U.S. Movers: Brady, Cal-Maine, Duff & Phelps, LMI Aerospace

Mukesh Buch
31 Dec, 2012
New York City

Brady Corp. agreed to purchase Precision Dynamics for $300 million. Cal-Maine second quarter net declined 39%. Duff & Phelps agreed to be acquired by a consortium of funds including Carlyle Group. LMI Aerospace completed acquisition of Valent Aerostructures for $237 million.

[R]10:15 AM New York – Brady Corp. agreed to purchase Precision Dynamics for $300 million. Cal-Maine second quarter net declined 39%. Duff & Phelps agreed to be acquired by a consortium of funds including Carlyle Group. LMI Aerospace completed acquisition of Valent Aerostructures for $237 million.[/R]

Brady Corporation ((BRC)) gained 6 cents to $32.79 after the security systems agreed to purchase Precision Dynamics Corporation from private equity firm in a cash transaction for $300 million.

Cal-Maine Foods, Inc. ((CALM)) plummeted 9.6% or $4.27 to $40.33 after the shell eggs producer said net revenue in the second quarter ending on December 1 climbed 13% to $328.9 million from $290.4 million in the same period of last year. Net income in the quarter declined 39% to $14.3 million or 60 cents a diluted share compared to $23.3 million or 97 cents a share a year ago earlier.

Chicago Tribune, the media group emerged today with new ownership and new board of directors and was release from its massive debt.

Tribune elected former Fox Entertainment chairman Eddy Hartenstein as chief executive officer.

Duff & Phelps Corporation ((DUF)) surged 19.2% or $2.51 to $15.56 after the financial advisor agreed to be acquired by private investor consortium. The Carlyle Group, Stone Point Capital LLC, Pictet & Cie and Edmond de Rothschild Group will acquire the company for $15.55 a share in cash with total transaction valued at nearly $665.5 million.

The offer represents 19% premium to closing price of on December 28 and the transaction is expected to close in the first half of 2013.

Health Care REIT, Inc. ((HCN)) slipped 29 cents to $60.54 after the real estate investment trust priced $1.2 billion in aggregate principal amount of senior unsecured notes to repay the previously announced acquisition of Sunrise Senior Living, Inc.

LMI Aerospace, Inc. ((LMIA)) added 4 cents to $18.96 after the aerospace and defense components provider completed its acquisition of Valent Aerostructures, LLC for $237 million, plus certain obligations of $9.7 million.