On Wednesday, Con-way Inc (NYSE:CNW)’s shares declined -1.80% to $35.53.
XPO Logistics, Inc. and Con-way Inc. (CNW) declared that they have reached a definitive agreement for XPO Logistics to acquire Con-way. The transaction will enhance XPO`s range of supply chain solutions by making XPO the second largest less-than-truckload (LTL) provider in North America, and will expand the company`s global contract logistics platform. XPO will also capitalize on synergies from the combination with Con-way`s managed transportation, truckload and freight brokerage businesses.
Headquartered in Ann Arbor, Mich., Con-way is a Fortune 500 company with a transportation and logistics network of 582 locations and about 30,000 employees serving over 36,000 customers. For the full year 2015, consensus analysts` estimates for Con-way are $5.7 billion of revenue and $528 million of adjusted EBITDA. The transaction is predictable to be substantially accretive to XPO`s earnings in the first 12 months.
Highlights of the Projected Transaction
- Under the terms of the agreement, XPO will launch a tender offer for all of Con-way`s outstanding shares at a cash price of $47.60 per share. Following the tender offer, if successful, Con-way will merge with a partner of XPO, becoming a wholly owned partner of XPO, and all remaining outstanding shares of Con-way will receive the same consideration paid to stockholders who take partd in the tender offer.
- Bradley Jacobs, chairman and chief executive of XPO Logistics, will retain these positions and lead the combined company. Douglas Stotlar, Con-way`s president and chief executive officer, will serve in a non-executive advisory capacity during a transition period.
- The transaction is not conditioned on financing. XPO has received committed financing from Morgan Stanley in the aggregate amount of $2.0 billion. The company has about $1.2 billion in cash and an undrawn $415 million ABL revolver, and Con-way has about $424 million of cash. XPO anticipates to substantially enhance its ABL capacity based on the addition of receivables from the acquisitions of Norbert Dentressangle and Con-way.
Con-way Inc., together with its auxiliaries, provides transportation, logistics, and supply chain administration services to various manufacturing, industrial, and retail customers in North America and internationally. It operates through three segments: Freight, Logistics, and Truckload. The Freight segment offers day-definite regional, inter-regional, and transcontinental less-than-truckload freight services with a fleet of line-haul, and pickup-and-delivery tractors and trailers. As of December 31, 2014, this segment owned and operated about 9,500 tractors and 25,500 trailers. The Logistics segment develops contract-logistics solutions, counting managing complex distribution netoperates; and providing supply chain engineering and consulting services, in addition to multimodal freight brokerage services.
Newell Rubbermaid Inc. (NYSE:NWL)’s shares dropped -2.59% to $42.44.
Newell Rubbermaid (NWL) declared it will reaffirm its fiscal year 2015 outlook, as offered in its second quarter 2015 earnings press release dated July 31, 2015, during its presentation recently at the Barclays Global Consumer Staples Conference.
Non-GAAP Financial Measures
This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission and comprises a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.
The company uses certain non-GAAP financial measures that are comprised of in this press release and the additional financial information both in explaining its results to stockholders and the investment community and in its internal evaluation and administration of its businesses. The company’s administration believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures (a) permit investors to view the company’s performance using the same tools that administration uses to evaluate the company’s past performance, reportable business segments and prospects for future performance and (b) determine certain elements of administration’s incentive compensation.
Newell Rubbermaid Inc. manufactures and markets consumer and commercial products worldwide. It operates through five segments: Writing, Home Solutions, Tools, Commercial Products, and Baby & Parenting. The Writing segment offers writing instruments, such as markers and highlighters, pens, and pencils; art products; fine writing instruments; and labeling solutions under the Sharpie, Paper Mate, Expo, Parker, Waterman, and Dymo Office brand names.
At the end of Wednesday’s trade, Flexion Therapeutics Inc (NASDAQ:FLXN)‘s shares dipped -24.07% to $22.02.
Flexion Therapeutics, Inc. (FLXN) stated top-line results from the first of two pivotal clinical trials of its lead drug candidate FX006 in patients with moderate to severe osteoarthritis (OA) knee pain. In this trial, 40 mg of FX006, contrast to placebo (saline), demonstrated statistical significance in average pain relief over weeks 1 through 12 (p = 0.0012; 2-sided) and over weeks 1 through 24 (p = 0.0209; 2-sided). At weekly time points, 40 mg of FX006 also demonstrated superiority to placebo in pain relief startning at week 1, ongoing to week 11 and also at week 13 (p < 0.05 at each time point; 2-sided). The primary endpoint of the trial, superiority in pain relief at 12 weeks, did not reach statistical significance (p = 0.0821; 2-sided). A pre-specified, commonly applied sensitivity analysis (Baseline Observation Carried Forward/Last Observation Carried Forward (BOCF/LOCF)) that addresses patient dropouts, however, did demonstrate statistical significance for the primary endpoint at 12-weeks (p = 0.042).
Overall, the 40 mg dose of FX006 performed better than the 20 mg FX006 dose. In particular, the 40 mg dose conferred more durable pain relief.
The frequency of treatment-related adverse events across the three groups (FX006 40 mg, FX006 20 mg and placebo) was comparable, and no drug-related serious adverse events were observed in the trial. Adverse events thought to be at least possibly related to study drug as assessed by the investigator were less frequent for FX006 than placebo.
Flexion Therapeutics, Inc., a specialty pharmaceutical company, focuses on the development and commercialization of anti-inflammatory and analgesic therapies for the treatment of patients with musculoskeletal conditions. It lead product candidate comprises FX006, a sustained-release intra-articular steroid, which is in placebo-controlled Phase III clinical trials to treat the patients with moderate to severe osteoarthritis (OA) pain. The company is also developing FX007, a preclinical, small-molecule TrkA receptor antagonist to address post-operative pain; and FX005, a sustained-release intra-articular p38 MAP kinase inhibitor, which is in Phase IIa clinical trials intended as a therapy for patients with end-stage OA pain. Flexion Therapeutics, Inc. was founded in 2007 and is headquartered in Burlington, Massachusetts.
Raytheon Company (NYSE:RTN), ended its Wednesday’s trading session with -0.40% loss, and closed at $106.11.
The U.S. Naval Research Lab and Raytheon Company (RTN) have demonstrated successful captive flights of a modular, rapid replacement architecture for electronic warfare (EW) payloads on the Miniature Air Launched Decoy-Jammer (MALD-J). The testing occurred during the biannual Northern Edge exercise in Alaska.
Called CERBERUS, four separately developed EW payloads were used in 12 operationally relevant missions. The interchangeable payloads, each customized for a specific mission and threat, were swapped onto the captive carry vehicle in less than one minute. The payloads were designed to be used on a MALD® vehicle.
The critical technology for the quick-attachment technique was borrowed from IndyCar racing technology. CERBERUS adapted the half-turn quick lock developed by Dallara, which has 40 years of expertise in producing some of the safest and fastest racing cars in the world. This design was altered to meet aerospace form factors and environmental requirements.
Raytheon Company develops integrated products, services, and solutions in the areas of sensing; effects; command, control, communications, and intelligence; mission support; and cyber and information security worldwide. It operates in four segments: Integrated Defense Systems (IDS); Intelligence, Information, and Services (IIS); Missile Systems (MS); and Space and Airborne Systems (SAS). The IDS segment provides integrated air and missile defense; radar solutions; naval combat and ship electronic systems; command, control, communications, computers, and intelligence solutions; and air traffic administration systems.
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