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Monday, 23 September 2013 13:01

BlackBerry agrees to sell itself

TORONTO (AP) - BlackBerry has agreed to sell itself for $4.7 billion to a group led by largest shareholder, Fairfax.

BlackBerry said Monday that a letter of intent has been signed and its shareholders will receive $9 in cash for each share.

Fairfax head Prem Watsa is a former board member who owns 10 percent of BlackBerry. Watsa stepped down when BlackBerry announced it was considering a sale last month. The billionaire is one of Canada's best-known value investors. .

Trading of the company's stock was halted ahead of the news. BlackBerry shares plunged after the company announced Friday a loss of nearly $1 billion and layoffs of 4,500 workers.

The BlackBerry, pioneered in 1999, was once the dominant smartphone for on-the-go business people and other consumers before Apple's iPhone debuted in 2007.

 
Published in Business
Monday, 23 September 2013 12:59

BlackBerry agrees to sell itself

TORONTO (AP) - BlackBerry has agreed to sell itself for $4.7 billion to a group led by largest shareholder, Fairfax.

BlackBerry said Monday that a letter of intent has been signed and its shareholders will receive $9 in cash for each share.

Fairfax head Prem Watsa is a former board member who owns 10 percent of BlackBerry. Watsa stepped down when BlackBerry announced it was considering a sale last month. The billionaire is one of Canada's best-known value investors. .

Trading of the company's stock was halted ahead of the news. BlackBerry shares plunged after the company announced Friday a loss of nearly $1 billion and layoffs of 4,500 workers.

The BlackBerry, pioneered in 1999, was once the dominant smartphone for on-the-go business people and other consumers before Apple's iPhone debuted in 2007.

 
Published in National News

The St Louis Business Journal reports that CKE Inc., the company that owns St. Louis based Hardee's and California based Carl's Jr. chains, reportedly is exploring a potential sale a year after postponing its initial public offering.

The company is working with Goldman Sachs Group Inc. on the early stages of a sale process that could value the company at more than $1.7 billion, sources told Reuters.

Carpinteria, Calif.-based CKE, which is led by CEO Andy Puzder, was taken private by Apollo Global Management in 2010 in a deal valued at close to $700 million. The company had planned to go public again last August in a $213 million IPO, but opted to hold off, citing market conditions.

 

Published in Local News

Gannett Co., the owner of USA TODAY and other newspaper and television properties, including KSDK-TV, across the USA and United Kingdom, announced Thursday that it is entering into a definitive merger agreement with Belo Corp., catapulting Gannett into the nation's fourth-largest owner of major network affiliates reaching nearly a third of U.S. households.

Belo owns and operates 20 TV stations -nine in the top 25 markets - and their associated websites.

The acquisition nearly doubles Gannett's current broadcast portfolio from 23 to 43 stations, including stations to be serviced by Gannett through shared services or similar sharing arrangements.

Gannett will acquire all outstanding shares of Belo for $13.75 per share in cash, or approximately $1.5 billion, plus assume $715 million in existing debt for an enterprise value of approximately $2.2 billion. The transaction, which has been unanimously approved by the boards of directors of both companies, represents a 28.1% premium to the closing price of Belo common stock on June 12, 2013.

President and Chief Executive Officer Gracia Martore of Gannett, said, "We are thrilled to bring together two highly respected media companies with rich histories of award-winning journalism, operational excellence and strong brand leadership."

Belo's President and Chief Executive Officer Dunia Shive said, "This is an outstanding and financially compelling transaction for our shareholders. It is also a testament to the tremendous value our employees have created over Belo's long history and to the strength of our brand in the media industry."

Headquartered in McLean, Virginia, Gannett engages more than 100 million people every month through its network of broadcast, digital, mobile and publishing properties. In addition to USA TODAY, Gannett owns regional newspapers such as the Detroit Free Press and The Courier-Journal in Louisville, Ky.

Shares (GCI) in Gannett closed down 1.59% on Wednesday but have soared to $19.85 from $12.50 in July as the company has aggressively pursued efforts to diversity its business model.

Gannett earned $104.6 million, or 44 cents per share, in the January-March period. That was up from $68.2 million, or 28 cents per share, a year earlier. Revenue grew 1.6% to $1.24 billion from $1.22 billion.

 

Published in Local News
Tuesday, 21 May 2013 17:34

Stan Musial's house for sale

For the right price, you can live like a Cardinal great.

The home of Stan "The Man" Musial is on the market. The family of Stan decided it is time to sell his mid-century Ladue home. For under $2 million--$1.8  to be precise--you can walk the same floors as Musial and his wife Lil.

According to the listing the house is over 5,200 square feet with four bedrooms and seven baths. The home is set on three acres of land. Musial was 92 when he died in January. 

Published in Local News
Thursday, 14 March 2013 11:17

Ameren sells off IL coal plants

St Louis based utility Ameren Corporation is getting rid of its troubled Illinois power generating business.

They claim dumping the Illinois coal plants will reduce business risk, improve earnings and strengthen its balance sheet. Ameren executives say the company will focus on its utilities and the expansion of its transmission system.

Dynegy Inc. will buy the five Ameren coal-fired power plants representing more than 4,100 megawatts of generating capacity as well as Ameren’s power marketing business.

Ameren will receive no cash in the deal, but it will benefit by offloading $825 million of debt tied to the generating business. The company said it will also realize $180 million in tax benefits.
Published in Local News

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