|Bid||108.23 x 800|
|Ask||108.25 x 900|
|Day's Range||107.48 - 111.45|
|52 Week Range||71.20 - 113.96|
|Beta (5Y Monthly)||1.07|
|PE Ratio (TTM)||34.31|
|Earnings Date||Feb 10, 2020|
|Forward Dividend & Yield||0.60 (0.54%)|
|Ex-Dividend Date||Nov 06, 2019|
|1y Target Est||109.45|
Welcome to Deal Dash — the Nashville Business Journal's roundup of some of the week's more notable commercial real estate dealmaking.
(Bloomberg) -- Xerox Holdings Corp. said it intends to nominate 11 directors to replace the board of HP Inc. after the personal-computer maker refused to engage in takeover talks, according to a statement Thursday.The iconic printer maker hasn’t increased its $22-a-share takeover offer after HP rejected its proposal, which it argues undervalues the company. Instead, Xerox will seek to replace HP’s entire board through a proxy fight to push the merger through.The nominees include former senior executives from dozens of companies including Aetna Inc., United Airlines Holdings Inc. and Novartis AG.“HP shareholders have told us they believe our acquisition proposal will bring tremendous value, which is why we lined up $24 billion in binding financing commitments and a slate of highly qualified director candidates,” said John Visentin, vice chairman and chief executive officer of Xerox.Xerox filed its slate ahead of a Friday deadline for board nominations. The move could potentially be a precursor to Xerox taking its offer directly to shareholders through a tender offer at the current offer price or a premium if HP continues to rebuff its efforts, according to people familiar with the matter. No decision has been made on whether to pursue a tender offer, the price it would be put forth at, or when it would do so, the people said, asking not to be identified because the matter is private.The push to replace the board marks an escalation of the simmering tensions between the two hardware giants that have withered in a world increasingly driven by software. Xerox has argued the tie-up would revive both companies and unlock about $2 billion in synergies.“These nominations are a self-serving tactic by Xerox to advance its proposal, which significantly undervalues HP and creates meaningful risk to the detriment of HP shareholders,” HP said in a statement.HP said that it would review Xerox’s nominees and respond in due course. It also said that it was committed to serving the best interests of all shareholders, and that it had many avenues that it could pursue to create value. Those efforts are not dependent on a combination with Xerox, it said.Activist shareholder Carl Icahn, who owns about 11% of Xerox and has a 4.3% stake in HP, has pushed for the tie-up.HP said Thursday it believed Xerox’s proposal to acquire HP was being driven by Icahn. The billionaire has considerable influence over Xerox because he is its largest shareholder, the role he played in appointing Xerox’s CEO, who was a former consultant to Icahn, and the ties he has to members of the board, including its chairman, who is also the chief executive officer of Icahn Enterprises, HP said.“Due to Mr. Icahn’s ownership position, he would disproportionately benefit from an acquisition of HP by Xerox at a price that undervalues HP,” the company said, adding that his interests were not aligned with those of other HP shareholders.A representative for Icahn wasn't immediately available for comment.HP’s board currently has 12 members. Dion Weisler, the former chief executive officer of the company, has said he would step down at the next annual general meeting, which the company said would reduce the board size to 11. Its last annual meeting was on April 23.HP in November rebuffed an unsolicited, cash-and-stock offer from Xerox, citing concerns about the financial health of its smaller rival, which has experienced declining annual revenue since 2012.HP’s board said it was open to exploring a merger, but believed the offer undervalued the company.Xerox announced Jan. 6 that it had arranged a $24 billion loan with a group of banks to finance the takeover. HP and its advisers had questioned Xerox’s ability to raise the money for the deal.Following the financing announcement, HP said it believed the offer still undervalued the company.Xerox’s director nominees are:Betsy Atkins, CEO of Baja Corp.George Bickerstaff, co-founder and managing director of M.M. Dillon & Co.Carolyn Byrd, CEO of GlobalTech Financial.Jeannie Diefenderfer, who spent 28 years at Verizon.Kim Fennebresque, who was CEO of Cowen Group for nine years.Carol Flaton, who has served as a managing director at AlixPartners.Matthew Hart, who most recently served as president and chief operating officer of Hilton Hotels until the buyout of Hilton by Blackstone in 2007.Fred Hochberg, who was most recently the chairman and president of the Export-Import Bank of the United States during the Obama administration.Jacob Katz, who was chairman of Grant Thornton.Nichelle Maynard-Elliott, who most recently served as executive director of mergers & acquisitions for Praxair Inc.Thomas Sabatino, Jr. who most recently served as executive vice president and general counsel of Aetna Inc.Citigroup Inc. is acting as Xerox’s financial advisor, and King & Spalding LLP is providing legal counsel to Xerox. Willkie Farr & Gallagher LLP is providing legal counsel to Xerox’s independent directors.(Updates with additional company comments starting in paragraph eight)To contact the reporter on this story: Scott Deveau in New York at email@example.comTo contact the editors responsible for this story: Liana Baker at firstname.lastname@example.org, Matthew Monks, Molly SchuetzFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Local restaurateur Randy Paragary recently shared new details about his company’s $28 million bar, restaurant and hotel project in midtown.
Hyatt Hotels (H) announces the opening of second branded hotel in Virginia, Hyatt Centric Old Town Alexandria. Its efforts to expand presence worldwide are noteworthy.
