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   Strategies & Market TrendsSpeculating in Takeover Targets


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To: richardred who wrote (1893)3/13/2008 12:39:58 PM
From: richardred
   of 6147
 
York Label Acquires Etiprak, S.A. and Etiquetas Industriales, Ltda.
Thursday March 13, 12:03 pm ET

OMAHA, Neb., March 13 /PRNewswire/ -- York Label announced Tuesday, March 11, it has acquired Etiprak, S.A. through its Cameo-Marinetti joint venture, and a 50% interest in Etiquetas Industriales Ltda., both located in Santiago, Chile.

These Chilean acquisitions provide the platform for York Label to continue its aggressive expansion path to become a global provider of premium and innovative labeling solutions. Combined with our existing Cameo-Marinetti joint venture, these acquisitions create the largest single provider of label products in the Chilean market.

Founded in 1982, Etiprak was the first Chilean company to produce pressure sensitive labels for the wine industry. Recognized for its high quality products and tremendous customer service reputation, Etiprak focuses primarily on the wine & spirits and consumer products markets, its customers include several major Fortune 100 Companies. In 2007, the company began the manufacturing of decorative shrink sleeve labels. Etiprak employs state-of-the-art equipment and technology which features high-end combination flexo, screen, foil stamping, embossing and laminating.

Etiquetas Industriales produces premium pressure sensitive labels primarily for the consumer products market. Launched in 2006 by Marinetti Packaging, the company employs the latest cutting edge manufacturing technologies and provides York Label entry into the South American consumer products market.

Rich Egan, President and CEO of York Label stated, "We are extremely pleased to announce the acquisition of Etiprak and Etiquetas Industriales. These new partnerships provide York Label a commanding leadership position in the Chilean wine & spirits market. We expect to continue executing our strategy to expand our platform to become a preeminent global provider of premium labeling solutions to the consumer products, wine & spirits, pharmaceutical, and food & beverage markets."

About York Label (http://www.yorklabel.com)

Omaha, Nebraska based York Label is a leading provider of high quality, innovative labeling technologies to major global consumer goods, wine & spirits, pharmaceutical and food & beverage companies. The Company has thirteen state-of-the-art production facilities with over 800 employees throughout North and South America.

Source: York Label
biz.yahoo.com

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To: richardred who wrote (1996)3/13/2008 12:42:12 PM
From: richardred
   of 6147
 
B&B Air to Acquire Five Aircraft, Increasing Portfolio to 59 Aircraft
Thursday March 13, 12:00 pm ET

DUBLIN, Ireland, March 13 /PRNewswire-FirstCall/ -- Babcock & Brown Air Limited (NYSE: FLY - News; "B&B Air"), a global lessor of commercial jet aircraft, announced today that it has acquired five additional aircraft, increasing its portfolio to a total of 59 acquired and committed aircraft.

The five new aircraft include:
-- One Airbus A319-112 on lease to Virgin America (US)
-- One Airbus A330-200 on lease to LTU (Germany)
-- Two Boeing 757-200s on lease to Icelandair (Iceland)
-- One Boeing 777-200ER on lease to KLM (Netherlands)

The five aircraft, on lease to four airlines in two continents, cost approximately $265 million. The acquisitions are being funded from the Company's five-year, $1.1 billion acquisition credit facility. When combined with the seven purchases announced in December 2007, B&B Air's acquisitions now total $513 million since the company completed an IPO on the NYSE in September 2007.

"These five aircraft on lease to four airlines represent another significant step for B&B Air, following the acquisitions we announced on December 12th," said Colm Barrington, CEO of B&B Air. "We have continued to find attractive deals that are enhancing the diversity of our aircraft portfolio and lessee base while increasing our distributable cash flow per share. The financial and management structures we put in place for B&B Air are already showing positive results and we are confident that we can continue to produce attractive returns for our shareholders."

Since its launch last year, B&B Air has increased its portfolio by 26% to 59 aircraft and has increased its annualized contracted base lease rentals by nearly 40% to over $200 million.

The weighted average age of the five additional aircraft is 5.0 years and the weighted average remaining lease terms are 6.9 years. Following acquisition of the additional aircraft the weighted average age of B&B Air's portfolio will be 6.2 years and the weighted average remaining lease terms will be 6.4 years, both as of April 1, 2008.

About Babcock & Brown Air Limited

Babcock & Brown Air acquires and leases commercial jet aircraft. B&B Air was formed by Babcock & Brown Limited (ASX: BNB - News), a global investment and advisory firm with more than 25 years of experience in aircraft leasing and financing. B&B Air leases its aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. B&B Air's strategy is to grow its portfolio through accretive acquisitions of leased aircraft and to increase its distributable cash flows and quarterly dividends. For more information, visit babcockbrownair.com.

