|To: richardred who wrote (4599)||10/23/2017 9:10:00 AM|
|Cisco to buy BroadSoft in $1.9 billion |
(Reuters) - Cisco Systems Inc ( CSCO.O) will buy U.S. telecommunications software company BroadSoft Inc ( BSFT.O) in a deal valued at $1.9 billion, as the world’s largest networking gear producer shifts from its stagnating legacy business of switches and routers.
A newly installed phone made by Cisco is shown in San Diego, California, U.S., April 17, 2017. REUTERS/Mike Blake
Cisco said on Monday it offered $55 per share, which represents a premium of 2 percent to BroadSoft’s last close.
BroadSoft shares were up 1.5 percent before the bell, while Cisco shares were up marginally.
The deal, which comes after Reuters reported on Sunday that the companies were in talks, will give Cisco a stronger foothold in selling unified communications software to big telecommunications firms.
The equity value of the deal is $1.71 billion, based on 31 million shares outstanding, according to Thomson Reuters data.
The deal is expected to close during the first quarter of 2018, the companies said in a statement.
Upon completion of the deal, BroadSoft employees will join Cisco’s unified communications technology group.
BroadSoft provides software and services that enable mobile, fixed-line and cable service providers to offer unified communications over their internet protocol networks.
Cisco, like other legacy technology firms, has been focusing on high-growth areas such as security, the Internet of Things and cloud computing.
BroadSoft has historically sold its products to large telecommunications companies such as Verizon Communications Inc ( VZ.N) and AT&T Inc ( T.N), which then resell the software to their business customers.
The BroadSoft deal is the company’s second major acquisition this year following the $3.7 billion acquisition of privately-held AppDynamics Inc in March.
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|To: richardred who wrote (4601)||10/24/2017 12:05:05 PM|
|Added to CTG on the earnings miss. |
P.S. I guess I'm a believer.
>Computer Task Group, (NASDAQ:CTG) announced that its board has initiated a stock buyback program, which permits the company to buyback $10.00 million in outstanding shares on Tuesday, October 24th, EventVestor reports. This buyback authorization permits the information technology services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
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|To: richardred who wrote (4286)||10/25/2017 9:17:39 AM|
|RE-SHLM speculation- Earnings due today.. IMO a Win Win. If earnings are bad. A sale of the company is needed. If earnings are good. IMO all the more reason for a buyout.|
POL-Poly-One PR SNIP>As we look ahead, we will continue to fund our organic growth initiatives as our first priority, seek attractive specialty acquisitions and also be opportunistic with respect to buying back shares."
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|To: richardred who wrote (4569)||10/26/2017 9:20:04 AM|
|A bull-eye in SNAK However a take-under. I even picked a would be acquirer. Hanging onto shares in hopes LNCE might be interested. I'm sure shareholder including myself are not happy about the price. I guess it's better than them having to file chapter 11.|
Inventure Foods, Inc. to be Acquired by Utz Quality Foods, LLC
GlobeNewswire•October 26, 2017
PHOENIX and HANOVER, Pa., Oct. 26, 2017 (GLOBE NEWSWIRE) -- Inventure Foods, Inc. ( SNAK) (“Inventure Foods” or the “Company”), a leading specialty food marketer and manufacturer, and Utz Quality Foods, LLC (“Utz”), the largest privately-held and family-managed branded salty snack manufacturer and marketer in the United States, today announced they entered into a merger agreement pursuant to which Utz has agreed to acquire all of the Company’s outstanding shares of common stock in an all-cash transaction.
Under the terms of the merger agreement, an indirect subsidiary of Utz will commence a tender offer to acquire all of the outstanding shares of the Company’s common stock at a price of $4.00 per share in cash, for a total purchase price of approximately $165 million, including the assumption of approximately $75 million of debt and debt-like items, net of cash, approximately $8 million of the Company’s estimated closing costs and approximately $3 million due to equity award holders. The acquisition is structured as an all-cash tender offer for all of the outstanding shares of Inventure Foods common stock, to be followed by a merger in which each remaining untendered share of Inventure Foods will be converted into the right to receive the same $4.00 per share cash price paid in the tender offer.
The transaction, which was unanimously approved by the Boards of both Inventure Foods and Utz, is subject to the tender of more than 50 percent of the fully diluted shares of Inventure Foods common stock, the receipt of certain regulatory approvals and other customary closing conditions. The transaction is not subject to a financing contingency and is expected to close by the end of the fourth quarter of 2017. The tender offer is expected to commence within ten business days.
“This transaction is the result of diligent analysis and thoughtful strategic deliberations by our Board of Directors and the result of the strategic and financial review we initiated in July 2016,” stated Terry McDaniel, Chief Executive Officer of Inventure Foods. “Our Board, with the advice of independent advisors, determined that this transaction will deliver immediate and certain cash value to our stockholders and new opportunities for our snack brands.”
“We are tremendously excited about the opportunity to acquire Inventure Foods,” said Dylan Lissette, Chief Executive Officer of Utz Quality Foods. “The Company’s specialty snack food products and brands, as well as its geographic footprint, customer relationships and distribution strengths, are highly complementary to our business and we look forward to continuing Inventure’s strong heritage of innovation in both healthy and indulgent snacking. We have also been extremely impressed with the team at Inventure, and look forward to working together going forward.”
As previously announced, on September 29, 2017, the Company entered into a Limited Waiver and Sixth Amendment to Credit Agreement (the “Sixth Amendment”) with BSP Agency, LLC, as agent (“BSP”), and the lenders (the “Lenders”) from time to time a party to the Credit Agreement (defined below), which further amended the Credit Agreement, dated as of November 18, 2015, among the Borrowers a party thereto, the Lenders, and BSP (as amended from time to time, the “Credit Agreement”). Under the terms of the Sixth Amendment, the Lenders agreed to, among other things, (i) a further extension from September 30, 2017 to October 31, 2017 of the temporary waiver of the requirement under the Credit Agreement to deliver audited financial statements without a going concern opinion, and (ii) a temporary waiver until October 31, 2017 of the financial covenants with which the Company was required to comply under the Credit Agreement.
As a result of this transaction, BSP and the other Lenders have agreed to further extend the temporary waivers from October 31, 2017 to January 15, 2018 pursuant to a Limited Waiver, Consent and Seventh Amendment to Credit Agreement (the “Seventh Amendment”), in order to give the Company sufficient time to complete the proposed transaction. Without this further extension of the temporary waivers beyond October 31st, the Company would have been in default of the EBITDA financial covenants under the Credit Agreement and the requirement to deliver audited financial statements without a going concern opinion. Pursuant to the Seventh Amendment, the Lenders have agreed to loan the Company up to an additional $5 million, which the Company may require to satisfy its expected operating expenses through December 31, 2017.
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