On Monday, Apollo Global Administration LLC (NYSE:APO)’s shares inclined 3.4% to $21.89.
OM Group, Inc. (OMG), a technology-driven diversified industrial company, recently declared that it has reached a definitive agreement to be attained by funds managed by associates of Apollo Global Administration, LLC (APO) (together with its merged auxiliaries, “Apollo”, and such funds, collectively, the “Apollo Funds”), for $34.00 per share in cash. The purchase price represents a premium of about 28% over OM Group’s closing share price on May 29, 2015.
Platform Specialty Products (“Platform”) (PAH) will acquire OM Group’s Electronic Chemicals and Photomasks businesses, which combined represented about $28 million of adjusted EBITDA in 2014, from the Apollo Funds in two separate transactions for total cash consideration of $365 million. Platform believes there is a synergy opportunity in excess of $20 million over the next two years from the combination of these complementary assets. Following the transactions, the Apollo Funds will own OM Group’s Magnetic Technologies, Battery Technologies and Advanced Organics businesses.
Apollo Global Administration, LLC is a publicly owned investment manager. It primarily provides its services to endowment and sovereign wealth funds, in addition to other institutional and individual investors. The firm manages client focused portfolios. It launches and manages hedge funds and mutual funds for its clients. The firm also manages real estate funds and private equity funds for its clients.
Magna International Inc. (USA) (NYSE:MGA)’s shares dropped -0.04% to $55.15.
Magna International Inc. (MGA) stated financial results for the second quarter ended June 30, 2015.
BASIS OF PRESENTATION
In the second quarter of 2015, we signed an agreement to sell substantially all of our interiors operations to Grupo Antolin, a leading global supplier of automotive interior systems. The purchase price for the operations, not taking into account certain assets, is about $525 million, subject to customary closing adjustments. We will continue managing our seating operations which are not comprised of in this arrangement. The assets and liabilities, and operating results for the formerly stated interiors operations are presented as suspended operations, and have therefore been excluded from ongoing operations for all periods presented in this press release.
THREE MONTHS ENDED JUNE 30, 2015
During the second quarter of 2015, income from ongoing operations before income taxes was $726 million, net income from ongoing operations was $538 million and diluted earnings per share from ongoing operations were $1.29, enhances of $22 million, $19 million and $0.11 respectively, each contrast to the second quarter of 2014.
For the second quarter of 2015, other (income) expense positively influenced income from ongoing operations before income taxes by $57 million, net income from ongoing operations attributable to Magna International Inc. by $42 million, and diluted earnings per share from ongoing operations by $0.10, respectively.
Magna International Inc. develops, manufactures, engineers, supplies, and sells automotive products. It operates through North America, Europe, Asia, and Rest of World segments. The company offers body and chassis systems, and related engineering services; seating systems, counting complete seating systems, seat structures and mechanisms, and foam and trim products; interior components and systems, such as garnish and hard trim, soft trim, instrument panels and consoles, overhead systems, and door panels, in addition to powertrain systems, such as driveline systems, fluid pressure and controls, metal forming solutions, and engineering services and system integration solutions.
At the end of Monday’s trade, Civeo Corp (NYSE:CVEO)‘s shares surged 1.05% to $1.93.
Civeo Corporation (CVEO) stated financial results for the second quarter ended June 30, 2015.
SECOND QUARTER 2015 RESULTS
In the second quarter of 2015, the Company generated revenues of $143.1 million, EBITDA of $28.8 million and Adjusted EBITDA of $40.7 million. Net loss for the quarter was $13.5 million, or $0.13 per diluted share, inclusive of a $6.6 million (or $0.06 per diluted share) after-tax loss related to the impairment of fixed assets at a village in Australia and a $1.6 million (or $0.02 per diluted share) after-tax loss from costs incurred in connection with the migration to Canada.
(EBITDA is defined as net income plus interest, taxes, depreciation and amortization and Adjusted EBITDA is defined as EBITDA adjusted to exclude impairment charges and certain other costs such as those associated with the spin-off and the migration).
In the second quarter of 2014, the Company generated revenues of $227.1 million. Net income in the year ago period was $13.9 million, or $0.13 per diluted share, which comprised of a $0.09 per diluted share after-tax loss from transition costs, debt extinguishment costs and an impairment incurred in connection with the spin-off from Oil States, a $0.03 per diluted share after-tax loss from severance costs associated with the termination of an executive, and a $0.02 per diluted share after-tax loss from the impairment of assets, and for which the return or reimbursement is unlikely. EBITDA and Adjusted EBITDA in the second quarter of 2014 were $59.0 million and $76.6 million, respectively.
Civeo Corporation provides remote site accommodations for the natural resource industry in Australia, Canada, and the United States. It also offers facility administration services, counting food services; customized facility administration information systems that provide clients with the tools and information necessary to manage the allocation of contracted rooms and service days; and support services, such as housekeeping and janitorial services, facility maintenance, laundry, communications, supply chain and logistics administration, power generation, and transportation and personnel logistics.
Vulcan Materials Company (NYSE:VMC), ended its Monday’s trading session with 1.45% gain, and closed at $95.98.
The Board of Directors of Vulcan Materials Company (VMC) declared a quarterly cash dividend of ten cents per share on its common stock. The dividend will be payable on September 10, 2015, to shareholders of record at the close of business on August 25, 2015.
Vulcan Materials Company produces and sells construction aggregates, asphalt mix, and ready-mixed concrete primarily in the United States. It operates through four segments: Aggregates, Asphalt Mix, Concrete, and Calcium. The Aggregates segment offers crushed stone, sand and gravel, sand, and other aggregates, in addition to related products and services.
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