Nortek, Inc. announced late Thursday that it has called off talks with an unnamed party who had tendered an unsolicited offer. According to the Wall Street Journal and as we had previously reported, that suitor was United Technologies. Nortek stock closed Friday at $63.97/share or off 3.8%, on a day when the Dow was up .2%.
Financial
Needing Cash, Sharp Sells its Osaka Headquarters Building
Troubled Japanese electronics manufacturer Sharp Corp. announced today that it will sell its headquarters building in Osaka, as well as an additional associated building, and the land they both stand on, in a bid to raise cash. The company says it sold the properties for ¥18.8 billion ($156.8 million) which will allow them to book a special gain of ¥14.8 billion in profit from the deal in their fiscal fourth quarter, the period ending March 2016.
See more on Sharp’s situation and this transaction… [Read more…] about Needing Cash, Sharp Sells its Osaka Headquarters Building
Your Company: Sell It? Take a Partner? Find an Investor?
Capital Summit @ CEDIA Expo 2015 Announced
Intrepid Investment Bankers, LLC and Stiernberg Consulting have announced that they will once again partner to host a Capital Summit in conjunction with the CEDIA Expo taking place in Dallas next month from October 14-17. This is the second time the two companies – one a middle-market investment bank and the other an industry consulting firm – have held the event which offers attendees an expert panel sharing information on a variety of issues related to capital strategies.
See more on the agenda for the Summit, including who’s participating… [Read more…] about Your Company: Sell It? Take a Partner? Find an Investor?
Try as It Might, Toshiba Can’t Seem to Turn the Page
On Monday, Toshiba released their twice-delayed final financial data for the last fiscal year (ended March 2015) in what it undoubtedly hoped would be the first step to turning the page from a scandal-racked year. But forces out of their control conspire to keep them in the hot seat – with a regulatory agency threatening large fines and a major shareholder demanding the company sue its former executives.
It looks like Toshiba’s troubles will continue… [Read more…] about Try as It Might, Toshiba Can’t Seem to Turn the Page
Toshiba Stuns Markets Again, New Whistleblowers Claim More Wrongdoing
10 New Investigations into Allegations of Improprieties, Including at U.S. Subsidiary
Just when you thought things couldn’t get worse for the aging Japanese industrial giant, Toshiba Corp. again stunned the financial community in Japan – forced to postpone their already delayed financial reports which were expected at the end of August. The company said it was forced to delay the report in the face of ten whistleblowers who have come forward alleging more company misdeeds. The company has launched ten new investigations, including one at a U.S. subsidiary.
See more on this shocking development from the already damaged company… [Read more…] about Toshiba Stuns Markets Again, New Whistleblowers Claim More Wrongdoing
Investment Advisor on Potential Nortek Acquisition: ‘Nortek is a Bit of a Train Wreck’
After the Wall Street Journal revealed late last month that United Technologies Corp. (UTC) was in talks to potentially acquire Nortek, Inc., we questioned why UTC would even want to acquire Nortek. Within days of our post, investment advisory firm The Motley Fool (TMF) also raised the issue in a post last week about this not-quite-so-obvious marriage. Well, maybe it’s more like a dalliance than a marriage…at least at this point.
We found the Motley Fool’s analysis interesting – both in their clear-eyed assessment of Nortek and why the acquisition may in fact make sense for United Technologies.
See more on this Motley Fool discussion of the potential UTC-Nortek deal… [Read more…] about Investment Advisor on Potential Nortek Acquisition: ‘Nortek is a Bit of a Train Wreck’
Why Would United Technologies Want to Acquire Nortek?
The Wall Street Journal broke the news yesterday that United Technologies Corp. is in talks to possibly acquire Nortek, Inc. Nortek is best known in our industry as the parent company of Core Brands, a collection of several prominent lines – such as Niles, Elan, SpeakerCraft (and others) – that are focused largely on the custom integration business, but also produces commercial and residential HVAC and air handling equipment. United Technologies is a large conglomerate with diversified holdings such as Pratt & Whitney jet engines, Otis elevators, and Carrier air-conditioning equipment.
See more on what we know so far on this potential deal, which isn’t much… [Read more…] about Why Would United Technologies Want to Acquire Nortek?
Toshiba Struggles to Get Past Troubles
Toshiba Corp. has been subjected to almost daily press stories and analyses in the Japanese media on their continued struggles in the wake of a huge accounting scandal at the formerly blue-chip powerhouse company. The scandal was likely large in terms of financial losses, but even larger in terms of decimating the reputation of the company and its management. To turn the situation around, the company must start to build a new reputation for reliability. It isn’t going to be easy…
New President, new board, secret ballets…strange stuff… [Read more…] about Toshiba Struggles to Get Past Troubles
Planar Systems Acquired by Chinese Video Wall Maker Leyard Optoelectronic
Planar Systems, Inc. announced today that it has agreed to be acquired by Leyard Optoelectronic Co., Ltd., a leading Chinese provider of fine pitch LED video wall systems. Leyard will purchase all outstanding shares of Planar stock paying $6.58 per share, valuing the deal at $156.8 million. This represents a 42% premium over the value of the stock at closing before the deal was announced.
See more on this Leyard and this deal… [Read more…] about Planar Systems Acquired by Chinese Video Wall Maker Leyard Optoelectronic
Sales Down, Losing Money, Ingram Micro CEO Says ‘Doing a Great Job’
AVAD Parent Ingram Micro Reports Fiscal 2nd Quarter Results
Ingram Micro, Inc. reported results for the second quarter and first half of their current fiscal year and it would be easy to be confused by these results. Why? Well, sales were down 3.2%, operating earnings dropped an astonishing 98%, and last year’s net income plunged into a net loss this year. Yet CEO Alain Monié said in accompanying materials, “Our teams are doing a great job…”