On Friday, Fortune Brands Home & Security Inc (NYSE:FBHS)’s shares inclined 0.07% to $46.05.
Fortune Brands Home & Security Inc (FBHS) revealed that it has closed an all-cash tender offer to buy all shares of the kitchen and bathroom cabinetry producer, Norcraft Companies Inc., for about $25.50 per share.
Fortune Brands had agreed to acquire Norcraft on Mar 30, 2015, following which it launched this tender offer on Apr 14. Norcraft will form part of Fortune Brands’ cabinet segment post the completion of the deal, complementing the latter well with its solid operational administration, robust dealer network and commendable experience.
On the other hand, Norcraft will leverage Fortune Brands’ strong resources and scale of operations. Overall, both the companies complement each other, which will likely drive results and boost shareholder value.
Fortune Brands Home & Security, Inc. provides home and security products for use in residential home repair, remodeling, new construction, security applications, and storage. It operates in four segments: Cabinets, Plumbing, Doors, and Security. The Cabinets segment manufactures custom, semi-custom, and stock cabinetry, in addition to vanities for the kitchen, bath, and other parts of the home under various brand names, counting Aristokraft, Kitchen Craft, Kitchen Classics, Omega, Schrock, Homecrest, Decorá, Diamond, St. Paul, Kemper, Thomasville, and Martha Stewart Living in North America.
Willbros Group Inc (NYSE:WG)’s shares dropped -8.47% to $1.62.
Willbros Group Inc (WG) declared that it has accomplished the initial transaction of its revealed intention to sell its Professional Services segment. On June 12 Willbros closed the sale of its Downstream Engineering services, based in Baton Rouge, Louisiana, and it’s Heater Engineering Services, based in Tulsa, Oklahoma, to a group led by Bernhard Capital Partners. The Company is ongoing to pursue the sale of the balance of the Professional Services segment, which comprises the midstream and mainline engineering operations, the Integrity solutions and technology business, the Land and Survey group, and the Government Services business. The balance of the businesses which remain to be sold comprises the Company’s legacy engineering operations in Tulsa, attained in 1981 with the purchase of Butler Associates, Inc., and the technology solutions developed jointly with Google, trademarked as IntegraLink. These remaining businesses constitute the core service offerings of the Professional Services segment. Willbros has retained Greenhill & Co., LLC, to represent the Company and manage the sale process.
The Company noted that there can be no assurance that the decision to offer the segment for sale will result in the Company pursuing a particular transaction or concluding any such transaction. The Company has not set a definitive timetable for completion of the process and does not intend to disclose further developments until its Board of Directors approves a specific action.
Willbros Group, Inc., together with its auxiliaries, operates as an energy infrastructure contractor serving the oil, gas, refining, petrochemical, and power industries in the United States and internationally. It provides engineering, procurement, and construction (EPC); and turnarounds, maintenance, facilities development, and operations services. The company operates through four segments: Oil & Gas, Professional Services, Utility T&D, and Canada.
At the end of Friday’s trade, Pebblebrook Hotel Trust (NYSE:PEB)‘s shares surged 1.11% to $44.53.
Pebblebrook Hotel Trust (PEB) declared that it has attained The Tuscan Fisherman’s Wharf, a Best Western Plus Hotel (“The Tuscan”) for $122.0 million. The 221-room hotel is located in the heart of Fisherman’s Wharf in San Francisco, California. The property will continue to be managed by Kimpton Hotels & Restaurants.
The Tuscan, which was built in 1990, underwent a $3.6 million renovation in 2012, impacting all areas of the hotel. The property’s unique features, such as the hotel’s corner location and central, open-air garden courtyard, allows for abundant natural light throughout the guestrooms, and an on-site, 69-space subterranean parking lot, distinguishes this boutique hotel amongst its competitors. Pescatore, the hotel’s signature 84-seat restaurant, is popular among guests and locals, offering contemporary Italian cuisine and outdoor dining along the well-traveled Fisherman’s Wharf frontage. The hotel also offers 2,000 square feet of meeting and banquet facilities, a business center, access to a 24-hour fitness facility and valet parking in the hotel’s 69-space below-grade parking facility.
Pebblebrook Hotel Trust, through Pebblebrook Hotel, L.P., operates as a real estate investment trust. The company acquires and invests primarily in hotel properties located in the United States. It holds interests in the Doubletree Bethesda Hotel and Executive Meeting Center located in Bethesda, Maryland; Sir Francis Drake Hotel located in San Francisco, California; and InterContinental Buckhead Hotel located in Atlanta, Georgia. As a REIT, the company is not subject to federal income tax to the extent that it distributes at least 90% of its taxable income to its shareholders. The company was founded in 2009 and is based in Bethesda, Maryland.
Cimarex Energy Co (NYSE:XEC), ended its Friday’s trading session with -1.60% loss, and closed at $117.22.
Cimarex Energy Co (XEC) declared that its Chief Financial Officer, Paul Korus, has informed administration and the Board of Directors of his plans to retire on or before September 1, 2015. Mr. Korus stated, I have thoroughly enjoyed my time working with the exceptional people at Cimarex. He takes great pride in their accomplishments and he look forward to following the company as a shareholder.” Thomas E. Jorden, Chief Executive Officer and Chairman, commented that Paul has been an instrumental leader at Cimarex during a period of tremendous growth that ultimately led to Cimarex becoming an investment grade company. Paul’s hard work and integrity leave them well positioned to execute on their planned plan. They wish Paul and his family well in his retirement.
Cimarex Energy Co. operates as an independent oil and gas exploration and production company primarily in Texas, Oklahoma, and New Mexico. The company owns interests in 3,240 net productive oil and gas wells. As of December 31, 2014, it had a total proved oil and gas reserves of 3.1 trillion cubic feet equivalent (Tcfe) comprising of 1.7 trillion cubic feet of natural gas; and 0.7 Tcfe each of oil and natural gas liquids primarily located in the Permian Basin and Mid-Continent regions.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should might occur.
