PPG Reaches Agreement With AkzoNobel and 3 Stocks Riding 52-Week Highs
Aercap Holdings N.V. (NYSE:AER) said that it has signed a $200 million facility with DBS Bank of Singapore, in order to finance the pre-delivery payments for ten new 737-800 aircraft from The Boeing Company (NYSE:BA), which was a 2010 order for a 2015 delivery. This funding facility concludes all of AerCap’s pre-delivery payment requirements for its order for the ten Boeing 737-800 aircraft. Shares closed up 0.51 percent on the day at $13.67, having been traded in a 52-week range of $10.51 to $13.72.
B.O.S. Better Online (NASDAQ:BOSC) announces that the reverse share split previously reported on October 31st will become effective on December 14th. Through the reverse split, each group of 4 Ordinary Shares, NIS 20 nominal value per share, will be converted into one Ordinary Share, NIS 80 nominal value per share. No fractional shares will be issued resulting from the reverse-split, but rather, all fractional shares will be rounded up to the next higher whole number of shares. Shares closed up 461.97 percent on the day at $3.99, and have been traded in a 52-week range of $0.37 to $1.21.
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PPG Industries (NYSE:PPG) will purchase the North American architectural coatings division of AkzoNobel of Amsterdam, in a transaction valued at $1.05, which should close in early in the second quarter of next year. PPG Chairman and Chief Executive Charles E. Bunch stated, “We expect to achieve significantly improved net operating earnings of about $160 million for the acquired business over a three-year period, including a $60 million improvement immediately upon closing and a total of $90 million by the end of the first year.” The $60 million improvement expected upon closing includes costs which will not be incurred by PPG relating to defined benefit pension expense, amortization expense relating to prior AkzoNobel purchases and various administrative costs that will not transfer to PPG. Shares closed up 3.77 percent on the day at $129.93, having been traded in a 52-week range of $78.80 to $128.42.
Virgin Media’s (NASDAQ:VMED) board has authorized a new share repurchase program of a minimum of 1.122 billion to be completed before the end of 2014. This represents around 19 percent of the firm’s current market capitalization and includes the 122 million remaining under the pre-existing board authority. In addition, the board has okayed the use of up to 200 million in transactions related to the firm’s debt and convertible debt, which may be conducted through open market, privately negotiated, and/or derivative transactions until the end of 2014. Virgin Media’s present intention is to maintain our current dividend of 4 cents per share per quarter in 2013. Shares closed up 2.82 percent on the day at $36.07, and have been traded in a 52-week range of $20.52 to $35.86.