Eaton IPO pegged at $15 a share

Article Abstract:

Toronto, Canada-based T. Eaton Co. Ltd.'s estimated C$175-million initial public offering is pegged at C$15 a share. But observers believe the price will go down below C$15 a share due to pressure to be exerted by institutional investors. The final pricing of the Eaton shares is scheduled on May 27, 1998, with the share offering to close in early June 1998. Eaton and its underwriters have placed the value of the company at around C$468 million, figuring that total shareholders' equity would amount to an estimated C$350 million.

Comment:

Its estimated C$175-mil initial public offering is pegged at C$15 a share

Organizational history, Article

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Eaton's shares tumble to new low

Article Abstract:

Department store chain T. Eaton Co Ltd of Toronto, Ontario, has announced a major corporate restructuring to cut costs and return to profitability. The reorganization would result in the loss of 200 administrative jobs and decentralization of its operations. The company is expected to post a loss of more than C$29 million for 1998, far from the projected profit of C$58 million went it went public in June 1998. The announcement caused T Eaton shares to plunge to a record low of C$3.98 on Feb 18, 1999.

Sales, profits & dividends

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Shares of troubled Eaton's jump as takeover talk swirls

Article Abstract:

The shares of financially troubled department store chain T Eaton Company Ltd of Toronto, Ontario, has surged on rumor of a possible takeover bid by Federated Department Stores Inc of Cincinnati, OH. Eaton's leaped by C$1.50 to close of C$6.50 after falling to its lowest level in 1999. The rumored buyer, Federated, runs a chain of stores including Bloomingdale's and Macy's.

Asset sales & divestitures

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