SA News • Tue, Oct. 21
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Update: Hubbell-Change In Trustee To Hubbell Family Trusts Has Moved Class A Shares From Steep Discount To Premium
- Trustees of Hubbell family trusts resign. External trustee appointed to oversee those trusts.
- The event makes a buyout or dual share collapse more likely but with significant gains already one could close the arbitrage trade now.
- HUB-A has moved from a 12% discount to HUB-B to a premium.
- The movement in the spread was anticipated by my previous article.
Tue, Oct. 21, 3:19 PM
- The new quarterly payout of $0.56 per share is 12% higher than previous, and brings the annualized yield to 2.07%. It's payable on Dec. 15 to owners of record on Nov. 28.
- The buyback allows for the periodic purchase of up to $300M of the company's Class A and Class B shares.
- HUB.A +2.3%, HUB.B +2.4%
- Press release
Tue, Oct. 7, 1:33 PM
- The trustee of Hubbell's ((HUB.B +2.5%), (HUB.A +5.9%)) controlling family trusts has hired Credit Suisse to evaluate options for it shares, reports Reuters. The move - still in the early stages - follows pressure from another large owner of Hubbell, according to sources.
- The company had been thought of as a potential takeover target following a number of deals involving electrical equipment makers in 2012.
- The Class A shares have 20x the voting rights of the Class B, and almost half the Class A shares are owned by the Harvey Hubbell and Louis Roche trusts. Bessemer Trust was appointed in June as the trustee for the two Hubbell family trusts.
Sep. 12, 2012, 9:27 AM
May. 21, 2012, 10:32 AMEaton (ETN +1%) is paying about 14X EBITDA for Cooper (CBE +26%), Bloomberg calculates, in a deal that Eaton shareholder CAIM calls "pretty amazing," as "they're going to dominate that electrical power equipment segment," especially when the economy improves. The purchase is also sending shares of Hubbell (HUB.A) +6.3% and Accuity (AYI +5.4%). | Comment!
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