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LYB

LyondellBasell

$112.00

2.36 (2.15%)

, SHLM

A. Schulman

$38.65

1.5 (4.04%)

07:47
02/15/18
02/15
07:47
02/15/18
07:47

LyondellBasell to acquire A. Schulman for $2.25B

LyondellBasell (LYB) and A. Schulman (SHLM) announced that they have entered into a definitive agreement under which LyondellBasell will acquire A. Schulman for a total consideration of $2.25B. The acquisition builds upon LyondellBasell's existing platform in this space to create a premier Advanced Polymer Solutions business with broad geographic reach, leading technologies and a diverse product portfolio. Under the terms of the agreement, LyondellBasell will acquire A. Schulman for a total consideration of $2.25B. LyondellBasell will purchase 100% of A. Schulman common stock for $42 per share in cash and one contingent value right per share and assume outstanding debt and certain other obligations. In addition, the contingent value rights generally will provide a holder with an opportunity to receive certain net proceeds, if any are recovered, from certain ongoing litigation and government investigations relating to A. Schulman's Citadel and Lucent acquisitions. LyondellBasell is using cash-on-hand to finance the acquisition. LyondellBasell expects to achieve $150M in run-rate cost synergies within two years, primarily by leveraging its well-established approach to cost discipline and productivity, as well as its culture of operational, business and commercial excellence. Further, the acquisition is expected to be accretive to earnings within the first full year following close. The combined businesses had revenues of $4.6B and adjusted EBITDA of $446M over the last 12 months. The proposed acquisition, which has been unanimously approved by the respective boards of LyondellBasell and A. Schulman, is subject to customary closing conditions, including regulatory approvals and approval by A. Schulman shareholders. The acquisition is expected to close in the second half of 2018.

LYB

LyondellBasell

$112.00

2.36 (2.15%)

SHLM

A. Schulman

$38.65

1.5 (4.04%)

LYB LyondellBasell
$112.00

2.36 (2.15%)

01/17/18
WELS
01/17/18
NO CHANGE
Target $125
WELS
Outperform
LyondellBasell price target raised to $125 from $110 at Wells Fargo
Wells Fargo analyst Frank Mitsch raised his price target for LyondellBasell to $125 from $110 on tax reform. The analyst reiterates an Outperform rating on the shares.
02/05/18
MSCO
02/05/18
NO CHANGE
Target $130
MSCO
Overweight
LyondellBasell dip after Q4 report a buying opportunity, says Morgan Stanley
Morgan Stanley analyst Vincent Andrews attributes a blend of broader equity market concerns and investor surprise about LyondellBasell's lack of Q4 share repurchases and rising capital expenditures for the weakness in the shares following the company's Q4 report. However, he still thinks the market is too bearish regarding the supply cycle in 2018 and the first half of 2019 and is overlooking the upcycle after that time frame, calling the pullback a buying opportunity. Andrews reiterates his Overweight rating and $130 price target on LyondellBasell shares.
02/06/18
RHCO
02/06/18
NO CHANGE
Target $105
RHCO
Hold
LyondellBasell price target raised to $105 from $100 at SunTrust
SunTrust analyst James Sheehan raised his price target on LyondellBasell to $105 after the company's Q4 earnings beat in spite of the hurricane related costs. The analyst expects near-term pricing pressure in the U.S. to be modest with supply remaining tight, though he warns that the outages could moderate earnings in Q1. Sheehan keeps his Hold rating on LyondellBasell, saying valuation appears fair as the company turns its focus toward CAPEX growth and M&A.
02/08/18
SBSH
02/08/18
NO CHANGE
SBSH
Buy
DowDuPont added to Focus List after pullback at Citi
Citi analyst P.J. Juvekar added DowDuPont (DWDP) to his firm's Focus List citing the recent pullback in the shares. His top three picks in Chemicals are now DowDuPont, LyondellBasell (LYB) and Huntsman (HUN). Juvekar keeps a Buy rating on shares of DowDuPont.
SHLM A. Schulman
$38.65

1.5 (4.04%)

08/25/17
LBOW
08/25/17
UPGRADE
LBOW
Buy
A. Schulman upgraded to Buy from Neutral at Longbow
08/25/17
LBOW
08/25/17
UPGRADE
Target $37
LBOW
A. Schulman upgraded to Buy on activist involvement at Longbow
As previously reported, Longbow upgraded A. Schulman to Buy from Neutral with a $37 price target. Analyst Dmitry Silversteyn said the involvement of activist investor Cruiser Capital who acquired 10% of the company stock is a catalyst for more rapid change in strategy and improved execution that can unlock substantial shareholder value.
10/05/17
GHSC
10/05/17
NO CHANGE
GHSC
Neutral
A. Schulman could be worth $33 to $40 in a takeout, says Seaport Global
A. Schulman traded higher on a report by the Wall Street Journal suggesting the company is working with Citigroup to explore a sale. Seaport Global analyst Michael Harrison is surprised by the timing, believing it would make more sense to fix the company before exploring strategic alternatives. He also questions who would by Schulman given Polyone (POL) and Clarient are not likely interested and private equity would be challenged given already high leverage. The analyst calculates a potential takeout price would be anywhere in the $33-$40 price range and maintains a Neutral rating.
01/08/18
RHCO
01/08/18
NO CHANGE
Target $37
RHCO
Hold
A. Schulman price target raised to $37 from $32 at SunTrust
SunTrust analyst Jason Freuchtel raised his price target on A. Schulman to $37 from $32 ahead of the earnings release expected later today. Freuchtel notes that while raw material pricing and Hurricane Harvey impact will be near-term headwinds, pricing will become more benign in FY18. The analyst adds that FX impact this year will be favorable and the rig count can provide more upside. Freuchtel keeps his Hold rating on A. Schulman.

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