Breaking News Instant updates and real-time market news.

LUK

Leucadia

$21.77

-0.71 (-3.16%)

07:04
04/09/18
04/09
07:04
04/09/18
07:04

Leucadia to sell 48% of National Beef, be renamed Jefferies Financial Group

Leucadia National announced strategic transactions involving several of its investee companies, a proposal to change the name of the corporation to Jefferies Financial Group, a new share buyback authorization and preliminary results for its first quarter 2018. Leucadia has entered into a definitive agreement to sell 48% of National Beef to Marfrig for approximately $900M in cash, reducing Leucadia's ownership in National Beef to 31% and allowing Leucadia to deconsolidate National Beef and simplify Leucadia's income statement and balance sheet. The estimated pre-tax gain that will be recognized as a result of this transaction is $800M-$850M. Leucadia expects to receive an additional estimated $150M in distributions prior to the closing, representing recent profits plus a true-up to the debt number set in the enterprise valuation associated with the sale. Marfrig has also agreed to acquire a further 3% of National Beef from other shareholders and will own 51% of National Beef. Leucadia will continue to have two board seats and a series of other rights in respect of its continuing equity interest, with a lockup period of five years and thereafter fair market value liquidity protections. This transaction is subject to limited conditions and is expected to close in the second quarter. Leucadia has also agreed to sell 100% of its equity interests in Garcadia and its associated real estate to Leucadia's current partners, the Garff family. The sale price for Leucadia's interests, based on a $675M enterprise valuation, is a net $425M, payable $375M in cash and $50M in redeemable preferred equity. Leucadia will recognize a pre-tax gain of about $220M. This transaction is expected to close in the third quarter of 2018. Leucadia has cumulatively invested $321M in Garcadia since 2006 and has received cash distributions of $394M to date prior to the net $425M sale proceeds plus the pre-closing earnings distribution. To recognize the change in Leucadia's reality that has advanced considerably through the right-sizing and deconsolidation of Leucadia's interest in National Beef, Leucadia's Board of Directors will ask shareholders at the upcoming annual meeting to change the holding company name of Leucadia National Corporation to Jefferies Financial Group. "Our renamed Jefferies Financial Group Inc. will be well-capitalized, with approximately $11 billion of shareholders' equity, or $31.20 per share, and $1 billion of parent company long-term debt, pro forma for the National Beef and Garcadia deals, as of year-end 2017. It is anticipated that our new ticker on the NYSE will be JEF, effective post-approval of our name change," the company stated.

  • 23

    May

  • 04

    Oct

TODAY'S FREE FLY STORIES

AVID

Avid

$5.79

0.19 (3.39%)

04:59
11/15/18
11/15
04:59
11/15/18
04:59
Recommendations
Avid analyst commentary  »

Avid price target raised…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

LIN

Linde plc

$153.45

-3.35 (-2.14%)

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Initiation
Linde plc initiated  »

Linde plc initiated with…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

MKTX

MarketAxess

$209.85

2.02 (0.97%)

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
MarketAxess management to meet with William Blair »

Meetings to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 15

    Nov

04:55
11/15/18
11/15
04:55
11/15/18
04:55
General news
Breaking General news story  »

Minneapolis Federal…

04:55
11/15/18
11/15
04:55
11/15/18
04:55
General news
Breaking General news story  »

Week of 11/9 EIA Natural…

QLYS

Qualys

$71.92

-0.09 (-0.12%)

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
Qualys to hold analyst and investor day »

Analyst and Investor Day…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 15

    Nov

  • 19

    Nov

  • 09

    Jan

PFG

Principal Financial

$48.29

-0.71 (-1.45%)

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
Principal Financial to host investor day »

Investor Day to be held…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 15

    Nov

  • 03

    Dec

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
RBC Capital telecom/data centers analyst to hold a group luncheon »

Telecom & Data…

CNHI

CNH Industrial

$9.81

-0.03 (-0.30%)

, HSY

Hershey

$107.94

-1.24 (-1.14%)

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
BlackLine to hold a summit »

In The Black 2018:…

CNHI

CNH Industrial

$9.81

-0.03 (-0.30%)

HSY

Hershey

$107.94

-1.24 (-1.14%)

TAP

Molson Coors

$64.75

0.24 (0.37%)

ZEN

Zendesk

$53.12

0.56 (1.07%)

ETP

Energy Transfer Partners

$0.00

(0.00%)

G

Genpact

$29.11

-0.73 (-2.45%)

SAP

SAP

$103.86

0.11 (0.11%)

BL

BlackLine

$38.78

-1.79 (-4.41%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 15

    Nov

  • 15

    Nov

  • 26

    Nov

  • 02

    Dec

  • 06

    Dec

  • 06

    Dec

  • 12

    Dec

  • 13

    Dec

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
RBC Capital software analysts to hold a group luncheon »

Software Analysts Hedberg…

MGM

MGM Resorts

$25.94

0.2 (0.78%)

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
MGM Resorts management to meet with UBS »

Meetings to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 15

    Nov

  • 15

    Nov

  • 19

    Nov

AWI

Armstrong World

$66.00

-1.94 (-2.86%)

