Matson agreement, Matson will acquire all outstanding shares of Horizon Lines for 72c per share in an all-cash transaction. The acquisition price represents a premium of approximately 89% over Horizon's closing stock price on November 10. The Matson agreement has been unanimously approved by Horizon's Board of Directors and Horizon shareholders representing 55% of the fully diluted equity, which also represents 41% of the outstanding voting common stock on November 11, have agreed to vote their shares in support of the transaction. Under the Pasha agreement, Pasha will acquire Horizon Lines' Hawaii trade lane business, prior to closing of the Matson agreement, for approximately $141.5M in cash. The proceeds from the Pasha transaction will reduce Horizon Lines' debt obligations prior to closing of the Matson transaction, at which time Matson will acquire all of the outstanding shares of Horizon Lines and repay the remaining debt outstanding at closing. The Pasha agreement has been unanimously approved by Horizon's Board of Directors. As a result of the transactions, Matson, Inc. will acquire all of Horizon Lines' business operations, except for the Hawaii trade lane business. The two transactions taken together are valued at approximately $598M on an enterprise value basis. Matson will fund its transaction from available borrowings under its bank credit facilities and existing cash on hand. Pasha will fund its transaction from a committed debt financing agreement. There are no financing conditions to either transaction. Horizon Lines, Inc. expects to complete the transactions in 2015, based upon the timing of required approvals and other closing conditions.
November 11, 2014
16:07 EDTMATXMatson to acquire Horizon's Alaska Operations
Matson and Horizon Lines announced that they have entered into a definitive merger agreement pursuant to which Matson will acquire the stock of Horizon, which will include its Alaska operations and the assumption of all non-Hawaii business liabilities. Under the terms of the Transaction, Matson will acquire Horizon for 72c per fully diluted common share, or $69.2M, plus the repayment of debt outstanding at closing. The total value for the Transaction is $456.1M, based on Horizon's net debt outstanding as of September 21. The boards of both companies have unanimously approved the Transaction. Matson will fund the Transaction from cash on hand and available borrowings under its revolving credit facility. The Transaction is expected to close in 2015 after the completion of Horizon's sale of its Hawaii Business, Horizon's shareholder approval, and other customary closing conditions.

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