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Market Update

Starwood Receives $12.8 B Buyout Offer from China- based Anbang


Author: Mukesh Buch
ticker.com
Last Update: 12:53 PM ET March 14 2016

12:00 PM New York – Starwood Hotels received buyout offer of $12.8 billion from China-based insurance company. 3D Systems net swung to a loss. A. Schulman plunged. Fresh Market surged after agreed to be acquired by Apollo Global for $1.4 billion. A. M. Castle net and revenues declined.

Tollbooth Index edged up 2.86 to 10,546.98.

Earnings Review

3D Systems Corporation (DDD) soared 25.2% or $2.91 to $14.46 after the 3D printing and surgical instruments maker said revenues in the fourth-quarter ending in December fell 2% from a year ago to $183.4 million.

Net in the quarter swung to a loss of $596.4 million or $5.32 cents per diluted share compared to profit of $1.6 million or 1 cent per share from the same quarter last year.

A Schulman Inc (SHLM) plunged 9.1% or $2.53 to $25.28 after the plastic master-batch supplier lowered diluted earnings per share forecast in the second-quarter between 25 cents to 30 cents and in the fiscal year in the range of $2.40 to $2.45.

The Fresh Market Inc (APO) surged 23.8% or $5.46 to $28.44 after the specialty grocery retailer agreed to be acquired by private equity and real estate investment group Apollo Global Management LLC for $28.50 per share in cash or $1.36 billion.

The transaction is expected to close in the second quarter of this year.

A. M. Castle & Co (CAS) declined 8.5% or 29 cents to $3.11 after the specialty metals and plastics distributor said revenues in the fourth-quarter ending in December plummeted 29.1% from a year ago to $164.2 million.

Net income in the quarter slumped 4.7% to $27.9 million or $1.18 per diluted share compared to $29.3 million or $1.25 per share from the same quarter last year.

Goldman Sachs Group Inc (GS) fell $1.42 to $152.45 after the investment bank and brokerage company’s investment management subsidiary agreed to acquire Austin-basedan online retirement savings platform provider Honest Dollar.

RadNet Inc (RDNT) declined 6.2% or 38 cents or $5.81 after the diagnostic equipment maker stated net revenues in the fourth-quarter ending in December soared 16.3% from a year ago to $215.7 million.

Net income in the quarter tumbled 79% to $0.9 million or 2 cents per diluted share compared to $4.2 million or 10 cents per share from the same quarter last year.

Starwood Hotels & Resorts Worldwide Inc (HOT) jumped 6.8% or $4.75 to $75.16 after the luxury resorts and hotels operator received unsolicited buyout offer worth about $12.8 billion from a consortium led by China-based Anbang Insurance Group Co.

The offer including $76 per in cash that values Starwood at $12.84 billion.

However, today the Marriott reported that still it’s committed for deal with Starwood but boards of Starwood said it will not changed its recommendation in support of Starwood but also keep open to talks with fresh bidder.

Marriott’s deal is worth about $65.38 cash-and-stock per share or approx $11 billion.

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