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KKR

KKR

$15.46

0.06 (0.39%)

, NSANY

Nissan

$18.68

-0.02 (-0.11%)

08:58
11/22/16
11/22
08:58
11/22/16
08:58

KKR announces tender offer to acquire CK, Nissan to tender its 41% CK stake

Global investment firm KKR (KKR) and Nissan (NSANY) announced that CK Holdings, an entity owned by investment funds controlled by KKR, intends to make a tender offer for all the existing shares of Japanese automotive components manufacturer Calsonic Kansei Corporation. In connection with the tender offer, the Bidder has entered into a tender agreement with Nissan, the lead shareholder in CK, to acquire in the tender offer Nissan's approximate 41% holding of CK's common shares. The tender offer is planned to be commenced subject to the fulfillment of certain conditions in the Tender Agreement and the Bidder currently expects to commence the tender offer in February 2017. Under the terms of the announced offer under Japan's Financial Instruments and Exchange Act, among other terms, the Bidder will commence the tender offer to acquire the outstanding common stock of CK. In light of the proposal from the Bidder, CK plans to issue a special dividend conditioned upon the success of the tender offer with a record date of the calendar day prior to the tender offer commencement date. The Bidder plans to pay cash consideration of JPY 1,860 per common share to the existing shareholders of CK. However, in the event that the Special Dividend is declared prior to the tender offer commencement date, then the Bidder will calculate the offer price for the tender offer by deducting the per share value of the Special Dividend from this planned price of JPY 1,860 per common share. Please note that, although the dividend amount per share for the Special Dividend is expected to be approximately JPY 570, provided that the maximum amount shall be JPY 570, as of today, the final dividend will be determined based on the procedures under the Companies Act. Since the number of CK's outstanding issued shares is equal to 267,882,277, excluding treasury shares, the consideration price values CK at approximately JPY498.3B based on the Proposed Price.

KKR

KKR

$15.46

0.06 (0.39%)

NSANY

Nissan

$18.68

-0.02 (-0.11%)

KKR KKR
$15.46

0.06 (0.39%)

04/25/16
BOFA
04/25/16
NO CHANGE
BOFA
KKR risk/reward favorable, says BofA/Merrill
04/26/16
OPCO
04/26/16
NO CHANGE
Target $24
OPCO
Outperform
KKR fundamentals remain 'sound,' says Oppenheimer
Oppenheimer analyst Chris Kotowski says KKR's Q1 results were disappointing, missing on larger non-cash marks, but cash earnings metrics were closer to expectations and overall fundraising was strong. The analyst continues to think that the business is "very healthy." Kotowski reiterates an Outperform rating and raised his price target on the shares to $24 from $23.
07/05/16
07/05/16
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. Netflix (NFLX) downgraded to Hold from Buy at Needham with analyst Laura Martin saying that the U.K.'s "Brexit" adds risk that decelerating U.K. and EU GDP growth will slow the company's subscriber growth or accelerate its churn rates. 2. Harley-Davidson (HOG) downgraded to Neutral from Outperform at Baird with the firm citing valuation amid unconfirmed rumors that KKR (KKR) is interested in acquiring the company. 3. Cirrus Logic (CRUS) and Skyworks (SWKS) downgraded to Sector Weight from Overweight at Pacific Crest with analyst Michael McConnell citing iPhone 7 concerns putting the estimates of both companies at risk. The analyst expects a 15%-20% decline in iPhone 7 shipments in the second half of 2016. 4. Cerner (CERN) downgraded to Market Perform from Outperform at Raymond James with analyst Nicholas Jansen citing balanced risk/reward and expectations for Q2 results to return to "normalcy." 5. Hershey (HSY) downgraded to Hold from Buy at Argus with analyst David Coleman citing valuation following takeover overtures by Mondelez (MDLZ). This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/07/16
FBCO
07/07/16
INITIATION
Target $16
FBCO
Outperform
KKR reinstated with an Outperform at Credit Suisse
Target $16.
NSANY Nissan
$18.68

-0.02 (-0.11%)

11/30/15
SBSH
11/30/15
UPGRADE
SBSH
Buy
Nissan upgraded to Buy from Neutral at Citi
11/30/15
11/30/15
UPGRADE

