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EMS Technologies Inc. (ELMG) has honey of a day on Honeywell deal

Monday, June 13th, 2011

EMS Technologies Inc. (Nasdaq: ELMG) shares gained 32.3% to $32.82 Monday, after Honeywell International Inc. (NYSE: HON) said it would acquire the maker of wireless-communications products for $33 a share. Volume for EMS stock topped the 4.7-million mark, far greater than its daily average of just above 80,000 shares.
Under the terms of the agreement, which has been unanimously approved by both companies’ Boards of Directors, a wholly-owned subsidiary of Honeywell will commence a tender offer within ten business days to purchase all of EMS’s outstanding shares for $33.00 per share in cash. The transaction represents a 33% premium to EMS’s closing stock price on June 10, and a 59% premium to EMS’s closing price on April 18, one day prior to the Company’s announcement that it was reviewing strategic alternatives.

The Board of Directors of EMS will recommend that EMS shareholders tender their shares in the tender offer. The transaction, which is subject to successful completion of the tender offer, regulatory approval and customary closing terms and conditions, is expected to be completed in the third quarter of 2011.

“This announcement is the culmination of the robust strategic review process we have been engaged in since April,” said Jack Mowell, Chairman of EMS’s Board of Directors in the June 13 press release trumpeting the deal. “With the assistance of experienced outside advisors, we determined that this transaction is the best way to maximize value for our shareholders.”

EMS, located in Norcross, Georgia, keeps people and systems connected – on land, at sea, in the air or in space. EMS offers industry-leading technology to support Aero Connectivity and Global Resource Management markets though a broad range of cutting-edge satellite and terrestrial network products; helping businesses, assets and people stay connected and promoting universal mobility, visibility and intelligence

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Posted in Consumer Discretionary Stocks, Technology Stocks | No Comments »

Timberland Co. (TBL) races north on VF takeover

Monday, June 13th, 2011

Timberland Co. (NYSE: TBL) shares jumped 42.6% to $42.76 Monday after clothing-brand owner VF Corp. (NYSE: VFC) said it would acquire the shoe seller. Volume for Timberland neared 13 million shares in the first two hours of trading Monday, routing an all-day average of 717,303.

The announcement came down early Monday that VF, a leader in branded lifestyle apparel, will pay Timberland shareholders $43 per share, representing a total enterprise value of approximately $2 billion net of cash acquired. The merger agreement was unanimously approved by both companies’ Boards of Directors.

In the June 13 press release outlining the details surrounding the purchase, VF CEO Eric Wiseman exulted, “the Timberland® brand is synonymous with high quality outdoor footwear and apparel.

Wiseman continued, “This will be a winning combination, leveraging VF’s international and direct-to-consumer platforms to drive growth in the Timberland® and Smartwool® brands globally. At the same time, VF will benefit from Timberland’s rugged outdoor footwear expertise, international penetration in markets such as Japan, and leadership position in sustainability.”

Concurred Timberland CEO Jeffrey Swartz in the same release, “Timberland is proud of its rich heritage, its track record of success and its reputation as a responsible and environmentally-conscious global citizen, all of which will be preserved and enhanced by becoming part of the VF family of brands.”

Headquartered in Greensboro, North Carolina, VF Corporation is a global leader in branded lifestyle apparel with more than 30 brands, including Wrangler®, The North Face®, Lee®, Vans®, Nautica®, 7 For All Mankind®, and Splendid®.

Based in Stratham, New Hampshire, Timberland is a global leader in the design, engineering and marketing of premium-quality footwear, apparel and accessories for consumers who value the outdoors and their time in it. Timberland markets products under the Timberland®, Timberland PRO®, Mountain Athletics®, SmartWool®, Timberland Boot Company® and howies® brands, among others.

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Posted in Consumer Discretionary Stocks | No Comments »

Temple-Inland Inc. (TIN) gallops on rejection of takeover bid

Tuesday, June 7th, 2011

Temple-Inland Inc. (NYSE: TIN) shares climbed 41.6% to $29.75 Tuesday, a day after International Paper Co. (NYSE: IP) made a $3.31-billion hostile bid for the maker of corrugated packaging and building products. Volume for Temple-Inland surpassed 10.8 million shares, trouncing an all-day average of 1.2 million.

