Notable Mergers and Acquisitions of the Day 07/10: (HSIC) (SM) (CTRP)
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* Henry Schein, Inc. (Nasdaq: HSIC) announced that it has divested its investment in a dental wholesale distributor in the Middle East. The investment was an unprofitable, noncontrolling interest in an entity that primarily served as an importer that distributed products largely to other distributors.
The divestiture is expected to generate a one-time charge in the range of $11 million to $13 million, or 13 cents to 15 cents per diluted share, in the third quarter of 2013. Henry Schein will show third quarter earnings results excluding the impact of this loss in order to provide more meaningful year-on-year comparisons of the Company`s core financial performance.
* SM Energy Company (NYSE: SM) announces that it has engaged an advisor to market all of its properties in the Anadarko Basin, which includes the Company’s Granite Wash interests. The marketing process is anticipated to take approximately six months. Production from the assets represents slightly over 9,000 BOE per day (75% natural gas), which is approximately 8% of the Company’s total production in the first quarter of 2013. The Company’s Anadarko Basin assets include approximately 56,000 net mineral acres. SM Energy regularly reviews its asset portfolio to identify opportunities to high grade and concentrate its inventory through divestitures such as this planned sale, the proceeds of which the Company expects to fund strategic projects in its portfolio.
* Ctrip.com International, Ltd. (Nasdaq: CTRP) denies rumors published on certain Chinese social media. The rumors claim that Ctrip is in discussion with a China-based Internet company on an alleged acquisition of a controlling stake at Ctrip. Ctrip is not currently in discussion with any third party on such potential acquisition.
To keep up on all the Mergers & Acquisitions data in real-time, go to our M&A Insider page.
The divestiture is expected to generate a one-time charge in the range of $11 million to $13 million, or 13 cents to 15 cents per diluted share, in the third quarter of 2013. Henry Schein will show third quarter earnings results excluding the impact of this loss in order to provide more meaningful year-on-year comparisons of the Company`s core financial performance.
* SM Energy Company (NYSE: SM) announces that it has engaged an advisor to market all of its properties in the Anadarko Basin, which includes the Company’s Granite Wash interests. The marketing process is anticipated to take approximately six months. Production from the assets represents slightly over 9,000 BOE per day (75% natural gas), which is approximately 8% of the Company’s total production in the first quarter of 2013. The Company’s Anadarko Basin assets include approximately 56,000 net mineral acres. SM Energy regularly reviews its asset portfolio to identify opportunities to high grade and concentrate its inventory through divestitures such as this planned sale, the proceeds of which the Company expects to fund strategic projects in its portfolio.
* Ctrip.com International, Ltd. (Nasdaq: CTRP) denies rumors published on certain Chinese social media. The rumors claim that Ctrip is in discussion with a China-based Internet company on an alleged acquisition of a controlling stake at Ctrip. Ctrip is not currently in discussion with any third party on such potential acquisition.
To keep up on all the Mergers & Acquisitions data in real-time, go to our M&A Insider page.
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