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Market Update

Key Safety agrees to Buy Bankrupt Takata, Martin Marietta to Buy Bluegrass

Author: Mukesh Buch
Last Update: 12:26 PM ET June 26 2017

12:25 PM New York Martin Marietta agreed to buy privately held Bluegrass Materials Co for about $1.63 billion. Key Safety agreed to acquire defective airbag maker Takata Corp for $1.6 billion. Berkshire Hathaway subsidiary acquired 10% stake in Store Capital.

Tollbooth Index edged up 1.03 to 12,134.12.

Earnings Review

Conn''s Inc (CONN) jumped 3.1% or 52 cents to $17.60 after the Point72 Asset Management, L.P. acquired 5.3% or 1,656,220 shares in the consumer electronics retailer.

Ennis, Inc (EBF) gained 1.1% or 20 cents to $17.75 after the printing services provider said revenues in the first-quarter ending in May jumped 4.6% from a year ago to $94.6 million.

Net in the quarter swung to profit $7.8 million or 31 cents per diluted share from a loss of $16.9 million or 65 cents in the same quarter last year.

Martin Marietta Materials, Inc (MLM) gained 1.8% or $4.12 to $232.39 after the construction material supplier Inc agreed to buy privately held Bluegrass Materials Co for about $1.63 billion in cash to expand into mid-Atlantic region.

The deal is expected to close in the fourth quarter of this year.

Key Safety Systems Inc, the privately held passenger car seatbelts, airbags, steering wheels maker today agreed to acquire Japan-based rival and defective airbag maker Takata Corporation for about $1.59 billion or 175 billion yen.

The transaction expected to close in the first-quarter of 2018.

Store Capital Corp (STOR) surged 11.1% or $2.30 to $23.07 after the net-lease and real estate developer said a unit of Berkshire Hathaway Inc agreed to acquire stake of approx 9.8% or $377.1 million on 18.62 million shares at $20.25 per share.

Schnitzer Steel Industries, Inc (SCHN) jumped 2.9% or 63 cents to $22.23 after the reported total revenues in the third-quarter ending in May soared 36% from a year ago to $477.1 million.

Net income in the quarter surged 51% to $16.6 million or 60 cents per diluted share from $11 million or 40 cents in the same quarter last year.

Sinovac Biotech Ltd (SVA) soared 13.7% or 78 cents to $6.48 after China-focused vaccines maker agreed to be acquired by its Sinovac (Cayman) Limited and Sinovac Amalgamation Sub Limited, a wholly owned subsidiary of parent for about $401.8 million.

WABCO Holdings Inc (WBC) increased 1.4% or $1.67 to $124.30 after the electro-mechanical products maker said that Daimler Trucks extended its long-term supply agreement for heavy-duty automated manual transmission control technology to support in Europe, North America, Japan, and South America.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc