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ESND

Essendant

$12.95

1.94 (17.62%)

, GPC

Genuine Parts

$92.64

0.2 (0.22%)

13:34
05/17/18
05/17
13:34
05/17/18
13:34

Essendant adopts stockholder rights plan

Essendant (ESND) announced that its Board of Directors has adopted a stockholder rights plan. The Rights Plan does not prevent any action the Board determines to be in the best interest of the company and its stockholders and is structured such that it will not be triggered by the definitive merger agreement to combine the company and the S.P. Richards business of Genuine Parts Company (GPC), announced on April 12, 2018. Essendant's Chairman of the Board, Charles Crovitz, stated: "The Board believes that given current circumstances, it is in the best interests of stockholders that no one person or group acquire undue influence or control through purchases of Essendant stock." Pursuant to the Rights Plan, one preferred stock purchase right will be distributed as a dividend on each share of the company's common stock held of record as of the close of business on May 27. Each right initially will entitle stockholders to buy a unit representing one one-thousandth of a share of a new series of preferred stock of the company for $33. The rights generally will be exercisable only if a person or group acquires beneficial ownership of 10% or more of the company's common stock or commences a tender or exchange offer upon consummation of which such person or group would beneficially own 10% or more of the company's common stock. If a person or group acquires beneficial ownership of 10% or more of the company's common stock, each right will, unless the rights are redeemed by the company, become exercisable upon payment of the exercise price of $33 for common stock of the company having a market value of twice the exercise price of the right. The Rights Plan will expire on May 17, 2019.

ESND

Essendant

$12.95

1.94 (17.62%)

GPC

Genuine Parts

$92.64

0.2 (0.22%)

  • 17

    May

ESND Essendant
$12.95

1.94 (17.62%)

05/02/18
SIDC
05/02/18
UPGRADE
SIDC
Buy
Essendant upgraded to Buy from Neutral at Sidoti
05/02/18
SIDC
05/02/18
UPGRADE
Target $10
SIDC
Buy
Follow-up: Essendant upgraded to Buy on valuation at Sidoti
As previously reported, Sidoti upgraded Essendant to Buy from Neutral and maintained a $10 price target. Analyst Christopher McGinnis said shares are off 22% since Q1 results and views risk/reward as compelling.
05/09/18
SIDC
05/09/18
DOWNGRADE
SIDC
Neutral
Essendant downgraded to Neutral from Buy at Sidoti
GPC Genuine Parts
$92.64

0.2 (0.22%)

04/13/18
BOFA
04/13/18
UPGRADE
BOFA
Neutral
Genuine Parts upgraded to Neutral from Underperform at BofA/Merrill
04/13/18
BOFA
04/13/18
UPGRADE
Target $96
BOFA
Neutral
Genuine Parts upgraded to Neutral following spinout at BofA/Merrill
As previously reported, BofA/Merrill upgraded Genuine Parts to Neutral from Underperform and raised its price target to $96 from $80. Analyst Elizabeth Suzuki believes there is additional upside to shares following the spin-out announcement of Genuine Parts' office products division to Essendant. The company will now have only two reporting segments, making it a much simpler story for investors, Suzuki wrote in a note to investors.
04/17/18
GUGG
04/17/18
INITIATION
GUGG
Neutral
Genuine Parts initiated with a Neutral at Guggenheim
Guggenheim analyst Ali Faghri initiated Genuine Parts with a Neutral citing valuation.
04/20/18
RBCM
04/20/18
NO CHANGE
Target $94
RBCM
Sector Perform
Genuine Parts price target lowered to $94 from $100 at RBC Capital
RBC Capital analyst Scot Ciccarelli lowered his price target on Genuine Parts to $94 after the company's "disappointing" Q1 results, saying auto trends are not accelerating while margins remain under pressure. Based on the weather-related headwinds, the analyst expects further slowing in Q2 before auto trends recover in Q3. Ciccarelli keeps his Sector Perform rating on Genuine Parts, adding performance needs to improve for the company to reach its targets.

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