Caution Concerning Forward-Looking Statements

This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts, as well as statements identified by words such as "expects," "anticipates," "intends," plans," "believes," "seeks," "estimates," or words of similar meaning. These statements are based on current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond B&B Air's control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors.

Contact:
Matt Dallas
Babcock & Brown
+ 1 212-796-3918
matt.dallas@babcockbrown.com

Source: Babcock & Brown Air
biz.yahoo.com

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To: richardred who wrote (1996)3/13/2008 1:48:11 PM
From: richardred
   of 6147
 
Added to UFPT today at 6.60.

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To: richardred who wrote (1948)3/14/2008 12:48:13 AM
From: richardred
   of 6147
 
Gibraltar Packaging Group, Inc. Announces Definitive Merger Agreement
Thursday March 13, 7:37 pm ET

HASTINGS, Neb.--(BUSINESS WIRE)--Gibraltar Packaging Group, Inc. (Pink Sheets: PACK - News) today announced that it has entered into a definitive agreement and plan of reorganization, merger and dissolution with Rosmar Packaging Group, Inc., a leader in the packaging and printing industry in North America.

Under the terms of the agreement, a newly-formed corporation to be owned by the current stockholders of Gibraltar will become a wholly-owned subsidiary of Rosmar, the stockholders of such newly-formed corporation will receive $4.25 in cash, without interest, for each share they own at the effective time of the merger and Gibraltar will dissolve.

The transaction is expected to be completed during the second quarter of this year, subject to receipt of Gibraltar stockholder approval and Rosmar obtaining financing to complete the transaction.

In connection with the proposed transaction, Gibraltar will mail a proxy statement to its stockholders. Stockholders are advised to read the proxy statement because it contains important information about the proposed transaction.

Duff & Phelps acted as financial advisor to the Board of Directors of Gibraltar and has delivered a fairness opinion to the Board. Greenberg Traurig, LLP is acting as legal advisor to Gibraltar and Gowling Lafleur Henderson LLP and Torys LLP are acting as legal advisors to Rosmar.

About Gibraltar Packaging Group, Inc.

Gibraltar Packaging Group, Inc. designs and manufactures specialty packaging products in facilities located in Nebraska and North Carolina, and markets these products primarily to consumers throughout the United States. Gibraltar’s products include folding cartons, specialty laminated containers and flexible packaging for a wide variety of businesses.

About Rosmar Packaging Group, Inc.

Rosmar is a Novacap II, LP portfolio company headquartered near Montreal, Quebec. It operates plants in Baie d’Urfé (Quebec), Hamilton (Ontario), Phoenix (Arizona) and High Point (North Carolina). Rosmar is a leader in the packaging and printing industry in North America and with this transaction it solidifies its business platform to become a significant independent player in the value-added folding carton, packaging and printing industry in the North American marketplace. Beyond being a printer of distinction, Rosmar analyses, designs and manufactures cardboard packaging for a wide variety of products in industries as diverse as pharmaceutical, food and beverage, confectionary, houseware, hardware, automotive, medical, textile, personal care, pet products and toys.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements based on current Gibraltar management expectations. These forward-looking statements include all statements other than those made solely with respect to historical fact. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. These factors include, but are not limited to, (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (2) the outcome of any legal proceedings that may be instituted against Gibraltar and others following announcement of the merger agreement; (3) the inability to complete the merger due to the failure to obtain stockholder approval or the failure to satisfy other conditions to completion of the merger; (4) the failure to obtain the necessary debt financing arrangements set forth in the commitment letter received by Rosmar in connection with the merger; (5) risks that the proposed transaction disrupts current plans and operations; (6) the ability to recognize the benefits of the merger; and (7) the amount of the costs, fees and expenses related to the merger. Many of the factors that will determine the outcome of the subject matter of this press release are beyond Gibraltar’s ability to control or predict. Gibraltar undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Gibraltar Packaging Group, Inc.
Brett Moller, 402-462-7510
VP Finance
or
Rosmar Packaging Group, Inc.
Domenic Mancini, 450-651-5000, ext. 238
Chairman

Source: Gibraltar Packaging Group, Inc.

biz.yahoo.com

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To: richardred who wrote (1068)3/14/2008 12:49:37 AM
From: richardred
   of 6147
 
CTS to Buy Orion Manufacturing for $10M
Thursday March 13, 6:29 pm ET
CTS Will Acquire Orion Manufacturing for About $10 Million in Cash

ELKHART, Ind. (AP) -- CTS Corp., which makes electronic components, on Thursday said it agreed to acquire Orion Manufacturing Inc. for about $10 million in cash.

