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IFF

IFF

$134.01

-0.55 (-0.41%)

16:03
12/15/19
12/15
16:03
12/15/19
16:03

IFF to merge with DuPont's Nutrition & Biosciences unit via Reverse Morris Trust

IFF (IFF) and DuPont (DD) announced that they have entered into a definitive agreement for the merger of IFF and DuPont's Nutrition & Biosciences business in a Reverse Morris Trust transaction. The deal values the combined company at $45.4B on an enterprise value basis, reflecting a value of $26.2B for the N&B business based on IFF's share price as of December 13. Under the terms of the agreement, which has been unanimously approved by both boards, DuPont shareholders will own 55.4% of the shares of the new company and existing IFF shareholders will own 44.6%. Upon completion of the transaction, DuPont will receive a one-time $7.3B special cash payment, subject to certain adjustments. Upon closing, the new company's board will consist of 13 directors: seven current IFF directors and six DuPont director appointees until the annual meeting in 2022, when there will be six directors from each company. Andreas Fibig will continue to be the Chairman of the Board and an IFF appointee, he will also continue as Chief Executive Officer. The company will be headquartered in New York. DuPont Executive Chairman, Ed Breen, will join the board of the combined company as a DuPont appointee and will serve as Lead Independent Director starting June 1, 2021. IFF expects to realize cost synergies of approximately $300M on a run-rate basis by the end of the third year post-closing. In addition, the combined company's target is to deliver more than $400M in run-rate revenue synergies, which would result in more than $175M of EBITDA. IFF said it is "committed to maintaining an investment grade rating and plans to delever from approximately 4.0x at transaction close to below 3.0x by year two following closing." Following the close of the transaction, IFF expects that "substantially all of the debt of the combined company will be pari passu." IFF and N&B have obtained fully-committed debt financing from Morgan Stanley and Credit Suisse.

IFF IFF
$134.01

-0.55 (-0.41%)

11/22/19
SBSH
11/22/19
UPGRADE
Target $155
SBSH
Buy
International Flavors upgraded to Buy from Neutral at Citi
Citi analyst P.J. Juvekar upgraded International Flavors & Fragrances to Buy from Neutral with a price target of $155, up from $137. Following a meeting with management, the analyst believes destocking in the Taste business with large consumer companies is coming to an end. Further, Frutarom's organic growth seems to have improved and the Russia investigation is behind International Flavor, Juvekar tells investors in a research note. In addition, he believes working capital reduction should lead to faster debt pay down for the company.
12/06/19
JPMS
12/06/19
NO CHANGE
Target $150
JPMS
Overweight
International Flavors price target raised to $150 from $140 at JPMorgan
JPMorgan analyst Jeffrey Zekauskas raised his price target for International Flavors & Fragrances to $150 from $140 and keeps an Overweight rating on the shares. International Flavors can trade higher in the coming weeks given improving business fundamentals, a "meaningful" short position of 13M shares of November 15, and the resolution to the Ukraine/Russia investigation, Zekauskas tells investors in a research note. He believes the company's business fundamentals are improving.
12/09/19
STFL
12/09/19
NO CHANGE
Target $135
STFL
Hold
International Flavors would get strategic advantage via DuPont deal, says Stifel
Following Bloomberg's report yesterday that International Flavors & Fragrances (IFF) is one of the bidders for DuPont's (DD) nutrition division, Stifel analyst Mark Astrachan said he understands if investors question if management has "earned' the right to make a sizable acquisition after Frutarom's underperformance. However, he believes buying the business would put IF&F at a strategic advantage compared peers, while not being the buyer "would similarly disadvantage the company," Astrachan tells investors. Such a deal would make International Flavors the largest global specialty ingredients company and allow it to offer a more complete product suite to a broader customer base, said Astrachan. He raised his price target on IF&F shares to $135 from $125 to reflect a higher multiple given the favorable strategic merits of the talked-about deal, though the analyst said he would likely revisit his price target should such a deal not be completed. Astrachan keeps a Hold rating on International Flavors shares.
12/15/19
12/15/19
NO CHANGE

International Flavors to merge with DuPont's Nutrition & Biosciences business

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TECK

Teck Resources

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Teck Resources call volume above normal and directionally bullish »

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CenterPoint Energy

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UAL

United Airlines

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UAL

United Airlines

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Kraft Heinz

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UAL

United Airlines

$84.94

-0.9 (-1.05%)

10:41
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AKCA

Akcea Therapeutics

$18.90

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Ionis Pharmaceuticals

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Akcea Therapeutics, Ionis Pharmaceuticals analyst commentary at Stifel »

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Akcea Therapeutics

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IONS

Ionis Pharmaceuticals

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UAL

United Airlines

$85.02

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UAL

United Airlines

$85.19

-0.65 (-0.76%)

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Boeing

$311.79

-1.52 (-0.49%)

10:38
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United Airlines says 'can't tell you how long the MAX will be grounded' »

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