Peerless Carpet endorses U.S. takeover bid
Article Abstract:
Peerless Carpet Corp. of Acton, Quebec, the only publicly-traded rug manufacturer in Canada, announced recently that its board of directors is supporting the $48.4 million takeover bid of rival Beaulieu of America Inc. of Dalton, GA. The $3.10-per-share offer from the US company represents a one-third premium over Peerless' most recent stock price. The offer, however, is conditional on the acceptance by 90% of Peerless shareholders. If the acquisition is approved, Peerless will be combined into Beaulieu's Canadian division, Coronet Canada, which is based in nearby Farnham, Quebec.
Comment:
Its $48.4 mil takeover bid for Peerless Carpet Corp is being supported by Peerless' board of directors
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Stone merger sparks stock sale rumours
Article Abstract:
Chicago, IL-based Stone Container Corp.'s merger with Jefferson Smurfit Corp. has sparked rumours of the company's sale of its 25% interest in Abitibi-Consolidated Inc. of Montreal, Quebec. The company expects a favorable ruling from Revenue Canada that will enable it to cut the tax implications of the sale of the 48.8 million shares in owns in Abitibi. Analysts suggest that the company should sell the C$1.1 billion block in a secondary offering as soon as possible because most institutional investors would be reluctant to buy the stock at a higher price.
Comment:
Has merged with Stone Container
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Alcan merger seen fuelling slugfest
Article Abstract:
Montreal, Canada-based Alcan Aluminum Lt's merger with France's Pechiney SA and Switzerland's Alusuisse Lonza Group AG is seen as fuelling a two- way race squaring off Alcan against US-based rival Alcoa Inc for the position as the dominant force in the aluminum industry. The deal would create a new entity that would surpass Alcoa, with production of nearly 2.8 million tonnes annually. However, analysts said Alcoa would possibly make a move in order to keep its current status as the world's No. 1 aluminum producer.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Alcan says tax makes it takeover bait. Discount beers take fizz out of Molson
- Abstracts: BioChem wins round to expand way drug used. Laser vision surgery staging comeback. Dissident shareholders launch Wex proxy battle
- Abstracts: Combating addiction: Better or worse? Universal coverage: Coverage declines
- Abstracts: The roots of failure: two new studies link poverty and illiteracy. Brave new schools: welcome to the crowded classroom of '96, where innovation is the key to success
- Abstracts: Sex, lies and the president: Clinton faces new woes over an embarrassing lawsuit. Questions of ethics: Gingrich and Clinton are both tainted by scandal