Market Updates
U.S Movers: Alphabet, Brinker International, Kellanova
Scott Peters
14 Aug, 2024
New York City
Kellanova surged 7.8% to $80.35 after the snack maker agreed to be acquired by Mars for $83.50 per share in cash, or a total consideration of $35.9 billion, including debt.
The purchase price represents a premium of approximately 44% to Kellanova’s unaffected 30-trading day volume weighted average price and a premium of approximately 33% to Kellanova’s unaffected 52-week high as of August 2, 2024.
The total consideration represents an acquisition multiple of 16.4 of adjusted operating earnings as of June 29.
Brinker International decreased 13.4% to $60.97, and the parent company of Chili's restaurant chain reported weaker-than-expected fiscal fourth quarter earnings.
The company's annual guidance fell short of market expectations.
Revenue in the quarter ending on June 26 increased to $1.2 billion from $1.1 billion, net income edged up to $57.3 million from $54.2 million, and diluted earnings per share expanded to $1.24 from $1.19 a year ago.
Comparable restaurant sales increased by 13.5%, driven by a 14.8% increase at Chili's and a 2.5% increase at Maggiano's restaurant chains.
Alphabet Class A declined 3.6% to $158.19 after a Bloomberg New report suggested that U.S. regulators are considering a break-up of mega-cap tech companies.
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