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May 19, 2014
15:30 EDTULUnilever simplifies PLC share structure with rights repurchase
Unilever announced that it has purchased, for a consideration of GBP715M, the rights left in family trusts by William Hesketh Lever which are convertible in 2038 into about 70.9M Unilever PLC ordinary shares. The consideration is equivalent to GBP10.09 per ordinary share and represents a discount of 63% to the closing share price on Friday May 16. As a result of this transaction core earnings per share will be enhanced by 2% on a full year basis as the fully diluted share count used in the calculation is reduced by 70.875M shares, or 2.4% of the combined Unilever Group total.
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October 12, 2015
14:34 EDTULAvon seen being left out of personal care consolidation
Consolidation in the household and personal care market looks set to continue but less-valuable Avon (AVP) could find itself on the sidelines, Canaccord analyst Eddy Hargreaves argued this morning. The research firm explained that newly-formed personal care company Edgewell (EPC) looks set to catalyze M&A activity in the space following its split from Energizer Holdings (ENR) in early July. Edgewell itself may be targeted by Unilever (UL, UN), Henkel (HENKY), or Reckitt Benckiser (RBGLY) by early 2016, but Avon could be overlooked as the personal care giants jostle for growth, said Canaccord. Though Avon is frequently called a takeover target due to its collapsed share price, Hargreaves said he struggles to find value in the direct-selling group for any of the companies in his coverage sphere, while his leveraged buyout models paint a similarly bleak picture for a potential private equity buyer. PRICE ACTION: Shares of Avon have fallen nearly 9% to $3.78 in intraday trading, seeing incremental declines throughout the day.
08:21 EDTULUnilever Q3 organic growth should beat expectations, says Bernstein
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