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
Armstrong World management to meet with SunTrust »

Meetings to be held on…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 15

    Nov

  • 16

    Nov

SIRI

Sirius XM

$6.25

0.1 (1.63%)

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
Sirius XM management to meet with B. Riley FBR »

Meeting to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 15

    Nov

  • 26

    Nov

04:55
11/15/18
11/15
04:55
11/15/18
04:55
General news
Retail Sales less autos to be reported at 08:30 »

October Retail Sales less…

GNBC

Green Bancorp

$18.18

-0.25 (-1.36%)

, VBTX

Veritex

$22.94

-0.24 (-1.04%)

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
Veritex to host special shareholder meeting »

Special Shareholder…

GNBC

Green Bancorp

$18.18

-0.25 (-1.36%)

VBTX

Veritex

$22.94

-0.24 (-1.04%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 15

    Nov

  • 15

    Nov

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
CLSA to hold a forum »

21st India Forum will be…

CTSO

CytoSorbents

$9.05

-0.5 (-5.24%)

, KZR

Kezar Life Sciences

$25.47

-0.75 (-2.86%)

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
Jefferies to hold a conference »

London Healthcare…

CTSO

CytoSorbents

$9.05

-0.5 (-5.24%)

KZR

Kezar Life Sciences

$25.47

-0.75 (-2.86%)

NERV

Minerva

$8.29

0.15 (1.84%)

CNMD

Conmed

$68.14

-0.1 (-0.15%)

KDMN

Kadmon

$2.46

-0.07 (-2.77%)

SLGL

Sol-Gel Technologies

$6.90

-0.2 (-2.82%)

JAZZ

Jazz Pharmaceuticals

$141.65

-9.05 (-6.01%)

LNTH

Lantheus

$15.70

0.35 (2.28%)

AUPH

Aurinia Pharmaceuticals

$5.17

-0.05 (-0.96%)

CRBP

Corbus Pharmaceuticals

$5.87

-0.49 (-7.70%)

CNCE

Concert Pharmaceuticals

$11.29

-0.505 (-4.28%)

SGMO

Sangamo

$9.50

-1.3 (-12.04%)

CNST

Constellation Pharmaceuticals

$5.83

0.025 (0.43%)

CTLT

Catalent

$37.90

-0.34 (-0.89%)

URGN

UroGen Pharma

$47.81

1.48 (3.19%)

ARRY

Array BioPharma

$14.53

-0.18 (-1.22%)

WST

West Pharmaceutical

$106.46

-0.37 (-0.35%)

RUBY

Rubius Therapeutics

$18.47

0.71 (4.00%)

CARA

Cara Therapeutics

$18.12

-0.8 (-4.23%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 15

    Nov

  • 27

    Nov

  • 27

    Nov

  • 01

    Dec

  • 03

    Dec

  • 20

    Dec

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
Scotiabank to hold a conference »

Scotiabank Energy…

T

AT&T

$30.52

0.19 (0.63%)

, VZ

Verizon

$58.95

0.28 (0.48%)

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
Morgan Stanley to hold a conference »

European Tech, Media…

T

AT&T

$30.52

0.19 (0.63%)

VZ

Verizon

$58.95

0.28 (0.48%)

LBTYA

Liberty Global

$24.27

0.6 (2.53%)

DISCA

Discovery

$31.92

-0.19 (-0.59%)

CCI

Crown Castle

$110.31

-0.39 (-0.35%)

TMUS

T-Mobile

$68.16

-0.29 (-0.42%)

ZAYO

Zayo Group

$23.20

-0.85 (-3.53%)

ERIC

Ericsson

$8.48

-0.44 (-4.93%)

SCMN

Swisscom

$0.00

(0.00%)

ASML

ASML

$172.78

1.78 (1.04%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 15

    Nov

  • 26

    Nov

MMM

3M

$197.98

-0.42 (-0.21%)

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
3M to host investor day »

Investor meeting to be…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 15

    Nov

BHVN

Biohaven Pharmaceutical

$33.70

-3.18 (-8.62%)

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
Biohaven Pharmaceutical management to meet with Morgan Stanley »

Group Luncheon Meeting…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 15

    Nov

  • 15

    Nov

  • 27

    Nov

GNBC

Green Bancorp

$18.18

-0.25 (-1.36%)

, VBTX

Veritex

$22.94

-0.24 (-1.04%)

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
Green Bancorp to host special shareholder meeting »

Special Shareholder…

GNBC

Green Bancorp

$18.18

-0.25 (-1.36%)

VBTX

Veritex

$22.94

-0.24 (-1.04%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 15

    Nov

  • 15

    Nov

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
RBC Capital U.S. Internet analyst to hold a group luncheon »

U.S. Internet Analyst…

ENPH

Enphase Energy

$5.40

-0.05 (-0.92%)

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
Enphase Energy management to meet with B. Riley FBR »

Meetings to be held in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 15

    Nov

  • 15

    Nov

  • 16

    Nov

04:55
11/15/18
11/15
04:55
11/15/18
04:55
Conference/Events
Morgan Stanley to hold a field trip »

2018 Middle East Energy…

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.