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USG

USG

$40.85

0.08 (0.20%)

12:57
04/13/18
04/13
12:57
04/13/18
12:57

USG tells shareholders board remains open to sale proposal

USG disclosed a letter sent to shareholders which said in part, "Recently, Gebr. Knauf KG, a private German company which is a 10.5% stockholder in USG and a competitor in the global gypsum market, sent an open letter to all USG stockholders asking you to vote against four USG Board nominees who are up for election at the upcoming Annual Meeting of Stockholders on May 9, 2018. This is a misguided attempt to pressure the Board into accepting a proposal from Knauf to purchase USG, that we believe is substantially below our intrinsic value. The Board will not yield to this pressure and is committed to acting in the best interests of all USG stockholders even in the face of Knauf's campaign. The Board is committed to creating value for all our stockholders through the execution of our strategic plan, which we outlined at our recent Investor Day. While the Board has not made the decision to sell the Company, it remains open to the evaluation of any proposal to acquire USG, as it has done with Knauf's proposals. If Knauf, or any other viable bidder, makes a proposal that reflects the Company's intrinsic value, the Board would seek to negotiate an appropriate confidentiality arrangement to allow it to share information with the potential counterparty. The USG Board has declined to share confidential information with Knauf because, in addition to being a competitor, Knauf's acquisition proposal is not at a value that the Board believes adequately compensates all stockholders."

  • 25

    Apr

USG USG
$40.85

0.08 (0.20%)

04/10/18
JEFF
04/10/18
NO CHANGE
Target $36
JEFF
Hold
Knauf taking more activist approach to USG takeout bid, says Jefferies
Jefferies analyst Philip Ng notes that Knauf filed preliminary proxy materials, encouraging shareholders to vote against the four director nominees in an attempt to get USG's board to more actively engage. While the analyst had previously thought it would be difficult for a hostile takeover given USG's defensive bylaws, such as a classified board, Knauf is clearly taking a more activist approach. The analyst continues to believe a takeout price in the range of $45-$52/share would require USG to reconsider. He reiterates a Hold rating and $36 price target on USG shares.
03/27/18
JEFF
03/27/18
NO CHANGE
Target $36
JEFF
Hold
USG board would likely agree to $45-$52 per share offer, says Jefferies
After taking a closer look at comparable transactions, Jefferies analyst Philip Ng believes a USG (USG) takeout price the board would agree to likely is in the $45-$52 per share range. Saint Gobain is the only logical strategic buyer that could potentially counter with a competitive offer to Knauf's, Ng tells investors in a research note. The analyst thinks Berkshire (BRK.A) appears to be a willing seller. He keeps a Hold rating on USG with a $36 price target.
03/27/18
NOMU
03/27/18
NO CHANGE
Target $44
NOMU
Neutral
USG price target raised to $44 from $39 at Nomura Instinet
Nomura Instinet analyst Michael Wood raised his price target for USG to $44 saying Knauf's proposed takeover offer is positive for group valuations. The analyst keeps a Neutral rating on USG.
03/26/18
JEFF
03/26/18
NO CHANGE
JEFF
Hold
USG friendly takeover at higher price seems likely, says Jefferies
Jefferies analyst Philip Ng said he believes a deal between USG and 10% shareholder Knauf ultimately will get done at a higher price than the $42 per share bid that USG just rejected. This will hinge on its shareholders pressuring the board to sell, though he thinks a hostile takeover seems unlikely and that it is unlikely a strategic player or private equity bidder offers a better price. Ng has a Hold rating on USG shares.

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