In today’s briefing:
- Kyocera (6971 JP): Strong Performance Unlikely to Last
- HAL Holding/Royal Boskalis Westminster: Sweetened Offer
Kyocera (6971 JP): Strong Performance Unlikely to Last
- It is hard to see how Kyocera can avoid a significant slowdown in sales and earnings growth given the weakness in electronics markets and the overall economy.
- R&D and capital spending continue to rise, putting pressure on margins and offsetting gains from the weak yen.
- Valuations are not compelling. Watch out as the share price drops back from its recent high.
HAL Holding/Royal Boskalis Westminster: Sweetened Offer
- HAL increased the offer price by 3.1%, to €33.00, as final price, which represent a premium of c. 32%. A surprising move, as guidance provided no reason for doing so.
- HAL and Stichting Hyacinth own c.55.6% (27 July), vs. 46.2% upon offer announcement. Boskalis and HAL agreed that if HAL holds at least 95%, HAL will initiate a squeeze-out and delisting.
- The offer is now recommended by Boskalis’ Boards and the acceptance period has been extended until 6 September (inclusive). Tender.
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