Under terms of the deal, privately held Orion, a contract electronics manufacturer, could also receive up to $1.75 million in cash if it achieves financial targets in 2008 and 2009.

CTS expects the acquisition to help earnings after one year.

CTS said Orion will be combined with its electronics manufacturing business, based in Moorpark, Calif.

biz.yahoo.com

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From: richardred3/14/2008 12:55:27 AM
   of 6147
 
Bosch Acquires Accu Industries Inc. in the U.S.
Thursday March 13, 4:30 pm ET
- Accu Industries: roughly $16 million sales, 45 associates
- Addition to the Diagnostics business unit of the Bosch Automotive Aftermarket division
- Broader distribution base strengthens workshop equipment business in North America

STUTTGART, Germany, March 13 /PRNewswire/ -- The Bosch Group is acquiring the operating assets of Accu Industries Inc. in Ashland, Virginia. An agreement to this effect was signed on March 12, 2008. It has been agreed that the purchase price will not be disclosed. The acquisition is expected to close before the end of April 2008.

Accu Industries employs 45 associates and generated sales of roughly $16 million (approximately 11.7 million euros) in 2007. The company sells tire changers, wheel balancers, and wheel alignment equipment. With the acquisition, Bosch is strengthening its Automotive Aftermarket division, and further expanding the workshop equipment business of its Diagnostics business unit. "Above all, we want to improve the distribution and service offered by our Bosch Diagnostics business unit in North America. In this market, Accu Industries is well established in the aftersales segment, and is therefore a logical extension to the business we already have in the U.S.," says Hans- Peter Meyen, member of the executive management of the Automotive Aftermarket division.

Accu Industries will become an integral part of the existing Bosch Diagnostics business in the United States. The President of Accu Industries, Tommy Saunders, will remain with the company in a senior management position.

In the future, Accu Industries is to assume responsibility for wheel and tire service in the U.S., in the area of both sales and technical support. Even today, the company works together with more than 70 sales representatives and 200 authorized service centers in the area of workshop equipment. The assembly activities of Accu Industries will also be an addition to the global production network of Bosch Diagnostics.

The Bosch Group is a leading global supplier of technology and services. In the areas of automotive and industrial technology, consumer goods, and building technology, some 260,000 associates generated sales of 43.7 billion euros in fiscal 2006. The Bosch Group comprises Robert Bosch GmbH and its roughly 300 subsidiary and regional companies in over 50 countries. This worldwide development, manufacturing, and sales network is the foundation for further growth. Bosch spends more than three billion euros each year for research and development, and in 2006 applied for over 3,000 patents worldwide. The company was set up in Stuttgart in 1886 by Robert Bosch (1861-1942) as "Workshop for Precision Mechanics and Electrical Engineering."

In North America, the Bosch Group manufactures and markets automotive original equipment and aftermarket products, industrial automation and mobile products, power tools and accessories, security technology, thermo-technology, packaging equipment and household appliances. Bosch employs 24,750 associates in more than 80 primary and 20 associated facilities throughout the region. For more information on the company, visit www.boschusa.com or www.boschdiagnostics.com.

Source: Robert Bosch LLC
biz.yahoo.com

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From: richardred3/14/2008 12:56:25 AM
   of 6147
 
Chinese Steel Company Bids for Midwest
Thursday March 13, 11:48 pm ET
Sinosteel Bids for Midwest in First Chinese Hostile Takeover Bid in Australia

SYDNEY, Australia (AP) -- China's state-backed Sinosteel Corp. launched a $1.1 billion takeover bid Friday for iron ore miner Midwest Corp. Ltd. in the first hostile approach by a Chinese company for an Australian one.

Sinosteel, China's No. 2 iron ore importer, said it is offering 1.2 billion Australian dollars, or 5.60 for each Midwest share, a 35 percent premium to Midwest's closing price Thursday. Midwest shares surged more than 30 percent Friday to as high as 5.48 Australian dollars.

"It's time Midwest shareholders had the opportunity to decide for themselves the value of their investment in Midwest," Sinosteel President Tianwen Huang said in a statement.

The hostile bid and the strong language used by the Sinosteel boss illustrate how keen China is to get a foothold in Australia's resource sector as demand and prices for raw materials surge.

Sinosteel already holds a 19.9 percent interest in Midwest, which is planning a 15 million metric ton (16.5 million U.S. tons) per year iron ore project in Western Australia state to shore up its iron ore supply.

