TV ratings group Nielsen Holdings shares climbed on Tuesday, after a consortium of buyers lead by activist investors Elliott Investment Management agreed to buy the company for $16 billion. Private equity buyers, including Brookfield Asset Management and Elliott affiliate Evergreen Coast Capital Corporation will pay $28 a share for Nielsen – which, alongwith the group's debts, would lead to...
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Digital image publishing company Shutterfly has agreed to get acquired by private equity firm Apollo Global Management.
In a deal valuing Shutterfly at $2.7 billion, Apollo will use cash to buy all outstanding shares at $51 per share – which represents a 1.5% premium to Shutterfly’s closing price on Monday.
Last month, Shutterfly reported a loss of $2.44 a share on revenue of $324.7 million for the first quarter, thereby surpassing analysts’ expectations.The company predicted that its earnings would range between 61 cents and $1.11 a share for the full year, compared to analysts’ projection of 71 cents a share on revenue of $2.17 billion for year.
Shutterfly stock jumped almost +4% Friday, following the release of the company’s earnings report.
For the first quarter, the online photo company incurred a loss of -$2.44 per share, compared to analysts' expectations of a wider loss of -$2.53.The company’s revenue of $324.7 million surpassed analysts’ estimates of $323.1 million.
Looking ahead, Shutterfly expects revenue to range between $469 million and $479 million. FactSet analysts expect the figure to be $475 million for the second quarter.
For the full year, the company forecasts that earnings would range between 61 cents and $1.11 per share, on revenue of $2.13 billion to $2.21 billion. Analysts expect the company to generate earnings of 71 cents per share on revenue of $2.17 billion for year.
Private-equity behemoth Blackstone Group has reportedly pulled back from bidding for market research & TV-rating company Nielsen Holdings.
The New York Post reported Thursday that Blackstone is no longer interested in making a final offer for Nielsen, due to what is perceived as the latter’s troubling balance sheet.
The Post mentioned that Nielsen’s current stock price of $26.63 per share values the company at around $9.4 billion, but it’s debt of roughly $8 billion pushes the cost to upward of $17 billion.Nielsen is reportedly struggling to hike prices for its consumer research reports.
Citing a source close to the situation, the Post mentioned that private equity firm Apollo Global Management, which has been reportedly kicking the tyres on Nielsen since late last year, is also apparently losing interest in bidding for the company.
According to the Post, a Nielsen spokeswoman said that the company will continue to review strategic options, including a