Spectrum Brands Acquires HHI and 3 Stocks that Have Hit 52-Week Highs

Merck & Company (NYSE:MRK) intends to move the company’s global headquarters within the state from Whitehouse Station, N.J. to its existing property in Summit, N.J., which is now housing research, manufacturing, animal health, and consumer care operations as well as being home to 1,800 people. The company is to close its headquarters building in Whitehouse Station, N.J, and this move should start during 2014 and be complete in 2015. The shares closed at $46.17, down $0.17 or 0.37% on the day. They have traded in a 52-week range of $31.82 to $46.50.

Phh Corp (NYSE:PHH): Scopia has reported a 10.7 percent stake in PHH Corp. The shares closed at $22.24, down $0.15 or 0.67% on the day. They have traded in a 52-week range of $8.75 to $22.71.

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Spectrum Brands Hold (NYSE:SPB): The acquisition of HHI will also have certain assets of Tong Lung Metal Industry, which is a Taiwanese manufacturer of residential and commercial locksets with facilities located in Taiwan and the Philippines. Spectrum Brands plans to pay $1.4 billion in cash at closing for HHI and the Tong Lung assets, which has been adjusted for net debt and working capital. The purchase price and associated transaction fees and expenses should be funded via a new term loan, replacing the company’s existing term loan credit facility, and new senior unsecured notes through Spectrum’s wholly owned subsidiary Spectrum Brands, Inc. As part of the deal, Spectrum Brands obtained financing commitments from both Deutsche Bank and Barclays. The transaction will close in two stages, and both the financing and the acquisition of HHI should close during the company’s Q1 of 2013, which will end on December 31, 2012. The acquisition of the Tong Lung assets should occur during the company’s Q2 of 2013. Until the subsequent closing of the Tong Lung portion of the acquisition, $100 million of the purchase price is to be held in escrow from the financing. The closing of the transaction was approved by the Boards of Directors of both Spectrum Brands and Stanley Black & Decker, and it is subject to customary closing conditions, which includes receipt of applicable regulatory approvals. The shares closed at $46.04, up $4.88 or 11.86% on the day. They have traded in a 52-week range of $23.04 to $42.78.

Total (NYSE:TOT): Total Oil Trading SA, which is the trading arm of Total (NYSE:TOT), claimed in a letter distributed to international regulators that several times a year, market price estimates about key indices are out of line with the day’s occurrences and “consequently deform the real price levels paid at every level of the price chain, including by the consumer,” stated Financial Times. The shares closed at $92.13, down $0.55 or 0.59% on the day. They have traded in a 52-week range of $73.90 to $93.00.

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