Key Developments: Jarden Corp (JAH)
47.34USD
23 May 2013
$-0.13 (-0.27%)
$47.47
$47.07
$47.55
$46.79
507,658
903,167
$49.28
$25.50
Latest Key Developments (Source: Significant Developments)
Jarden Corp to Acquire Sprue Aegis plc through BRK
Jarden Corp announced that BRK Brands Europe Limited (BRK) a wholly-owned subsidiary of the Company, is to make a cash offer to acquire the entire issued and to be issued share capital of Sprue Aegis not already owned by Jarden Corporation Group (the offer). The offer will be conditional only upon the receipt of valid acceptances which, together with the Sprue Aegis shares acquired or agreed to be acquired before or during the offer, will result in BRK holding Sprue Aegis shares carrying more than 50% of the voting rights in Sprue Aegis. The offer will comprise 90 pence in cash for each Sprue Aegis share (the offer price), valuing the whole of Sprue Aegis' existing issued share capital at approximately USD 34.8 million. BRK and Sprue Aegis held discussions prior to this announcement during which BRK sought a recommendation from the Board of Sprue Aegis for the offer to Sprue Aegis Shareholders of 90 pence per Sprue Aegis Share. The Sprue Aegis Board has chosen not to recommend the offer. BRK continues to seek such recommendation. Should the offer not be successful, BRK would need to consider the viability of its ownership position and the Distribution Agreement when its initial term expires in 2015. Full Article
Faruqi & Faruqi, LLP Launches Investigation Against Jarden Corp For Potential Breaches Of Fiduciary Duties By Board Of Directors
Faruqi & Faruqi, LLP, a national securities firm headquartered in New York City, is investigating the Board of Directors of Jarden Corp. for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders' approval for the Jarden Corporation 2013 Stock Incentive Plan. Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on April 15, 2013, the Board of Directors recommends that Jarden's shareholders vote to approve the Jarden Corporation 2013 Stock Incentive Plan, which would make 6,000,000 shares available for issuance. The issuance of the additional shares could have a substantial dilutive effect on the shares of Jarden common stock. Full Article
Jarden Corp Authorizes Share Repurchase Program To $500 Million And Uses $250 Million To Execute An Accelerated Share Repurchase Program
Jarden Corp announced that the Board of Directors has authorized an increase to its current share repurchase program. The authorized share repurchase program is now $500 million. The new program includes the remaining $130 million of unused capacity under the Company's existing share repurchase program. In conjunction with the new program, Jarden has agreed to repurchase an aggregate of $250 million worth of common stock pursuant to Accelerated Stock Repurchase Agreements (ASR Agreement) with Barclays Bank plc. and JPMorgan Chase Bank, N.A. Jarden will fund the $250 million at the beginning of the ASR Agreement and will receive the majority of repurchased shares at the same time. The $250 million accelerated share repurchase program will be funded with cash on hand. Full Article
Jarden Corp Issues FY 2013 Guidance; EPS Guidance Below Analysts' Estimates-Conference Call
Jarden Corp announced that for fiscal 2013, it expects 3% to 5% organic net sales growth and adjusted earnings per share (EPS) in the range of $4.55-$4.70. The Company reported revenue of $6.696 billion in fiscal 2012. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenues of $6.974 billion and EPS of $4.71 for fiscal 2013. Full Article
American Capital Ltd Receives $60 Million From The Sale Of Lifoam Holdings To Jarden Corp
American Capital Ltd announced that its portfolio company Lifoam Holdings, Inc. (Lifoam) was sold to Jarden Corp (Jarden) on December 31, 2012. American Capital received $60 million in debt and equity proceeds and realized a gain of $14 million, subject to post-closing adjustments. American Capital's compounded annual rate of return earned on its debt and equity securities over the life of its investment .Lifoam is a manufacturer and distributor of expandable polystyrene ("EPS") and polyurethane ("PUR") products for consumer, healthcare and commercial applications. Lifoam's products include foam picnic coolers, reusable ice and freeze packs and sophisticated protective and thermal packaging products. Full Article
Jarden Corp Issues Q4 2012 Revenue Guidance In Line With Analysts' Estimates-Conference Call
Jarden Corp announced that for the fourth quarter of 2012, it expects to report revenues of between $1.810 billion and $1.830 billion. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenues of $1.81 billion for the fourth quarter of 2012. Full Article
Jarden Corp Raises FY 2012 EPS Guidance Conference Call
Jarden Corp announced that based on the expected organic growth and continuing margin expansion in the fourth quarter of 2012, the Company is raising adjusted earnings per diluted share outlook for fiscal 2012, to $4.12 to $4.16, from the previously provided range of $4.04 to $4.14. According to I/B/E/S estimates, analysts were expecting the Company to report EPS of $4.13 for fiscal 2012. Full Article
Jarden Corp Announces Pricing Of $450 Million Private Offering Of Senior Subordinated Convertible Notes
Jarden Corp announced the pricing of $450 million in aggregate principal amount of Senior Subordinated Convertible Notes due 2018 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Company has also granted the initial purchasers an option to purchase up to an additional $50 million aggregate principal amount of the Convertible Notes. The Convertible Notes will pay interest semiannually at a rate of 1.875% per annum. Upon conversion, holders will receive, at the Company's discretion, cash, shares of the Company's common stock or a combination thereof. The Company estimates that the net proceeds from the sale of the Convertible Notes will be approximately $437 million, after deducting estimated fees and expenses. The Company intends to use approximately $100 million of the net proceeds from the sale of the Convertible Notes to repurchase shares of common stock under stock repurchase program at a price per share of $52.87 through negotiated transactions with investors in the Convertible Notes offering. The Company intends to use the remaining net proceeds for general corporate purposes. The sale of the Convertible Notes and the repurchase of the shares of the Company's common stock are expected to close on September 18, 2012. Full Article
Jarden Corp Announces Proposed $450 Million Private Offering Of Senior Subordinated Convertible Notes And Authorization To Repurchase Up To $250 Million Of Common Stock
Jarden Corp announced that it intends, subject to market and other conditions, to offer $450 million in aggregate principal amount of Senior Subordinated Convertible Notes due 2018 (the Convertible Notes) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act). The interest rate, initial conversion price, repurchase provisions and other terms of the Convertible Notes will be determined by negotiations between the Company and the initial purchasers. In connection with this offering, the Company expects to grant to the initial purchasers an option to purchase up to an additional $50 million in aggregate principal amount of the Convertible Notes. On September 11, 2012, the Company's Board of Directors authorized an increase to the Company's stock repurchase program to allow for the repurchase of up to $250 million in aggregate of the Company's common stock. The Company intends to use up to $125 million of the net proceeds from the sale of the Convertible Notes to repurchase shares of its common stock under its stock repurchase program through negotiated transactions with investors in the Convertible Notes offering, subject to availability. The Company intends to use the remaining net proceeds for general corporate purposes. Full Article
Jarden Corp Comments On Long Term Revenue Guidance-Conference Call
Jarden Corp announced that it expects revenue to grow 3% to 5% year on year. Full Article
BRIEF-Jarden agrees 35 mln stg bid for Sprue Aegis
LONDON, April 29 - Jarden Corp : * Cash offer for sprue aegis plc * Offer will comprise 90 pence in cash for each Sprue Aegis Share valuing the whole of Sprue Aegis' existing issued share capital at approximately £34.8 million
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