Sinosteel's offer has Foreign Investment Review Board approval, giving it a green light from the federal government.

Midwest advised its shareholders to take no action on the offer until the company has had time to consider the bid, and reminded shareholders it rejected as too low an earlier informal bid made by Sinosteel in December at the same share price.

biz.yahoo.com

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From: richardred3/14/2008 11:34:32 AM
   of 6147
 
Buying back OLN today 17.83.
New buy SEH-8.77

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To: richardred who wrote (1898)3/16/2008 12:56:44 AM
From: richardred
   of 6147
 
Griffon Corporation Obtains Commitment Letter and Waiver
Friday March 14, 4:41 pm ET

JERICHO, N.Y., March 14 /PRNewswire-FirstCall/ -- Griffon Corporation (NYSE: GFF - News) today announced that its wholly-owned subsidiary, Telephonics Corporation, entered into a commitment letter with J.P. Morgan Securities Inc. and JPMorgan Chase Bank, N.A. for a new $100 million revolving credit facility. JPMorgan has agreed to act as the sole lead arranger and sole bookrunner of the facility. Griffon Corporation anticipates that such transaction will close on or before April 30, 2008. The commitment letter is subject to customary conditions. A portion of the proceeds from this new facility, together with internal cash, is expected to be used to repay all amounts owing under Griffon's existing credit facility, at which time its existing credit facility will be terminated.

The Company obtained a waiver of compliance with certain financial covenants contained in its existing credit facility from the lenders through April 30, 2008.

The Company also is in discussions with various lenders in connection with a possible senior secured credit facility for Clopay Corporation, a wholly- owned subsidiary of the Company, of approximately $200 million. It is intended that this facility would be in addition to the proposed credit facility for Telephonics.

Griffon Corporation-

-- is a leading manufacturer and marketer of residential, commercial and
industrial garage doors sold to professional installing dealers and
major home center retail chains;

-- installs and services specialty building products and systems,
primarily garage doors, openers, fireplaces and cabinets, for new
construction markets through a substantial network of operations
located throughout the country;

-- is an international leader in the development and production of
embossed and laminated specialty plastic films used in the baby diaper,
feminine napkin, adult incontinent, surgical and patient care markets.

-- develops and manufacturers information and communication systems for
government and commercial markets worldwide.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation statements regarding the company's financial position, business strategy and the plans and objectives of the company's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as they relate to the company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the company's management, as well as assumptions made by and information currently available to the company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business and economic conditions, including, but not limited to, the housing market, results of integrating acquired businesses into existing operations, competitive factors and pricing pressures for resin and steel and capacity and supply constraints. Such statements reflect the views of the company with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the company as previously disclosed in the company's Annual Report on Form 10-K for the year ended September 30, 2007 in response to Item 1A to Part I of Form 10-K. Readers are cautioned not to place undue reliance on these forward-looking statements. The company does not undertake to release publicly any revisions to these forward- looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.

Contact: Patrick L. Alesia

Vice President, Chief Financial Officer, Treasurer and Secretary
(516) 938-5544

Source: Griffon Corporation
biz.yahoo.com

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From: richardred3/17/2008 12:25:55 AM
   of 6147
 
Not one you would have wanted to be speculating on. The biggest shareholder loss generated by a takeover. That I can remember, on this scale, in this Industry.

JPMorgan to Buy Bear for $2 a Share
Sunday March 16, 10:31 pm ET
By Joe Bel Bruno and Madlen Read, AP Business Writers
JPMorgan Says It Will Buy Ailing Bear Stearns for Fire-Sale $2 a Share, or $236.2 Million

NEW YORK (AP) -- Just four days after Bear Stearns Chief Executive Alan Schwartz assured Wall Street that his company was not in trouble, he was forced on Sunday to sell the investment bank to competitor JPMorgan Chase for a bargain-basement price of $2 a share, or $236.2 million.

The stunning last-minute buyout was aimed at averting a Bear Stearns bankruptcy and a spreading crisis of confidence in the global financial system sparked by the collapse in the subprime mortgage market. Bear Stearns was the most exposed to risky bets on the loans; it is now the first major bank to be undone by that market's collapse.

The Federal Reserve and the U.S. government swiftly approved the all-stock buyout, showing the urgency of completing the deal before world markets opened. The Fed also essentially made the takeover risk-free by saying it would guarantee up to $30 billion of the troubled mortgage and other assets that got the nation's fifth-largest investment bank into trouble.

