Allied Esports Determines Bally’s Offer As Superior Proposal
Allied Esports Entertainment, Inc. (AESE) said its Board has determined that a proposal from Bally’s constitutes a “Superior Proposal” under the pending stock purchase agreement with Element Partners. Under the terms of Bally’s proposal, Bally’s would acquire all of the equity interests of Club Services, Inc. for consideration totaling $105 million. Prior to making the determination, Allied Esports received a proposal from Bally’s to sell the outstanding capital stock of Club Services for $100 million.
Allied Esports notified Element that it intends to terminate stock purchase agreement unless the company and Element negotiate an amendment to the pending stock purchase agreement.
Stock Alert: Certara Shares Up 13%
Shares of Certara Inc. (CERT) are rising over 13% Thursday morning, after the company announced the pricing of its underwritten public offering of 10 million shares of its common stock by certain existing stockholders at a price to the public of $25.00 per share.
Additionally, the selling stockholders have granted the underwriters a 30-day option to purchase up to 1,500,000 additional common shares. Certara noted that it is not selling any shares and will not receive any proceeds from the sale of shares in the offering by the selling stockholders. The offering is expected to close on or about March 29, 2021, subject to customary closing conditions.
The stock, which has been trading in the range of $24.90 – $41.79 for the past one year, is currently trading at $29.08, up $3.46 or 13.51%, with trading volume rising over 808K versus an average volume of 603K shares.
Lear Acquires Injection Molding Specialist M&N Plastics – Quick Facts
Lear Corp. (LEA) announced Thursday that it has acquired M&N Plastics, a privately owned, Michigan-based injection molding specialist and manufacturer of engineered plastic components for automotive electrical distribution applications. This will expand the connection systems business portfolio of Lear. Financial terms of the deal were not disclosed.
The addition of M&N Plastics further increases Lear’s vertical integration capabilities to engineer and produce complex parts for electrical distribution, including high-voltage wire harnesses and power electronics.
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Darden Restaurants Issues Q4 Guidance
Darden Restaurants, Inc. (DRI) said, for the fourth quarter, the company expects: total sales of approximately $2.1 billion; EBITDA between $345 to $360 million; and net earnings per share from continuing operations of $1.60 to $1.70.
Third quarter reported net earnings per share from continuing operations were $0.98 compared to reported net earnings per share of $1.90, prior year. On average, 25 analysts polled by Thomson Reuters expected the company to report profit per share of $0.69, for the quarter. Analysts’ estimates typically exclude special items.
Third quarter total sales were $1.73 billion, a decrease of 26.1% driven by negative blended same-restaurant sales of 26.7%, partially offset by the addition of 10 net new restaurants. Analysts expected revenue of $1.63 billion, for the quarter.
Darden’s Board authorized a new share repurchase program under which the company may repurchase up to $500 million of its outstanding common stock. The Board declared a quarterly cash dividend of $0.88 per share on outstanding common stock. The dividend is payable on May 3, 2021 to shareholders of record at the close of business on April 9, 2021.
Shares of Darden Restaurants were up more than 3% in pre-market trade on Thursday.
Darden Restaurants Inc. Earnings Drop In Q3
Darden Restaurants Inc. (DRI) revealed a profit for third quarter that declined from last year.
The company’s earnings came in at $128.7 million, or $0.98 per share. This compares with $232.3 million, or $1.89 per share, in last year’s third quarter.
Analysts had expected the company to earn $0.69 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 26.4% to $1.73 billion from $2.35 billion last year.
Darden Restaurants Inc. earnings at a glance:
-Earnings (Q3): $128.7 Mln. vs. $232.3 Mln. last year.
-EPS (Q3): $0.98 vs. $1.89 last year.
-Analysts Estimate: $0.69
-Revenue (Q3): $1.73 Bln vs. $2.35 Bln last year.
Next quarter EPS guidance: $1.60 – $1.70
Next quarter revenue guidance: $2.1 Bln
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How Dallas Cowboys legend Michael Irvin inspired Jerry Jones’ confidence in Dak Prescott’s rehab
DALLAS – Jerry Jones says he wasn’t waiting for a specific X-ray. And he wasn’t waiting for Dak Prescott to run at a certain speed, jump at a certain height or throw a spiral with a certain stability.
So what made the Dallas Cowboys owner confident enough in his quarterback’s rehabilitation process to shell out a four-year, $160 million contract?
“We compared his rehab with a guy that I thought was legendary as far as how he handled his rehab when he was first injured, and that was Michael Irvin,” Jones told USA TODAY Sports over Zoom.
“Michael Irvin had the most conscientious work-hard at that time that most that were around his rehab said, ‘I’ve never seen anyone rehab to that degree, work that hard, be that conscientious.’ We compared how Dak works on his rehab with how Michael had done it.