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

Asset sales & divestitures, Quebec, Carpets & Rugs, Carpet and Rug Mills, Rugs and carpets, Peerless Carpet Corp., Beaulieu of America Inc

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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

Paperboard Containers, Paperboard Container Manufacturing, Paperboard Mills, Paperboard, Paper products industry, Jefferson Smurfit Corp., Stone Container Corp.

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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.

Canada, France, Switzerland, Other Aluminum Rolling and Drawing, Aluminum Mill Products, Alcan Inc., Pechiney SA

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