• Mon, Jan. 9, 9:18 AM
    • WhiteWave Foods (NYSE:WWAV) extends the long stop date of its Danone (OTCQX:DANOY) deal by 90 days.
    • The company says the extra time is needed for the DOJ to complete its review.
    • SEC Form 8-K
    Mon, Jan. 9, 9:18 AM | 4 Comments
  • Nov. 26, 2016, 9:11 AM
    • It's no surprise that Republican administrations in general are seen as more friendly towards mergers than Democrats, and since the election, arbitrage spreads (the difference between a target's deal price and its current price) have tightened to the 8-9% range from 11%.
    • However, on an annualized basis, there are still plenty of deals out there offering double-digit returns.
    • Source: Vito Racanelli in Barron's
    • Merger-arb shop WallachBeth Capital is fan of Harman International Industries (NYSE:HAR), which earlier this month drew a cash bid from Samsung for $112 per share vs. its close Friday of $109.74. Another pick is B/E Aerospace (NASDAQ:BEAV) which closed at $59.79 and has a cash and stock deal in hand from Rockwell Collins (NYSE:COL) for $62 per share.
    • Lutetia Capital likes Cabela's (NYSE:CAB), which closed the week at $62.50 vs. Bass Pro Shops' $65.50 bid.
    • The Merger Fund's Roy Behren is confident Qualcomm's (NASDAQ:QCOM) bid for NXP Semiconductors (NASDAQ:NXPI) will pass regulatory muster. NXP's close yesterday of $99.51 is a full 10.5% below the $110 cash offer. If the deal closes in nine months, it's an annualized return of 12.6%.
    • Another deal with maybe overblown antitrust concerns is Danone/WhiteWave Foods (NYSE:WWAV). The spread is just 2%, but a close early next year would mean an annualized return over 10%.
    • Seeking Alpha contributor Chris DeMuth stays on top of merger arb spreads with his M&A Daily.
    Nov. 26, 2016, 9:11 AM | 19 Comments
  • Nov. 22, 2016, 3:33 PM
    • Looking at the top 50 hedge fund hotels, it's probably little surprise that Amazon (NASDAQ:AMZN) and Facebook (NASDAQ:FB) top the list, with Amazon making for a top 10 holding in 61 funds, and Facebook in 57.
    • Rounding out the top 10 are Charter Communications (NASDAQ:CHTR), Alphabet (GOOG, GOOGL), Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Yahoo (NASDAQ:YHOO), Allergan (NYSE:AGN), Bank of America (NYSE:BAC), and Priceline (NASDAQ:PCLN).
    • Looking at another gauge - the percent of market cap owned by hedge funds - shows CommScope (NASDAQ:COMM) leading the way, with hedge funds owning 37%. Next is Dell Technologies (NYSE:DVMT) and Expedia (NASDAQ:EXPE) at 30%, and after that: Liberty Broadband (NASDAQ:LBRDK) at 24%, LinkedIn (NYSE:LNKD) at 21%, Constellation Brands (NYSE:STZ) at 20%, and Humana (NYSE:HUM) and WhiteWave Foods (NYSE:WWAV) at 19%.
    • Previously: Goldman's list of shorts mattering most to hedge funds (Nov. 22)
    Nov. 22, 2016, 3:33 PM | 13 Comments
  • Nov. 22, 2016, 9:14 AM
    • WhiteWave Foods (NYSE:WWAV) announces that it lined up consent from holders of $500M in senior notes in connection to the Danone buyout.
    • The merger remains subject to more regulatory approvals and other customary conditions before closing.
    • WhiteWave currently expects the closing to occur in the first quarter of 2017.
    • WWAV closed at $55.08 yesterday vs. the Danone buyout price of $56.25.
    • Source: Press Release
    Nov. 22, 2016, 9:14 AM
  • Nov. 9, 2016, 4:56 PM
    • WhiteWave Foods (NYSE:WWAV): Q3 EPS of $0.39 beats by $0.01.
    • Revenue of $1.05B (+5.0% Y/Y) misses by $60M.
    • Shares -0.13%.
    • Press Release
    Nov. 9, 2016, 4:56 PM
  • Oct. 13, 2016, 4:03 AM
    • America's dairy farmers are crying over spilled milk - the 43M gallons of it they have dumped in fields and elsewhere over the first eight months of the year.
    • The reason for the discarded liquid is that a glut has cut milk's price 22% since spring, to $16.39 per hundred pounds.
    • At that price, some farmers can’t afford to truck the dairy staple to market, sources told the WSJ.
    • Related tickers: WWAV, DF, LWAY, KHC
    Oct. 13, 2016, 4:03 AM | 9 Comments
  • Oct. 5, 2016, 2:21 PM
    • WhiteWave Foods (WWAV -0.1%) announces the company's merger with Danone was approved during a special meeting.
    • 78% of shareholders voting approved the deal.
    • WhiteWave still trades below the takeover price of $56.25.
