Beacon To Divest Interior Products Business To American Securities For $850 Mln Cash – Quick Facts
Beacon Roofing Supply Inc. (BECN) announced Monday the execution of a definitive agreement to sell its interior products business, consisting of 81 branch locations where it distributes construction products including wallboard, acoustical ceilings, steel framing and insulation to both residential and commercial contractors, to affiliates of American Securities LLC, a leading U.S. private equity firm.
The cash purchase price of $850 million is subject to certain net working capital and other adjustments, with the transaction expected to close during Beacon’s fiscal 2021 second quarter, subject to customary regulatory approvals.
The Company intends to use the anticipated after-tax proceeds of approximately $750 million from this divestiture to reduce net leverage and strengthen its balance sheet.
U.K.’s Co-op Bank Says Talks With Potential Buyer End
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The U.K.’sCo-operative Bank Plc said that an approach from an unidentified bidder to buy the struggling lender had collapsed a month after its disclosure.
Following the end of the talks with a “financial sponsor,” the lender was now focused on returning to “sustainable profitability,” according to a statement by the Manchester-based bank Monday.
Sky Newsreported last month thatCerberus Capital was the potential buyer of the Co-op Bank, which has been through several restructurings since the discovery eight years ago of a 1.5 billion pound ($2 billion) hole in its balance sheet. This led to the lender’s then owner, the Co-operative Group Ltd., to give up control as part of a deal with a group of hedge funds that took over the business.
In October, the lender appointed its fifth chief executive officer since 2012 after appointing chief financial officer Nick Slape to replace Andrew Bester, who had joined the company in 2018.
FactSet Maintains FY21 Outlook – Quick Facts
While reporting financial results for the first quarter on Monday, FactSet Research Systems, Inc. (FDS) maintained its earnings and revenue outlook for the full-year 2021.
For fiscal 2021, the company now still projects earnings in a range of $10.05 to $10.45 per share and adjusted earnings in a range of $10.75 to $11.15 per share on revenue between $1.570 billion and $1.585 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $11.04 per share on revenues of $1.58 billion for the year. Analysts’ estimates typically exclude special items.
“We remain confident in our ability to deliver on both our annual targets and sustainable shareholder value, even through this period of pandemic uncertainty,” said Helen Shan, FactSet CFO.
O&H Danish Bakery Recalls Almond Kringle Sold In Trader Joe’s Stores
O&H Danish Bakery, Inc. is recalling 3,173 units of Almond Kringle sold in Trader Joe’s retail stores in nine states citing the possible presence of undeclared Pecans, according to the U.S. Food and Drug Administration.
The recall involves 1lb 8oz packages of Almond Kringle, packaged in a white wax paper bakery bag marked with batch code #26720.
The recalled Almond Kringle were delivered to the Trader Joe’s stores located in Texas, Tennessee, Oklahoma, New Mexico, Louisiana, Colorado, Kansas, Arkansas and Alabama.
The recall was initiated after it was discovered that four pecan filled kringles were incorrectly labeled as Almond Kringle and delivered to the Trader Joe’s distribution center as a part of a larger order.
As per an investigation, the problem was caused by a temporary breakdown in the company’s baking and icing processes.
People who have allergies to pecans may get serious or life-threatening allergic reaction if they consume these products
However, the company has not received any reports of illnesses to date related to the recalled products.
Consumers who bought the affected Almond Kringle from a Trader Joe’s store in any of the nine states are asked to discard or return it to any Trader Joe’s for a full refund.
In similar incidents involving undeclared pecans, George DeLallo Co., Inc. in early December called back Publix Bakery 20 OZ Holiday Cookie Platters. Homestead Creamery in September recalled chocolate ice cream quarts.
Coronavirus Vaccine Rollout In U.S. Has Begun
The rollout of the coronavirus vaccine in the U.S. commenced on Monday morning, as the first doses of the vaccine was administered to health care workers and nursing home staffs.
Friday evening, the U.S. Food and Drug Administration approved a COVID-19 vaccine developed by Pfizer and BioNTech for emergency use, making it the first COVID-19 vaccine to be approved in the U.S.
The emergency use authorization allows BNT162b2, the Pfizer-BioNTech COVID-19 vaccine, to be distributed in the U.S. for people over the age of 16. It was found to be 95 percent effective at preventing symptomatic COVID-19 in clinical trials.
Sandra Lindsay, a nurse from Northwell Long Island Jewish Medical Center, was vaccinated at 9:23 a.m. during a livestreamed event with New York Gov. Andrew Cuomo. She was the first person to be vaccinated in New York.
Other locations in Connecticut, New York, Iowa, Washington, D.C., and Michigan are also expected to administer vaccine doses on Monday.
Following the approval from the FDA, Pfizer shipped 2.9 million doses to 636 sites across the country. Pfizer began shipping the doses from its Michigan warehouse Sunday directly to those sites.
Pfizer and BioNTech had previously said that they are confident in their ability to deliver the vaccine to people in the U.S. Their combined manufacturing network has the potential to supply globally up to 50 million vaccine doses in 2020 and up to 1.3 billion doses by the end of 2021.