Aspen Insurance Holdings Ltd. (AHL) Adopts 'Poison Pill' Provision Apr 17, 2014 09:12AM

Aspen Insurance Holdings Limited (NYSE: AHL) announced that its Board of Directors has adopted a shareholders rights plan (the “Rights Plan”) and resolved to issue one preferred share purchase right on each share of the Company’s ordinary shares issued and outstanding at the close of business on April 28, 2014. The Rights Plan expires on April 16, 2015, and the Board of Directors may terminate the Rights Plan at any time if it no longer believes that the Rights Plan is in the best interests of the Company and its shareholders.

In the absence of further action by the Board of Directors and subject to certain exceptions, if a person or group acquires beneficial ownership of 10% or more of Aspen’s ordinary shares (15% in the case of a passive institutional investor), the rights generally will become exercisable and allow holders (other than the person or group members acquiring such beneficial ownership) to acquire the Company's ordinary shares at a discounted price. In addition, at any time after a person or group acquires 10% or more of Aspen’s ordinary shares (15% in the case of a passive institutional investor), the Board of Directors may determine to exchange one Aspen ordinary share for each outstanding right (other than rights owned by such acquiring person or group members, which would become void).

The Rights Plan is designed to deter abusive tactics from being used in a proposed takeover, to ensure that shareholders receive fair and equal treatment in any proposed takeover of the Company and to provide that any transaction would appropriately reward our shareholders and be beneficial to our Company.

A summary of the Rights Plan will be mailed to shareholders. Additional information regarding the Rights Plan will be contained in the Form 8-K to be filed by Aspen with the U.S. Securities and Exchange Commission.

Goldman, Sachs & Co. is acting as financial advisor and Wachtell, Lipton, Rosen & Katz and Willkie Farr & Gallagher LLP are acting as legal advisors to Aspen.


MoneyGram (MGI), XOOM (XOOM) on Watch After Wal-Mart Signs New Money Transfer Agreement Apr 17, 2014 09:05AM

MoneyGram International, Inc. (NASDAQ: MGI) and XOOM (NASDAQ: XOOM) stocks were affected by an announcement Walmart introduced a money transfer service from from Euronet Worldwide Inc. (Nasdaq: EEFT). Analysts Timothy Willi speculated the company is simply getting shelf space. (Note* Comments were made prior to the announcement.)

"We believe that investors may fear that MGI is losing the WMT contract, but we view that as a low probability. More likely we believe that EEFT and WMT will announce some kind of innovative money transfer product with a variety of other services bundled together and EEFT will be another money transfer option at WMT. Note that XOOM also is offered by WMT as an online option so MGI already competes for volume at WMT. If we are correct in our assumption about EEFT getting ''shelf space'' at WMT, it should obviously be incremental upside for EEFT but we would not necessarily hold the view that the MGI revenue stream is materially at risk as all of these developments would likely be gradual in nature. Relative to the stocks, MGI might be under some initial pressure but the discounted valuation should limit downside while EEFT shares should likely respond to the upside. Conference call is at 8.30est 866.952.1907, passcode ''Walmart.''"


Thor Industries, Inc. (THO) Acquires K-Z, Inc., in $53.4M Cash Deal Apr 17, 2014 09:01AM

Thor Industries, Inc. (NYSE: THO) announced that it has entered into an agreement to acquire the outstanding capital stock of recreational vehicle (RV) manufacturer K-Z, Inc. (K-Z) in a transaction closing effective May 1, 2014. The purchase price, which will be paid in cash, is approximately $53.4 million, subject to adjustment.

"We are pleased to welcome K-Z to the Thor family. With a strong focus on value, service and quality, K-Z brings an exceptional way of doing business that really stands apart in the RV industry," said Bob Martin, Thor President and Chief Executive Officer. "With an iconic and long-standing brand, K-Z has built a successful business over the past 40 years serving a diversified distribution network of more than 200 dealers that are strong business partners. At Thor, we recognize the success of K-Z and want to see that continue as we support the management team in the next phase of their growth."

Founded in 1972, Shipshewana, Indiana-based K-Z is known for its innovative, high-quality travel trailers, fifth wheels and toy haulers. With strong brands such as Sportsmen, Spree and Durango, K-Z produces a comprehensive selection of travel trailers, fifth wheels and toy haulers with retail price points as low as $10,000 for entry-level products. The company produces its RV's at a complex consisting of 396,000 square feet of office and production space spread among six primary facilities operated by a team of approximately 320 employees. K-Z generated sales of nearly $150 million for its fiscal year ended December 31, 2013, and Thor expects the acquisition to be accretive to earnings.