On The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Atwood Oceanics (ATW) upgraded to Buy from Neutral at Guggenheim... C&J Energy (CJES) upgraded to Buy from Neutral at Guggenheim... CARBO Ceramics (CRR) upgraded to Buy from Neutral at Guggenheim... Cameron (CAM) upgraded to Buy from Neutral at Guggenheim... Core Laboratories (CLB) upgraded to Buy from Neutral at Guggenheim... Diamond Offshore (DO) upgraded to Buy from Neutral at Guggenheim... Dril-Quip (DRQ) upgraded to Buy from Neutral at Guggenheim... Ensco (ESV) upgraded to Buy from Neutral at Guggenheim... FMC Technologies (FTI) upgraded to Buy from Neutral at Guggenheim... Fitbit (FIT) upgraded to Overweight from Equal Weight at Barclays... Forum Energy (FET) upgraded to Buy from Neutral at Guggenheim... Frank's International (FI) upgraded to Buy from Neutral at Guggenheim... General Dynamics (GD) upgraded to Overweight from Equal Weight at Barclays... Heidrick & Struggles (HSII) upgraded to Outperform from Market Perform at Barrington... Helmerich & Payne (HP) upgraded to Buy from Neutral at Guggenheim... Huaneng Power (HNP) upgraded to Neutral from Sell at UBS... Microsoft (MSFT) upgraded to Strong Buy from Market Perform at Raymond James... Nabors Industries (NBR) upgraded to Buy from Neutral at Guggenheim... National Oilwell (NOV) upgraded to Buy from Neutral at Guggenheim... New York Community Bancorp (NYCB) upgraded to Buy from Neutral at BofA/Merrill... Nissan (NSANY) upgraded to Buy from Neutral at Citi... Noble Corp. (NE) upgraded to Buy from Neutral at Guggenheim... Oceaneering (OII) upgraded to Buy from Neutral at Guggenheim... Oil States (OIS) upgraded to Buy from Neutral at Guggenheim... PNM Resources (PNM) upgraded to Overweight from Equal Weight at Barclays... Pacific Drilling (PACD) upgraded to Buy from Neutral at Guggenheim... Parsley Energy (PE) upgraded to Focus List from Outperform at Scotia Howard Weil... Patterson-UTI (PTEN) upgraded to Buy from Neutral at Guggenheim... Philip Morris (PM) upgraded to Neutral from Reduce at Nomura... Rowan Companies (RDC) upgraded to Buy from Neutral at Guggenheim... Sage Group (SGPYY) upgraded to Buy from Hold at Canaccord... Seventy Seven Energy (SSE) upgraded to Buy from Neutral at Guggenheim... Superior Energy (SPN) upgraded to Buy from Neutral at Guggenheim... Synchrony (SYF) upgraded on expected technical factors at BMO Capital... Transocean (RIG) upgraded to Buy from Neutral at Guggenheim... Wright Medical (WMGI) upgraded to Buy from Hold at Jefferies... Zayo Group (ZAYO) upgraded to Outperform from Neutral at Macquarie.
08/16/16
JPMS
08/16/16
DOWNGRADE
JPMS
Neutral
Nissan downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Akira Kishimoto downgraded Nissan to Neutral on expectations model cycle deterioration in North America will have a large impact. The analyst also upgraded the Japan Auto sector to neutral from bearish.
10/05/16
UBSW
10/05/16
DOWNGRADE
UBSW
Neutral
Nissan downgraded to Neutral from Buy at UBS

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POST

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0.52 (0.61%)

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AZO

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RGNX

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AMZN

Amazon.com

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GOOG

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SBNY

Signature Bank

$120.15

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HK

Halcon Resources

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BBBY

Bed Bath & Beyond

$27.03

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CSCO

Cisco

$32.49

-0.03 (-0.09%)

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AVEO

AVEO Oncology

$3.84

0.07 (1.86%)

, BMY

Bristol-Myers

$62.93

0.23 (0.37%)

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AVEO Oncology

$3.84

0.07 (1.86%)

BMY

Bristol-Myers

$62.93

0.23 (0.37%)

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ADBE

Adobe

$156.60

0.83 (0.53%)

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  • 22

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SUPN

Supernus

$38.05

-11.6 (-23.36%)

07:11
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  • 25

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WFC

Wells Fargo

$53.36

0.65 (1.23%)

07:10
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Periodicals
Wells Fargo general counsel aims to clean up reputation, Reuters reports »

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  • 23

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ELY

Callaway Golf

$14.14

0.12 (0.86%)

07:09
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BA

Boeing

$252.46

-0.62 (-0.24%)

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  • 23

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MTCH

Match Group

$23.45

-0.02 (-0.09%)

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GIS

General Mills

$55.38

-1.05 (-1.86%)

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  • 20

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KPTI

Karyopharm

$10.52

-0.34 (-3.13%)

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GIS

General Mills

$55.38

-1.05 (-1.86%)

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  • 20

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SNY

Sanofi

$49.10

0.46 (0.95%)

, ALNY

Alnylam

$75.04

-0.96 (-1.26%)

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SNY

Sanofi

$49.10

0.46 (0.95%)

ALNY

Alnylam

$75.04

-0.96 (-1.26%)

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  • 18

    Oct

ADBE

Adobe

$156.60

0.83 (0.53%)

07:04
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  • 22

    Oct

WDC

Western Digital

$89.92

0.74 (0.83%)

07:04
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GIS

General Mills

$55.38

-1.05 (-1.86%)

07:04
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  • 20

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SIX

Six Flags

$56.75

-0.32 (-0.56%)

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  • 28

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PG

Procter & Gamble

$94.17

1.02 (1.10%)

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GIS

General Mills

$55.38

-1.05 (-1.86%)

07:03
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General Mills reports Q1 gross margin down 150 bps to 34.8% »

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  • 20

    Sep

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