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Agrium Inc. (NYSE:AGU) announced the preliminary results of its substantial issuer bid to repurchase up to Cdn$900 million of its shares. Agrium is to pay for nearly 8.72 million common shares for Cdn$103.00 per share under the offer. The shares purchased account for about six percent of the shares that are currently outstanding (undiluted). After giving effect to the repurchase, Agrium will be left with about 149 million shares issued and outstanding. The purchase price paid per share will likely be $103.00, a 1 percent discount to the closing price on the Toronto Stock Exchange of $103.95 on Oct.19. 2012, the date the bid expired, and a 1.5 percent premium to the volume-weighted average price during the tender period of $101.47. The shares closed at $107.94, up $3.54 or 3.39% on the day. They have traded in a 52-week range of $63.39 to $107.01.
Cascade Corp. (NYSE:CASC) shares saw a boost after the company announced a definitive agreement earlier beneath which Toyota Industries Corporation is to acquire 100 percent of the Cascade shares for $65 per share in cash. The companies stated that the transaction, which has a value of about $759 million pursuant to a tender offer, was unanimously approved by the Boards of Directors of both TICO and Cascade and that the transaction is not subject to a financing condition. The merger deal will likely close by the end of calendar year 2012, according to the company. In early morning trading, Cascade shares saw an increase $9.89, or 17.96%, to $64.97. The shares closed at $64.97, up $9.89 or 17.96% on the day. They have traded in a 52-week range of $37.30 to $59.95.
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Lennox International (NYSE:LII) has increased its guidance for revenue growth at constant currency from 3 to 6 percent to a range of 5 to 7 percent. The company still assumes a negative 1 point impact from foreign exchange on a full-year basis, causing a revenue growth guidance of 4 to 6 percent at actual currency. The shares closed at $49.65, up $1.15 or 2.37% on the day. They have traded in a 52-week range of $28.45 to $51.30.
Longwei Petroleum (AMEX:LPH): Longwei Petroleum Investment Holding has completed an independent appraisal of assets purchased from Huajie Petroleum, and the company received the official asset ownership registration documents from the local government. Longwei contracted Shanxi Wan Jia Assets Appraisal for the inspection and to perform an independent valuation report of the Huajie assets that were purchased on September 26. The updated appraisal value of the Huajie assets totaled about $119.4 million, which is a 7.5 percent rise in value over the purchase price. Additionally, the updated valuation report is an increase of about $3.5 million from the February 13, 2011 independent valuation report of nearly $115.9 million, as a result of the rise in the real estate value. The shares closed at $2.31, up $0.17 or 7.94% on the day. They have traded in a 52-week range of $0.92 to $2.19.
Potlatch Corp. (NYSE:PCH): The company stated: “In our Wood Products business, prices have begun their normal seasonal softening, but we expect prices to remain relatively firm. In fact, we anticipate lumber prices will bottom out in October or November before beginning to climb again in December as buyers will then be in the market preparing for 2013 and wanting to get ahead of the strengthening housing market. In our Resource segment, we continue to expect our 2012 harvest to be approximately 3.5M tons. In general, our Resource segment is benefitting from the improved demand and higher lumber pricing in the wood products industry, particularly in Idaho. However, we expect log prices to decrease slightly in the fourth quarter, primarily due to seasonal factors and product mix. Nonetheless, as we look to 2013, we expect housing starts to continue to increase and anticipate firmer log and lumber prices in that year and beyond. We will provide an update on planned 2013 harvest levels during our fourth quarter earnings call in early 2013. Finally, we expect solid earnings in our Real Estate business for the fourth quarter with the planned $11M conservation sale in addition to other attractive real estate sales.” The shares closed at $38.80, up $0.82 or 2.16% on the day. They have traded in a 52-week range of $28.02 to $38.58.
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