U.S. Movers: ArcelorMittal, Avis Budget, Acadia Healthcare, Middleby

Mukesh Buch
02 Jan, 2013
New York City

Avis Budget agreed to acquire Zipcar for $500 million. Acadia Healthcare completed acquisitions of Behavioral Centers and AmiCare. Middleby agreed to buy Viking valued at $380 million in cash.

[R]11:50 AM New York – Avis Budget agreed to acquire Zipcar for $500 million. Acadia Healthcare completed acquisitions of Behavioral Centers and AmiCare. Middleby agreed to buy Viking valued at $380 million in cash.[/R]

Avis Budget Group, Inc. ((CAR)) gained 3.1% or 68 cents to $20.46 after the rental car company agreed to acquire Zipcar for $12.25 a share in cash, 49% premium from closing price of December 31, represents total value of nearly $500 million. The transaction is expected to be completed in the spring of 2013.

The Avis reiterated fiscal 2012 revenues to increase 24% from a year ago to $7.3 billion and diluted earnings per share in the range of $2.35 to $2.45.

Zipcar surged 47.8% or $3.94 to $12.18.

Acadia Healthcare Company, Inc. ((ACHC)) rose 15 cents to $23.50 after the health care service provider completed the acquisitions of Behavioral Centers of America, LLC and AmiCare Behavioral Centers.

The company said proceeds from the recent sale of common stock was used to fund the BCA and AmiCare acquisitions.

ArcelorMittal SA ((MT)) increased 2.4% or 43 cents to $17.90 after the steel maker agreed to sell 15% stake in its ArcelorMittal Mines Canada to a consortium led by POSCO and China Steel Corporation to raise $1.1 billion to clear debt in sluggish demand.

The transaction is expected to close in two installments in the first and second quarters of 2013.

Iberdrola SA, the Spain based energy transmission company agreed to sale to a consortium for 20% to EDF Energies 40% to Nouvelles, MEAG, asset manager of Munich Re and ERGO, and 40% to GE Energy Financial Services for sale of 32 operating onshore wind farms in France totaling 321.4 megawatts.

Transaction is valued at €350 million or $462 million.

MWI Veterinary Supply, Inc. ((MWIV)) gained 1% or $1.13 to $111.13 after the animal health products distributor completed the acquisition of Prescription Containers Inc. for about $17 million. The transaction is expected to accretive to in the fiscal year ending September 2013.

Starbucks Coffee & Company ((SBUX)) climbed 2.2% or $1.23 to $54.87 after the coffee house retailer completed acquisition of Teavana Holdings, Inc. ((TEA)) for aggregate acquisition price of nearly $620 million in cash or $15.50 per share in cash.

The Middleby Corporation ((MIDD)) jumped 2.8% or $3.61 to $131.82 after the cooking and warming equipments maker agreed to acquire Viking for transaction valued of $380 million in cash. Viking has approximately $200 million in annual revenues.