"Becoming a part of Thor allows us to continue to operate K-Z with the core values and relationships that have made us successful since our founding," said Daryl Zook, founder and Chief Executive Officer of K-Z. "We understand the importance of partnering with a local Company that has strong roots in the RV industry and in our communities of northern Indiana. We share a strong commitment to product quality and excellent customer and dealer relationships that make Thor an ideal partner for K-Z."


Wal-mart (WMT), Ria (EEFT) Debut Money-Transfer Service Apr 17, 2014 08:55AM

Millions of customers transfer money domestically each year, many of them struggling to navigate the complex and costly fees that come with each transaction. Today, Wal-mart (NYSE: WMT) and Ria -- a subsidiary of Euronet Worldwide, Inc. (NASDAQ: EEFT) -- are launching a retail industry first - Walmart-2-Walmart Money Transfer Service. Available April 24, the new low-cost service allows customers to transfer money to and from more than 4,000 Walmart stores nationwide for up to 50 percent less than similar offerings on the market.

“After listening to our customers complain about the high fees and confusion associated with transferring money, we knew there had to be a solution,” said Daniel Eckert, senior vice president of services for Walmart U.S. “Walmart-2-Walmart brings new competition and transparent, everyday low prices to a market that has become complicated and costly for our customers. We’re doing what we do best - launching a new service that challenges the status quo and drives down prices for our customers.”

Walmart-2-Walmart offers a clear fee structure with just two pricing tiers: customers can transfer up to $50 for $4.50 and up to $900 for $9.50. Competitive offerings often include 10 or more fee tiers and charge up to $70 for transferring less than $1,000. Money transfers above $50 make up the majority of transactions in the U.S. Walmart-2-Walmart will bring dramatic savings to these customers, for example:

Money Transfer Amount Competitors’ Prices Walmart-2-Walmart Price
$0-50 $4.75 to $5.00 $4.50
$50-200 $11 to $12 $9.50
$400-500 $34.50 to $40
$600-700 $46 to $58
$800-900 $57 to $76

Walmart-2-Walmart leverages the retailer’s existing footprint and technology, and is powered by Ria, a Euronet subsidiary and a leading global provider of money transfers. Ria is the licensed money transfer operator for all Walmart-2-Walmart transactions, and Walmart acts as the authorized agent of Ria.

“We believe the combination of Walmart’s existing footprint, with Ria’s high-quality service, and our shared focus on the customer is what makes Walmart-2-Walmart a true differentiator and stand apart from other services on the market,” said Juan Bianchi, chief executive officer of Ria Money Transfer. “Walmart-2-Walmart isn’t just another money transfer service. It provides customers the best value with the speed and security they expect.”

Almost 28 percent of Americans are classified as either underbanked or unbanked, with millions using money transfers as a critical part of maintaining household budgets or helping friends and family in times of crisis. Communities that rely on money transfers the most include members of the military or oil field workers who send part of their paycheck back to their families each week.

Walmart also offers other everyday money services such as check cashing, bill pay, money orders and tax preparation services, as well as industry-leading pre-paid card programs though the Walmart MoneyCard, and Bluebird, a checking and debit alternative. These services - and Walmart-2-Walmart - are available at the Walmart MoneyCenter or Walmart’s customer service desks.

“Walmart-2-Walmart is a great example of how Walmart continues to partner with world-class providers to offer customers financial products and services that provide clear benefits and help them save money,” added Eckert. “The entrance of Walmart-2-Walmart into the money transfer market is good for our customers and good for business.”

For more information, please visit: news.walmart.com/walmart2walmart


Teva Pharma (TEVA), Pfizer (PFE) Settle Over Generic Celebrex Apr 17, 2014 08:44AM

Teva Pharmaceutical Industries (NYSE: TEVA) announced that its subsidiary Teva Pharmaceuticals USA, Inc. has entered into a settlement with Pfizer (NYSE: PFE) related to Teva’s generic version of Celebrex (celecoxib) 50, 100, 200 and 400 mg capsules in the United States. Under the terms of the settlement, Teva may launch its generic versions in December, 2014, or earlier under certain circumstances. Teva has received tentative approval from the U.S. Food and Drug Administration (FDA) for all strengths and believes that it is first-to-file on at least the 100, 200 and 400 mg capsules. Sales of Celebrex® were $2.2 billion in the U.S. according to IMS data as of December, 2013.


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