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Stock Market & Financial Investment News

News Breaks
January 3, 2014
13:29 EDTTTMJaguar Land Rover North America reports December sales up 17% to 7,308 units
Jaguar Land Rover also reported FY13 sales: Land Rover sales for the year achieved an all-time high of 50,010 up 15% from 43,664 in 2012; Jaguar sales for the year were 16,952 up 41% from 12,011 in 2012; Jaguar Land Rover North America sales for the year were 66,962; up 20% from 55,675 units in 2012.
News For TTM From The Last 14 Days
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September 22, 2014
10:15 EDTTTMOn The Fly: Analyst Upgrade Summary
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08:40 EDTTTMTata Motors upgraded to Outperform from Neutral at Credit Suisse
08:20 EDTTTMTTM Technologies to acquire Viasystems for $16.46 per share in cash and stock
TTM Technologies (TTMI) and Viasystems Group (VIAS) announced the execution of a definitive agreement under which TTM will acquire all outstanding shares of Viasystems for a combined consideration of $11.33 in cash and 0.706 shares of TTM common stock, which based on the closing market price on September 19 was valued at $16.46 per Viasystems share, or approximately $368M. The total enterprise value of the transaction, including the assumption of debt, is approximately $927M. TTM has identified at least $25 million in pre-tax cost synergies which are expected to be realized within the first year. These will result from combining the sales and general and administrative functions of the two companies. TTM believes that significant additional synergies will result from other integration efforts over a longer period of time. This transaction is expected to be materially accretive to non-GAAP earnings per share in the first year. TTM expects to utilize a new $1.3 billion senior secured credit facility to finance the cash portion of the purchase price, refinance certain debt at each company, and provide liquidity for working capital and general corporate purposes. TTM has received a fully-underwritten financing commitment from J.P. Morgan and Barclays to finance the transaction. The transaction is subject to customary closing conditions, including regulatory approvals and approval by the shareholders of Viasystems. The transaction is expected to close in the first half of 2015. J.P. Morgan acted as financial advisor for TTM, and Stifel acted as financial advisor for Viasystems.

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