The bid amounts to $30.60 per share. Monday, Temple-Inland’s Board of Directors, after careful consideration with its independent financial and legal advisors, voted unanimously to reject International Paper’s proposal after the Board determined unanimously that the proposal grossly undervalues Temple-Inland and is not in the best interest of Temple-Inland’s stockholders.

The Board authorized Temple-Inland CEO Doyle R. Simons, to communicate its rejection to John Faraci, International Paper’s Chairman and CEO. Simons stated, “Since we launched the ‘new’ Temple-Inland in January 2008, we have delivered superior results to our stockholders compared with our corrugated packaging peers (including IP), building products peers, and the S&P 500. Since that time, our total return to stockholders of 22% greatly exceeds the 5% total return that IP has achieved.

“Through our proven ability to execute our strategy focused on maximizing return on investment (ROI) and profitably growing our business, the Board believes the Company will continue to provide superior results for our stockholders,” continued Mr. Simons. “As the economic recovery continues and the benefits from our strategy continue to be realized, it is the stockholders of Temple-Inland who should gain from those anticipated benefits, not the stockholders of IP.”

The Austin-based Temple-Inland Inc. is a manufacturing company focused on corrugated packaging and building products. The fully integrated corrugated packaging operation consists of seven mills and 59 converting facilities.

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Posted in Consumer Discretionary Stocks, Consumer Staples Stocks | No Comments »

Orbitz Worldwide Inc. (OWW) celebrates legal win with stock surge

Thursday, June 2nd, 2011

Orbitz Worldwide Inc. (NYSE: OWW) shares surged 25.8% to $2.78 Thursday morning, after an Illinois court ruled Wednesday that American Airlines must let the online travel company resume selling its tickets. Volume for the stock was 1.3 million shares, or more than four times its all-day average.

American (owned by parent AMR Corporation) had removed its information from the website in December while it disputed the terms that it shares with the global distribution systems that currently act as the distributors for flight data of more than 90% of flights bought by consumers in the U.S.

American and other airlines want to be able to sell more flights of products through their own websites, cutting out the fees that they currently pay to GDS providers. The former re-entered a court dispute with GDS providers Sabre and Travelocity with an antitrust suit it filed in a Texas court Wednesday.

“This reinstatement of American Airlines’ full schedule of flights on Orbitz.com and Orbitz for Business is a win for transparency, consumer choice and for all of our mutual customers,” Orbitz said in a statement.
The decision grants Orbitz and Travelport, which owns nearly half of Orbitz, injunctive relief that was denied late last year by a different judge. Travelport later appealed that ruling.

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Central Vermont Public Service Corp. (CV) hikes on Fortis buyout

Tuesday, May 31st, 2011

Central Vermont Public Service Corp. (NYSE: CV) shares surged 40.1% to $34.06, a day after Canadian utility Fortis Inc. said it would acquire the electricity distributor for about $470 million. Volume for the stock neared 406,000 late Tuesday morning, more than 10 times its full-day average.

The all-cash transaction will provide CVPS shareholders $35.10 per share, a 44% premium over the CVPS common share closing price of $24.32 on Friday, May 27.

“CVPS is a well-run utility whose operations and operating philosophy are very similar to those of our Canadian regulated utilities,” said Fortis CEO Stan Marshall.

“The commitment of CVPS to customers, as evidenced by the company’s stellar customer service record, is very much aligned with the operating philosophy of Fortis — to provide our customers with safe, reliable service in the most cost-efficient and environmentally responsible manner possible,” he explained.

CVPS will remain headquartered in Rutland, Vermont with Larry Reilly as President and CEO, and Marshall added “There are no job losses anticipated with this transaction.”

“Fortis and CVPS share a deep commitment to the environment, our workers and the people and places that host our businesses,” Reilly said. “While the share offer price by Fortis was a critical consideration by the CVPS Board, the fact that CVPS would essentially be preserved as a stand-alone autonomous company within the Fortis Group was also an important consideration for the CVPS Board.

The Fortis Group of Companies has regulated utility companies operating in five provinces of Canada — British Columbia, Alberta, Ontario, Prince Edward Island and Newfoundland — and three Caribbean countries.

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