Multi-Color in $1.3 B Deal with Constantia, Peltz Targets P&G

Mukesh Buch
17 Jul, 2017
New York City

BlackRock net soared 8% on 6% jump in revenues. Church & Dwight agreed to acquire privately held Water Pik for $1 billion. Carlyle Group agreed to buy Belgium-based ADB Safegate. J B Hunt net jumped 6%. Multi-Color agreed to acquire Germany-based Constantia Flexibles.

[R]10:00 AM New York – BlackRock net soared 8% on 6% jump in revenues. Church & Dwight agreed to acquire privately held Water Pik for $1 billion. Carlyle Group agreed to buy Belgium-based ADB Safegate. J B Hunt net jumped 6%. Multi-Color agreed to acquire Germany-based Constantia Flexibles.[/R]

Tollbooth Index gained 19.16 or 0.2% to 12,350.92.

Earnings Review

BlackRock, Inc ((BLK)) slumped 2.5% or $10.96 to $427.38 after the investment manager reported revenues in the second-quarter ending in June jumped 6% from a year ago to $2.9 billion.

Net income in the quarter soared 8% to $857 million or $5.22 per diluted share from $789 million or $4.73 in the same quarter last year.

BlackRock said as of June 30, assets under management in the quarter crossed $1.5 trillion with a record $103.6 billion of total net inflows.

Church & Dwight Co., Inc ((CHD)) edged up 4 cents to $52.66 after the personal care and specialty products maker agreed to acquire privately held oral hygiene products maker Water Pik Inc for about $1 billion in cash.

The transaction is expected to close in the third-quarter.

The Carlyle Group LP ((CG)) rose 5 cents to $20.45 after the alternative asset manager agreed to acquire airfield lighting group Belgium-based ADB Safegate from the private equity group PAI Partners without disclosing financial details.

The transaction is expected to close in the second-half of 2017.

Separately today, Carlyle agreed to make a substantial investment in software and services provider ZeroChaos.

The transaction is expected to close in the third-quarter.

J B Hunt Transport Services Inc ((JBHT)) fell 38 cents to $91.47 after the trucking services provider said revenues in the second-quarter ending in June advanced 7% from a year ago to $1.7 billion.

Net income in the quarter jumped 5.7% to $97.9 million or 88 cents per diluted share from $105 million or 92 cents in the same quarter last year.

Multi-Color Corporation ((LABL)) plunged 8.4% or $6.90 to $75.65 after the label solutions provider today agreed to acquire Germany-based rival Constantia Flexibles GmbH for about $1.3 billion or €1.15 billion in cash and stock.

Procter & Gamble Co ((PG)) slid 10 cents to $87 after the activist investor Nelson Peltz launched a bid for a seat on the consumer packaged goods maker’s board.

Trian Fund Management LP controlled by Peltz owns approx $3.3 billion worth of stake in the company.