    • Source: Press Release
    Oct. 5, 2016, 2:21 PM | 5 Comments
  • Oct. 3, 2016, 6:40 AM
    • Shareholders at WhiteWave Foods (NYSE:WWAV) are expected to support the company's planned merger with Danone (OTCQX:DANOY) when they gather to vote tomorrow at a special meeting in Denver.
    • Major proxy firms Glass Lewis & Co. and ISS both advised shareholders to vote yes on the combination of food sellers.
    • WhiteWave closed at $54.13 on Friday, lower than the buyout offer price of $56.25.
    Oct. 3, 2016, 6:40 AM | 1 Comment
  • Sep. 29, 2016, 10:02 AM
    • It's National Coffee Day in the U.S., but it's weather in Brazil and Vietnam that is the focus of the coffee industry.
    • Drought conditions and crop disease concerns have pushed prices higher and created some short-term supply constraints.
    • Indexmundi.com shows robusta coffee prices are up 18% YTD and mild arabicas prices are 16% higher.
    • Higher commodity prices can hit packaged coffee sellers harder than chains selling fresh coffee, although hedging activity also plays a larger factor in how individual companies shake out.
    • On a consumer level, don't expect any relief at Starbucks on their base coffee prices ($1.85 tall, $2.10 grande, $2.45 venti) anytime soon.
    • ETFs: JO, CAFE.
    Sep. 29, 2016, 10:02 AM | 21 Comments
  • Sep. 14, 2016, 11:22 AM
    • Data from NPD Group indicates that 11% of millennials use craft coffee brewing to satisfy their daily coffee cravings.
    • It's a trend to watch with younger consumers representing 44% of at-home craft coffee brewers of which a third live in urban areas.
    • It's not clear if the increase in at-home craft coffee consumption is peeling away meaningful packaged coffee sales or store traffic to chains, but there could be a reputational risk to national brands on quality in the future.
    • ETFs: JO, CAFE.
    Sep. 14, 2016, 11:22 AM | 18 Comments
  • Aug. 18, 2016, 9:08 AM
    • Shares of Gores Holdings (NASDAQ:GRSH) are on watch after an article by SA contributor Dane Capital Management points to the enormous upside of the merger with Hostess Brands.
    • Despite a couple of trips down bankruptcy lane, Hostess is now well-positioned with no legacy pension liabilities and a leaner manufacturing setup. Dane notes that valuation compared to food peers (MDLZ, HSY, WWAV, OTCQX:DANOY) looks attractive. The firm also pulls out some Black-Scholes analysis in evaluating the GRSH warrants.
    • Hostess is more mainstream than some may think. A recent issue of Walmart Today featured Deep-Fried Twinkies in all their splendor.
    Aug. 18, 2016, 9:08 AM | 1 Comment
  • Aug. 10, 2016, 8:06 AM
    • CLSA downgrades WhiteWave Foods (NYSE:WWAV) to an Underperform rating after having the food stock set at Outperform.
    • The two-notch downgrade is an indication that CLSA doesn't see any more bidding action on WhiteWave.
    • Danone's offer of $55.60 is slightly below the $55.72 closing price on WWAV yesterday.
    Aug. 10, 2016, 8:06 AM | 7 Comments
  • Aug. 9, 2016, 9:32 AM
    • WhiteWave Foods (WWAV) reports organic sales rose 7% in Q2.
    • Net sales growth of 14% was driven by strong organic growth in both the Americas and Europe segments, as well as contributions from acquisitions.
    • Segment sales: Americas Foods & Beverages: $898.46M (+14%); Europe Foods & Beverages: $151.19M (+14%).
    • Adjusted gross margin rate improved 30 bps to 35.5%.
    • Adjusted operating margin rate grew 70 bps to 9.9%.
    • Adjusted EBITDA +24% to $143M.
    • FY2016 Guidance: Net sales growth: +10.5% to 11.5% (+11% to 12% on a constant currency basis); Adjusted operating income growth: + High teens to twenty %; Tax rate: 33% to 34; Adjusted diluted EPS: $1.32 to $1.35; Adjusted Diluted EPS Excluding China J.V.: $1.38 to $1.41.
    Aug. 9, 2016, 9:32 AM
  • Aug. 9, 2016, 9:02 AM
    • WhiteWave Foods (NYSE:WWAV): Q2 EPS of $0.32 beats by $0.02.
    • Revenue of $1.05B (+13.7% Y/Y) beats by $10M.
    • Press Release
    Aug. 9, 2016, 9:02 AM | 5 Comments
  • Aug. 8, 2016, 5:30 PM
  • Aug. 3, 2016, 2:57 PM
    • Maxim downgrades WhiteWave Foods (WWAV +0.3%) to a Hold rating from Buy.
    • The investment firm thinks a competing offer to Danone's bid is unlikely.
    • WhiteWave Foods trades at $55.60 which is slightly below the Danone deal price.
    Aug. 3, 2016, 2:57 PM