"This is going to go down in very historic terms," said Peter Dunay, chief investment strategist for New York-based Meridian Equity Partners. "This is about credit being overextended, and how bad it is for major financial institutions and for individuals. This is why we're probably heading into a recession."

JPMorgan Chase & Co. said it will guarantee all business -- such as trading and investment banking -- until Bear Stearns' shareholders approve the deal, which is expected to be completed during the second quarter. The acquisition includes Bear Stearns' midtown Manhattan headquarters.

JPMorgan Chief Financial Officer Michael Cavanagh did not say what would happen to Bear Stearns' 14,000 employees worldwide or whether the 85-year-old Bear Stearns name would live on after surviving the Great Depression, two World Wars and a slew of recessions. He told analysts and investors on a conference call that JPMorgan was most interested in buying Bear Stearns' prime brokerage business, which completes trades for big investors such as hedge funds.

At almost the same time as the deal for control of Bear Stearns was announced, the Federal Reserve said it approved a cut in its lending rate to banks to 3.25 percent from 3.50 percent and created another lending facility for big investment banks. The central bank's official meeting is on Tuesday. Before the emergency move to lower the discount rate, which is the rate at which banks lend each other money, the Fed was widely expected to again cut its headline rate by as much as a full point to 2 percent.

"Having taking Bear Stearns out of the problem category, and the strong action by the Federal Reserve, we would anticipate the market will behave quite differently on Monday than it was Thursday or Friday," Cavanagh said.

Some analysts expected it to be a brutal day for global stocks, nevertheless. Shortly after the news broke, Japan's benchmark Nikkei stock index plunged more than 3 percent in morning trading.

A bankruptcy protection filing of Bear Stearns could have heightened anxiety in world financial markets amid a deepening credit crunch. So far, global banks have written down some $200 billion worth of securities slammed amid the credit crisis -- more write-downs could come. Last week, a bond fund controlled by private equity firm Carlyle Group faltered near collapse because of investments linked to mortgage-backed securities.

JPMorgan's acquisition of Bear Stearns represents roughly 1 percent of what the investment bank was worth just 16 days ago. It marked a 93.3 percent discount to Bear Stearns' market capitalization as of Friday, and roughly a 98.8 percent discount to its book value as of Feb. 29.

"The past week has been an incredibly difficult time for Bear Stearns," Schwartz said in a statement. "This represents the best outcome for all of our constituencies based upon the current circumstances."

Wall Street analysts say the bid to rescue Bear Stearns was more than just saving one of the world's largest investments banks -- it was a prop for the U.S. economy and the global financial system. An outright failure would cause huge losses for banks, hedge funds and other investors to which Bear Stearns is connected.

After days of denials that it had liquidity problems, Bear was forced into a JPMorgan-led, government-backed bailout on Friday. The arrangement, the first of its kind since the 1930s, resulted in Bear getting a 28-day loan from JPMorgan with the government's guarantee that JPMorgan would not suffer any losses on the deal.

This is not the first time Bear Stearns has earned a place in Wall Street history. A decade ago, Bear Stearns refused to help bail out a hedge fund that was deemed "too big to fail." On Friday, the tables had turned, with the now-struggling investment bank in need of the same kind of aid.

Bear Stearns was founded in 1923 and in recent years was best known for its aggressive investing in mortgage-backed securities -- and what was once a cash cow turned into the investment bank's undoing.

In June, two Bear-managed hedge funds worth billions of dollars collapsed. The funds were heavily invested in securities backed by subprime mortgages. Until that point, subprime mortgage-backed securities were immensely popular with investors because of their profitability.

The funds' demise and subsequent problems in the credit markets called into question Bear Stearns' ability to manage its own risk and the leadership ability of then-Chief Executive James Cayne. Critics of the company said Cayne spent too much time away from the office last year playing golf and bridge as the problems unfolded.

Cayne is the same executive who refused to let Bear Stearns provide support as part of a Federal Reserve-led plan to rescue Long-Term Capital Management in 1998. His reticence was said to deeply anger some of his fellow Wall Street CEOs, and the episode came up every time Bear was reported to be in trouble in recent months.

Cayne took over from the legendary Alan "Ace" Greenberg in 1993. Greenberg joined Bear Stearns as a clerk, working his way up through the ranks to eventually take over as CEO in 1978. Greenberg was known for his irreverent style, and his regular memos to employees were turned into a book called "Memos from the Chairman."

Before Greenberg's ascendancy to CEO, Bear Stearns began to expand from its New York roots throughout the 1950s and 1960s, opening international offices and expanding its U.S. operations.

AP Business Writers Jeannine Aversa in Washington and Stephen Bernard contributed to this story.

biz.yahoo.com

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