Eddie Lampert - Järgmine Warren Buffett?
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K-Mart (KMRT) aktsia hind on pooleteise aastaga kerkinud 15 dollarilt 105 dollarile, samas kui turukapitalisatsioon on vaid 9,5 miljardit. Vaid seetõttu, et suurkonkurendi Wal Mart i (WMT) väärtus on 241 miljardit dollarit, seega ruumi nagu oleks.
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Ja ka tänases Äripäevas on Bettie poolt viidatud artikkel 1 loo aluseks ...
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KMRT Kmart and Sears announce merger (101.22 )
Co's announced today they have signed a definitive merger agreement that will combine Sears and Kmart into a major new retail company named Sears Holdings Corporation. Under the terms of the agreement, which was unanimously approved by both companies' boards of directors, Kmart shareholders will receive one share of new Sears Holdings common stock for each Kmart share. Sears, Roebuck shareholders will have the right to elect $50.00 in cash or 0.5 shares of Sears Holdings (valued at $50.61 based on yesterday's closing price of Kmart shares) for each Sears, Roebuck share. The current value of the transaction to Sears, Roebuck shareholders is approximately $11 billion. The transaction is expected to be tax-free to Kmart shareholders and tax-free to Sears, Roebuck shareholders to the extent they receive stock. The combination of the two companies is conservatively estimated to generate $500 million of annualized cost and revenue synergies to be fully realized by the end of the third year after closing. The transaction, after giving effect to estimated synergies, is expected to be significantly accretive to earnings per share in the first year before one-time restructuring costs.
Rääkides hundist... -
James Altucher
Sears, K-Mart, Buffett, Lampert, Questions
11/17/04 6:56 AM ET
Suffice it to say its an exciting morning primarily because of the announcement of the $11B merger between Sears and K-Mart, both companies controlled by investor Eddie Lampert. Lampert will become chairman of Sears Holdings, the combined entity. The deal represents a slight premium for Sears shareholders. I haven't had any time to look at the deal however I have a couple of initial thoughts:
a. Many investors have been viewing K-Mart, and even Sears, as real estate plays, and priaisng Lampert's ability to see the underlying value that was here.
However, the combination of K-mart and Sears is also going to allow for hundreds of millions in cost savings in the retail stores, allowing for better merchandising, skew rationalization, and back-office savings. I wouldn't discount these discounters anymore.
b. One issue that needs to be addressed (and probably won't be) – didn't K-Mart just sell 54 stores to Sears for $600M, right after all of K-mart's 1500 stores were assessed for less than $1B when in bankruptcy? Now it seems he's buying these stores back at a premium. Again, I have not looked at all the subtleties in the deal but I raise the question.
c. Perhaps given the potential conflict mentioned above (since Lampert already controlled Sears when he was doing the above transaction), Lampert decided to simplify his holdings with this merger and avoid any controversy. Given the recent comparisons of Lampert with Buffett it does remind me of the 1974-5 mergers between Berkshire Hathaway, Blue Chip Stamps, and Diversified Retailing – three penny stocks initially focused on failing businesses that were controlled by Warren Buffett and Charlie Munger. Their intra-company holdings were so tangled up with each other that it inspired an SEC investigation and the ultimate merger that greatly simplified the mess and created what's now one of the best companies in the world.
I'm very excited to say the least!
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Ilmselt saavad sellest väikese tõuke ka muud a) retailerid b) real-estate plays
sB -
KMRT +8.6%
S +18.81
Eddie tõstis oma mõlema investeeringu väärtust päris tublisti :)
