Consumer shares are higher IN pre-bell trading today.
In consumer sector news, Tower Group International (
) was up 2% as it said it will be bought by ACP Re, Ltd. for $3 per
share in cash, or approximately $172.1 million.
There are certain termination rights for both TGWP and ACP Re,
and further provisions that upon termination of the Merger
Agreement under certain circumstances, TWGP will be obligated to
reimburse ACP Re for certain of its transaction expenses, subject
to a cap of $2 million, and to pay ACP Re a termination fee of
$8.18 million, net of any transaction expenses it has
And, AutoNation (
) says total retail new vehicle unit sales in December 2013, as
reported to the applicable automotive manufacturers, were 29,596,
an increase of 6% as compared to a year earlier.
Same-store retail new vehicle unit sales in December 2013 were
28,271, an increase of 1% as compared to a year ago.
Also, integrated communication company RR Donnelley & Sons
) has signed a definitive agreement to acquire substantially all of
the North American operations of Esselte, a privately-owned
developer and manufacturer of nationally branded and private label
office and stationery products.
The purchase price includes a combination of cash and up to 1
million shares of RR Donnelley common stock, resulting in a total
transaction value of $96.5 million.
Finally, Zep (
) says Q1 sales were $164.9 million, above the Thomson Reuters mean
for $160.27 million. Adjusted EPS were $0.17, topping estimates by
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