As the astronauts aboard the International Space Station (ISS) baked the famous DoubleTree by Hilton chocolate chip cookies – making them the first ever food baked in space – the aroma wafted through the space station, adding a reminder of the simple joys of home to an experiment designed to make long-duration space flight more hospitable.
Extended Stay America (STAY) continues to expand its footprint. To this end, the company plans to convert an existing hotel in San Antonio, Texas.
Hilton (HLT) continues to drive unit growth. Bu expanding presence, Hilton strives to meet growing demand for hotels and drive the top line.
Hilton's (NYSE: HLT) innovative hotel brand, Tru by Hilton, today announced the opening of its latest property, Tru by Hilton Columbia Greystone in Columbia, South Carolina. The 117-room, four-story hotel is located at 185 Stonebridge Drive and is owned and operated by Parks Hospitality Group. Tru by Hilton Columbia is located off I-126 and is conveniently located minutes from the downtown area and the Riverbanks Zoo and Botanical Garden.
Following a multi-million-dollar renovation, the newest addition to Hilton’s (NYSE: HLT) upper upscale Curio Collection, The Reach Key West recently made its debut and will be the brand’s first property in the destination. The reimagined 150-room resort, owned by Park Hotels & Resorts (NYSE: PK), is positioned on the only natural sand beach in the southernmost tip of the continental U.S. in Key West. The resort also features a new oceanfront restaurant and bar, Four Marlins, with a completely modernized design that offers delicious cuisine amid sea breezes on the open-air wood deck.
Hyatt (H) announces the opening of Hyatt Regency Manchester and Hyatt House Manchester. The company's efforts to expand presence worldwide are noteworthy.
Welcome to Deal Dash — the Nashville Business Journal's new roundup of some of the week's more notable commercial real estate dealmaking
Hyatt (H) announces the opening of Hyatt Place Waco-South in Waco, TX. The company's efforts to expand presence worldwide are noteworthy.
Downtown Sacramento’s next hotel is in line to open this fall, with much of the adaptive-use work on the former Fruit Building complete. Whitney Johnson, a design and project consultant for building owner Sunny Dale, of Dale Investments, said the Hilton-branded Exchange Hotel will be unique. “Everything is definitely more custom, more curated than a typical Hilton,” said Johnson, who said Exchange Hotel at 1006 Fourth St. will be under the Curio flag of Hilton Worldwide Holdings Inc. (NYSE: HLT).
Hilton (NYSE: HLT) today launches Tempo by Hilton, an approachable lifestyle brand curated to serve a growing segment of "modern achievers" who seek a hotel experience that reflects their ambition. By combining thoughtful design and diverse lifestyle partnerships, Tempo by Hilton provides hotel owners and developers with a highly scalable brand that is both uplifting and within reach for future guests – all powered by an efficient service model.
Hotel companies hardly ever shy away from creating new brands, even when they may sound and look like ones they already have. Hilton is the latest hospitality giant to debut another brand. The McLean, Virginia-based company on Thursday introduced Tempo by Hilton with a celebration in New York City. It is the sixth brand Hilton […]
A Triad-based hotel developer and operator has purchased an office building with plans to move its headquarters there. CN Hotels of Greensboro paid $1.38 million last month for a 24,000-square-foot office building on 8.8 acres at 711 Gallimore Dairy Road, south of Interstate 40 in High Point. The seller was First Community Bancshares of Bluefield, Virginia.
Downtown San Jose's Hilton has sold for $117.55 million, about $30 million more than what the previous owner paid to purchase the hotel property in 2017. The deal for the Hilton San Jose was announced by commercial real estate firm JLL's Hotels & Hospitality Group on Monday. John Strauss, senior managing director of JLL's Hotels & Hospitality Group, and Mark Fraioli, executive vice president of JLL's hotels group, led the JLL team that sold the 353-room hotel at 300 Almaden Blvd. on behalf of its owner, Han's Holdings Group Ltd. The sale works out to $413.18 per square foot, or more than $333,000 per room.
HOF Village, LLC (HOFV), the owner of the premier sports, entertainment and media enterprise surrounding the Pro Football Hall of Fame in Canton, Ohio, today announced that it will open a DoubleTree by Hilton hotel in Downtown Canton. The fully renovated hotel, which was acquired by HOFV in October 2019, is expected to open in the summer of 2020, in time to welcome guests for the 2020 Pro Football Hall of Fame Enshrinement Week Powered by Johnson Controls.
CoStar Group Inc. (NASDAQ: CSGP) has expanded its board and appointed two new members, including Robert Musslewhite, CEO of OptumInsight, formerly known as the Advisory Board Co. The other new board member is Louise Sams. Sams most recently served as executive vice president and general counsel at Turner Broadcasting System Inc., overseeing Turner's legal work. Musslewhite served as chairman and CEO of The Advisory Board Co. for 14 years before the company was acquired by Optum.
The new hotel property coming Tuesday will put the a Hilton Hotels property in very close proximity to the city's close-in southwest side airport.
Plans for another name brand hotel near the Mall at Millenia are making their way through the state approvals process. The planned 132-room, six-story Hilton Garden Inn at Millenia is slated to be built on nearly 2.5 vacant acres southwest of the Mall at Millenia at 4811 Millenia Blvd. The property is proposed by AAAA Property Partners LLC with Mitch Collins PE Inc. as the listed engineer. Executives with AAAA Property and Mitch Collins were not available for comment.