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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.

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FBMS

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LPL

LG Display

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-0.21 (-1.84%)

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LLY

Eli Lilly

$80.09

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Carlyle Group

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Eli Lilly animal health business seeing private equity interest, Bloomberg says »

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Eli Lilly

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Carlyle Group

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DOC

Physicians Realty Trust

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LFC

China Life Insurance

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HR

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GOOGL

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SHPG

Shire

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CREE

Cree

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Texas Instruments

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USANA

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MKS Instruments

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Supervalu

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iRobot

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DDR

DDR Corp.

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Inphi

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Hawaiian Holdings

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Shire

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Knowles

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TER

Teradyne

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EW

Edwards Lifesciences

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Dolby

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AMX

America Movil, also tag AMOV

$18.62

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America Movil, also tag AMX

$18.50

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America Movil, also tag AMOV

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AEP

American Electric

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Walmart

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PSO, OEIC, Walmart reach settlement pact on proposed Wind Catcher project »

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American Electric

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0.46 (0.67%)

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Walmart

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AMGN

Amgen

$171.91

-2.75 (-1.57%)

18:05
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Hot Stocks
Breaking Hot Stocks news story on Amgen »

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AMGN

Amgen

$171.91

-2.75 (-1.57%)

18:03
04/24/18
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Amgen CEO says Q1 performance driven by new, recently launched products »

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NWE

NorthWestern

$54.36

0.315 (0.58%)

18:03
04/24/18
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Earnings
Breaking Earnings news story on NorthWestern »

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NWE

NorthWestern

$54.36

0.315 (0.58%)

18:01
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NorthWestern reports Q1 EPS $1.18, consensus $1.17 »

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FR

First Industrial Realty

$29.62

0.315 (1.07%)

18:00
04/24/18
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Earnings
First Industrial Realty reports Q1 FFO 38c, consensus 38c »

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NVT

nVent Electric

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Knowles

$11.01

-0.575 (-4.97%)

17:59
04/24/18
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Hot Stocks
S&P announces changes to S&P MidCap 400, S&P SmallCap 600 indices »

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nVent Electric

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Knowles

$11.01

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DHX

DHI Group

PNR

Pentair

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VICR

Vicor Corporation

$29.25

-0.6 (-2.01%)

17:57
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Earnings
Vicor reports Q1 EPS 10c vs.(2c) in same quarter last year »

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SMBK

SmartFinancial

17:53
04/24/18
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Earnings
SmartFinancial reports Q1 EPS 30c, consensus 34c »

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BXP

Boston Properties

$118.48

-0.06 (-0.05%)

17:50
04/24/18
04/24
17:50
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17:50
Earnings
Boston Properties raises FY18 FFO view to $6.27-$6.36 from $6.23-$6.36 

Consensus $6.31

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BXP

Boston Properties

$118.48

-0.06 (-0.05%)

17:49
04/24/18
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17:49
Earnings
Breaking Earnings news story on Boston Properties »

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