ConocoPhillips, Pep Boys, Imperial Sugar, AGCO, Monster Generate Investing Demand May 1st
ConocoPhillips (NYSE:COP): Phillips 66 announces debut as independent downstream energy company. Shares of ConocoPhillips are trading 21.92% lower today.
The Pep Boys – Manny, Moe & Jack (NYSE:PBY): On April 26, 2012, Gores requested that Pep Boys delay mailing this proxy statement by 30 days. In response, Pep Boys offered to extend the period of time within which the closing of the Merger is required to occur following Pep Boys’ notice to Parent that all conditions to the Merger have been satisfied from five business days to 15 business days. In turn, Gores rejected this counterproposal and reiterated its request to delay the mailing of the proxy statement by 30 days. In addition, Gores stated its belief that this proxy statement is no longer accurate and required the following language be included:”On April 26, 2012, Parent notified Pep Boys that, based on the serious deterioration in the Pep Boys business, Parent believes the Proxy Statement is no longer accurate and that the meeting should be delayed 30 days to allow Parent to determine the cause and extent of the significant downturn. Among other things, Parent believes that: (i) in light of this downturn, the projections provided to the board are no longer accurate, and (ii) Pep Boys may have experienced a material adverse effect or may have violated covenants contained in the Merger Agreement.” Shares of The Pep Boys – Manny, Moe & Jack are trading 24.45% lower today.
Imperial Sugar Company (NASDAQ:IPSU): Imperial Sugar Company and Louis Dreyfus Commodities LLC announced a definitive agreement under which a subsidiary of Louis Dreyfus Commodities LLC will acquire Imperial Sugar through a cash tender offer and second step merger at $6.35 per share. The $6.35 per share represents a 57% premium to Imperial Sugar’s closing stock price on April 30, 2012, the last trading day prior to today’s announcement, and a 50% premium to Imperial Sugar’s trailing 30-day volume weighted average stock price. The proposed transaction has been unanimously approved by Imperial Sugar’s board of directors, who have agreed to recommend that Imperial Sugar’s common shareholders tender their shares in the offer. The all-cash transaction represents a value of approximately $203M, including the assumption of debt and pension liabilities. Under the terms of the merger agreement, Louis Dreyfus Commodities LLC will commence a cash tender offer no later than May 11, 2012. The closing of the transaction is expected to occur during the second calendar quarter of 2012, and is subject to the satisfaction of customary closing conditions. Shares of Imperial Sugar Company are trading 56.3% higher today.
AGCO Corporation (NYSE:AGCO): AGCO sees FY12 revenue $10.2B-$10.5B, consensus $9.91B. “Gross margin improvement is expected to be partially offset by increased engineering and market expansion expenditures. Global industry sales are expected to grow modestly in 2012 compared to 2011. Growth is expected in Western and Eastern Europe and market conditions are projected to remain strong in North America and South America.” Shares of AGCO Corporation are trading 7.67% higher today.
Monster Beverage Corp (NASDAQ:MNST): The Coca-Cola Company issued the following statement regarding media reports related to Monster Beverage Corporation: Coca-Cola has a distribution relationship with Monster in many markets, including the United States. Therefore, we are always in contact with Monster to maximize the value of our commercial arrangements. At this time, we are not in discussions to acquire the Monster Beverage Corporation. We continue to review the best ways to maximize the value of our relationship. Shares of Monster Beverage Corp are trading 2.28% higher today.
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