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ACW

Accuride

$2.56

-0.01 (-0.39%)

09:04
10/07/16
10/07
09:04
10/07/16
09:04

Coliseum Capital says opposes Accuride's proposed sale to Crestview affiliates

Coliseum Capital Management, the largest shareholder of Accuride Corporation with an ownership of approximately 19% of the outstanding stock, announced that it has sent a letter to the Accuride Board of Directors stating its strong opposition to Accuride's agreement to be acquired by funds managed by Crestview Partners for $2.58 per share. Coliseum says, "We believe this transaction materially undervalues the Company, is the wrong strategic choice for Accuride and is not in the best interests of shareholders. We will be voting against the transaction... Now is the wrong time to sell Accuride. The Company has made substantial investments over the past five and a half years, spending over $150 million to upgrade manufacturing facilities and successfully restore its customer relationships. We believe that the truck market is at a cyclical low, but when the cycle turns the Company will be well-positioned to harvest the benefits of the hard work and investment. Shareholders who patiently supported these investments should participate in the upside. Accuride's prospects as an independent company are strong. The Company's own projections forecast 2018 Adjusted EBITDA of $98 million. Using the Company's blended Total Enterprise Value multiple of 5.5x produces a conservative valuation of $5.00 per share, which equates to a 94% return over the next two years. Furthermore, these projections do not incorporate any material deleveraging or additional value contributed by acquisitions, which could further enhance returns - benefits that would be captured by Crestview as a result of the transaction... Specifically, we believe the Company should consider a modest public equity raise from current shareholders in order to facilitate refinancing its senior notes, as well as pursue growth initiatives through strategic acquisitions. We do not believe the current debt balance is untenable. Additionally, we believe there are numerous actionable, value-enhancing acquisition opportunities ranging from Asian sourcing capacity to European footprint expansion."

ACW Accuride
$2.56

-0.01 (-0.39%)

05/04/16
GABE
05/04/16
UPGRADE
GABE
Buy
Accuride upgraded to Buy from Hold at Gabelli
05/04/16
05/04/16
UPGRADE

Buy
Accuride upgraded to Buy at Gabelli
As previously reported, Gabelli upgraded Accuride to Buy from Hold with a $4 price target. Analyst Matthew Paige said management sent a positive tone for the second half of the year, particularly for new wins at the Brillion segment. Given the improvement and new sales wins at Brillion, Paige no longer believes its appropriate to carry the business with a negative valuation and changed his rating.
09/07/16
GABE
09/07/16
DOWNGRADE
GABE
Hold
Accuride downgraded to Hold from Buy at Gabelli
Accuride (ACW) is being acquired by Crestview Partners for $2.58 per share.
09/07/16
09/07/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Discover (DFS) downgraded to Equal Weight from Overweight at Barclays with analyst Mark DeVries downgrading the stock after lowering his rating on the U.S. Consumer Finance sector to Neutral from Positive. 2. Eastman Chemical (EMN) and Celanese (CE) were downgraded to Neutral from Buy at Citi with analyst P.J. Juvekar saying he sees earnings growth risks from a secular decline in the "once dependable" filter tow business, which is used in cigarette filters. 3. Royal Caribbean (RCL) downgraded to Hold from Buy at Argus with analyst John Staszak citing the company's outlook for higher fuel costs and foreign exchange headwinds. 4. Accuride (ACW) downgraded to Hold from Buy at Gabelli. 5. Dollar General (DG) downgraded to Underperform from Peer Perform at Wolfe Research. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

ANET

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CSOD

Cornerstone OnDemand

$39.10

-0.11 (-0.28%)

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CVM

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XOM

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FUL

H.B. Fuller

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BIIB

Biogen

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SNY

Sanofi

$40.40

0.63 (1.58%)

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CSOD

Cornerstone OnDemand

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TACO

Del Taco

$14.75

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UNVR

Univar

$26.36

0.54 (2.09%)

, BXLT

Baxalta

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PARN

Parnell

$1.42

-0.0031 (-0.22%)

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BSX

Boston Scientific

$20.81

0.2 (0.97%)

, NVRO

Nevro

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RTN

Raytheon

$146.30

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CX

CEMEX

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PDEX

PRO-DEX

$4.48

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PFBX

Peoples Financial

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QUIK

QuickLogic

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STRZA

Starz

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BEL

Belmond

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PARN

Parnell

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MS

Morgan Stanley

$43.73

0.15 (0.34%)

, SHAK

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MS

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, LXFT

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FUL

H.B. Fuller

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