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WRK

WestRock

$37.24

-0.2 (-0.53%)

17:40
07/02/19
07/02
17:40
07/02/19
17:40

WestRock urges holders to reject mini-tender offer by TRC Capital

WestRock Company announced that it has received notification of an unsolicited "mini-tender" offer by TRC Capital Corporation to purchase up to 3,000,000 shares, or approximately 1.17% of the outstanding common stock of the company as of April 19, 2019. TRC Capital's offer price of $34.80 per share in cash is 4.58% less than the $36.47 closing price of the company's common stock on June 28, 2019, the last trading day before the mini-tender offer commenced, and 6.55% less than the $37.23 closing price of the company's common stock on July 2, 2019. The company said it does not endorse TRC Capital's mini-tender offer and recommends that stockholders do not tender their shares in response to the offer. The offer is at a price below the current market price for WestRock shares and is subject to numerous conditions, including, among others, that there has not been any decrease in the market price of the WestRock shares and that TRC Capital has received proceeds of debt financing sufficient, together with cash on hand, to consummate the offer. The company urges stockholders to obtain current market quotes for their shares, review the conditions to TRC Capital's mini-tender offer, consult with their brokers or financial advisors and exercise caution with respect to this mini-tender offer. The company is in no way associated with TRC Capital, the mini-tender offer or the offer documentation.

  • 01

    Aug

WRK WestRock
$37.24

-0.2 (-0.53%)

04/16/19
BOFA
04/16/19
DOWNGRADE
BOFA
Neutral
International Paper, Packaging Corp. downgraded to Neutral at BofA/Merrill
As previously reported, BofA Merrill Lynch analyst George Staphos downgraded International Paper (IP) and Packaging Corp. (PKG), each to Neutral from Buy, following "disappointing" March containerboard industry data points reported today. Box shipments were down a "surprising" 3.0% year-over-year and inventories declined 47,000 tons, said Staphos, who believes the industry needs to drop inventories 400-500K tons between February and June to get back into balance. The analyst, who now anticipates an increased likelihood of another price cut during Q2, lowered his price target on International Paper shares to $50 from $53, cut his price target on Packaging Corp. to $107 from $112 and lowered his price target on WestRock (WRK) to $41 from $43.
04/17/19
DBAB
04/17/19
DOWNGRADE
Target $42
DBAB
Hold
WestRock downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Debbie Jones downgraded WestRock to Hold from Buy and lowered her price target for the shares to $42 from $51. Box price erosion and deteriorating export markets bring downside risk to estimates, Jones tells investors in a research note. Further, while shares of WestRock are undervalued relative to historical multiples, structural changes in the containerboard industry and "deteriorating" fundamentals make it hard to have conviction that the stock will re-rate in the near-term, says the analyst. Jones does not see a near-term catalyst for WestRock.
05/15/19
UBSW
05/15/19
INITIATION
Target $47
UBSW
Buy
WestRock initiated with a Buy at UBS
UBS analyst Edlain Rodriguez initiated WestRock with a Buy rating and a price target of $47, saying the risk-reward on the stock is favorable despite the near-term decline in containerboard prices and the KapStone integration risk. The analyst also believes that the market may be "too pessimistic" in anticipating a sharp containerboard price decline coming from decelerating demand and added capacity. Rodriguez adds that the production downtime and capacity delays will likely moderate price declines to $10/ton rather than the market expectation of $40/ton.
06/24/19
SPHN
06/24/19
DOWNGRADE
Target $60
SPHN
Equal Weight
International Paper downgraded to Equal Weight from Overweight at Stephens
Stephens analyst Mark Connelly downgraded International Paper (IP) to Equal Weight from Overweight, noting that RISI decided to cut the price of containerboard $10 "just three days after investors breathed a sigh of relief on encouraging supply-demand fundamentals." The $10 price cut triggers contract cuts as supply and demand were showing clear indications of moving back into balance thanks to supply discipline from International and WestRock (WRK), said Connelly, who sees damage being done to investor confidence by the "increasing unpredictability" of containerboard pricing. He also thinks continued new capacity announcements will keep up a high need for economic downtime, added the analyst, who keeps a $60 price target on International Paper shares.

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WBA

Walgreens Boots Alliance

$62.35

0.09 (0.14%)

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F

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$9.11

0.03 (0.33%)

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General Motors

$38.89

0.18 (0.46%)

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$9.11

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General Motors

$38.89

0.18 (0.46%)

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Honda

$29.35

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Nissan

$0.00

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Toyota

$145.00

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Tesla

$348.78

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Daimler AG

$0.00

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Fiat Chrysler

$16.21

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Volkswagen

$0.00

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KSS

Kohl's

$56.48

-0.56 (-0.98%)

10:35
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DIS

Disney

$139.04

2.3 (1.68%)

10:31
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KHC

Kraft Heinz

$32.77

0.01 (0.03%)

10:25
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Kraft Heinz call volume above normal and directionally bullish »

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RHHBY

Roche

$0.00

(0.00%)

10:25
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Roche to hold a conference call »

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REPL

Replimune Group

$17.24

0.11 (0.64%)

10:25
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  • 12

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Conference/Events
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LH

LabCorp

$165.45

-0.29 (-0.17%)

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CRWD

Crowdstrike

$47.57

1.39 (3.01%)

, TEVA

Teva

$9.36

0.03 (0.32%)

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CRWD

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$47.57

1.39 (3.01%)

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Teva

$9.36

0.03 (0.32%)

AMRX

Amneal Pharmaceuticals

$2.69

0.05 (1.89%)

XRX

Xerox

$38.05

-0.28 (-0.73%)

HPQ

HP Inc.

$19.33

-0.31 (-1.58%)

AMAT

Applied Materials

$56.81

0.21 (0.37%)

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UCBJY

UCB

$0.00

(0.00%)

10:20
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UCB participates in a conference call with JPMorgan »

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AMRN

Amarin

$19.92

3.02 (17.87%)

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

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ARLO

Arlo Technologies

$2.84

0.18 (6.77%)

, CCC

Clarivate Analytics

$17.22

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STOK

Stoke Therapeutics

$30.87

1.04 (3.49%)

BMRN

BioMarin

$75.96

0.72 (0.96%)

BIIB

Biogen

$291.50

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AMGN

Amgen

$223.35

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CTVA

Corteva

$27.06

0.32 (1.20%)

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CSX

CSX

$72.89

-1.04 (-1.41%)

, ETN

Eaton

$91.78

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CSX

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$72.89

-1.04 (-1.41%)

ETN

Eaton

$91.78

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AMRX

Amneal Pharmaceuticals

$2.71

0.07 (2.65%)

ALB

Albemarle

$67.47

-0.25 (-0.37%)

BOX

Box

$15.93

-0.52 (-3.16%)

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ARGO

Argo Group

$63.82

2.54 (4.14%)

, LYV

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RCII

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$23.13

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CRWD

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$47.25

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TEVA

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$9.40

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$NYE

NYSE Market Internals

$0.00

(0.00%)

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NYSE market internals summary »

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DIS

Disney

$138.17

1.43 (1.05%)

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Disney tells CNBC streaming service launch exceeds 'high expectations' »

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S

Sprint

$5.90

-0.01 (-0.17%)

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  • 09

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IDRA

Idera Pharmaceuticals

$2.29

0.06 (2.69%)

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DIS

Disney

$138.25

1.51 (1.10%)

10:12
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Disney working to fix Disney+ issues amid 'incredible response,' TechCrunch says »

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