14.20 -0.05 (-0.35%)
After hours: 5:16PM EST
|Bid||14.06 x 900|
|Ask||14.20 x 1800|
|Day's Range||13.81 - 14.78|
|52 Week Range||11.72 - 16.00|
|Beta (5Y Monthly)||0.51|
|PE Ratio (TTM)||712.50|
|Forward Dividend & Yield||0.24 (1.60%)|
|Ex-Dividend Date||Mar 08, 2020|
|1y Target Est||18.44|
TAMPA, FL , Feb. 28, 2020 /CNW/ - Cott Corporation (NYSE:COT; TSX:BCB) continues its transition into a pure-play water solutions provider with today's announcement that it has closed the previously announced sale of S&D Coffee and Tea ("S&D") to Westrock Coffee Company, LLC ("Westrock Coffee") for $405 million on a debt free and cash free basis. "I would like to take this opportunity to thank Ron Hinson , CEO of S&D Coffee & Tea, and all of the management and team members of S&D who have grown this business over the years and wish them the best as they enter the next chapter in the company's storied history," said Tom Harrington , Cott's Chief Executive Officer. BMO acted as financial advisor to Cott while Faegre Drinker Biddle & Reath LLP acted as legal advisor.
Cott Corporation (NYSE:COT; TSX:BCB) ("Cott"), a leading provider of home and office bottled water delivery and filtration services in North America and Europe, today announced that it has extended the expiration of its exchange offer to acquire all of the outstanding shares of common stock of Primo Water Corporation (NASDAQ: PRMW) ("Primo") to 5 p.m., New York City time, on February 28, 2020, unless the exchange offer is further extended, withdrawn or varied. Cott is extending the exchange offer to allow additional time for the satisfaction of the closing conditions under the merger agreement, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
Subsequent changes in holdings or intentions must be reported in amended filings. Jana Partners reported that it holds 6,404,324 common shares of the casual-dining chain, a 7.4% interest in the stock. Jana revealed that it plans to nominate two directors for election at the upcoming 2020 annual shareholder meeting.
Canada's Cott Corp said on Friday it would sell its S&D Coffee and Tea business to privately owned Westrock Coffee Co for $405 million in cash, as it looks to focus on its more profitable water business. Earlier this month, Cott said it would buy U.S.-based Primo Water Corp for $549.4 million, bolstering its bottled water business in the North American market.
TAMPA, FL , Jan. 31, 2020 /CNW/ - Cott Corporation (NYSE:COT; TSX:BCB) (the "Company" or "Cott") continues its transition into a pure-play water solutions provider with today's announcement that it has entered into a definitive agreement pursuant to which Cott will sell S&D Coffee and Tea ("S&D") to Westrock Coffee Company, LLC ("Westrock Coffee") for $405 million on a debt free and cash free basis, subject to a customary working capital adjustment. S&D has provided quality beverages since 1927 and is a U.S. market leader in custom coffee roasting and the largest blender of iced teas for food service and convenience stores in the United States .
Cott Announces Acquisition of Roaring Spring Water, Strengthening its Customer Base in Maryland, Pennsylvania and West Virginia
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Cott Corporation and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Cott Corporation (NYSE: COT; TSX: BCB) ("Cott" or the "Company"), a leading provider of home and office bottled water delivery services in North America and Europe and a leader in custom coffee roasting for the U.S. food service industry, announced today that the Company will release its fourth quarter ended December 28, 2019 and fiscal year 2019 financial results before the markets open on Thursday, February 20, 2020.
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Primo Water Corporation ("Primo" or the "Company") (NASDAQ: PRMW) in connection with the proposed acquisition of the Company by Cott Corporation ("COT") (NYSE: COT). Under the terms of the acquisition agreement, Primo shareholders will receive $5.04 in cash and 0.6549 COT shares; alternatively, PRMW shareholders can elect to receive $14.00 in cash or 1.0229 COT shares. The deal is scheduled to close in March 2020.
Moody's Investors Service, ("Moody's") today affirmed Cott Corporation's ("Cott") B1 Corporate Family ratings, B1 senior unsecured debt ratings and B1-PD Probability of Default rating following the announcement that it will acquire Primo Water Corporation ("Primo") for approximately $775 million. The affirmation of the B1 CFR reflects Moody's view that the Primo acquisition makes strategic sense for Cott and will slightly reduce leverage.
Following its acquisition of a North Carolina-based company, Cott will rebrand to better fit its goal of becoming a pure-play water company.
Rowley Law PLLC is investigating potential securities law violations by Primo Water Corporation (NASDAQ: PRMW) and its board of directors concerning the proposed acquisition of the company by Cott Corporation (NYSE: COT, TSX: BCB). Primo Water Corp. stockholders will receive $5.04 in cash and 0.6549 common shares of Cott for each Primo common stock that they hold, or, $14.00 in cash or 1.0229 common shares of Cott per Primo common stock that they hold, subject to the proration procedures set forth in the merger agreement The transaction is valued at approximately $775 million and is expected to close in March 2020.
Beverage and food distribution giant Cott is buying Primo Water as part of a larger plan to become a 'pure play water company.'
Cott has offered each Primo shareholder $14 in cash, stock or a combination of both, which implies a premium of 26.2% to Primo's last close. Shares of Primo were trading at near the offer price in premarket trading on Monday. "As Primo and Cott have been strategic partners for six years, we expect a smooth transition and integration," Cott's Chief Executive Officer Tom Harrington said in a statement.
Shares of Primo Water Corp. shot up 26% in premarket trading Monday, after Cott Corp. said it was buying the water company in a cash and stock deal valued at $775 million. Under terms of the deal, Cott will pay $14.00 for each Primo share outstanding, which is a 26.2% premium to Friday's stock closing price of $11.09. Cott said it exchange $5.04 in cash and 0.6549 Cott shares for each Primo share, or at the election of Primo shareholders, the bid would be for $14 in cash or 1.0229 Cott shares. The deal is expected to close in March 2020. Primo shares have lost 9.5% over the past three months through Friday and Cott's stock has climbed 10.4%, while the S&P 500 has advanced 9.9%.