We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
ARC Document Announces Merger Deal With TechPrint Holdings
Read MoreHide Full Article
ARC Document Solutions, Inc. recently announced that it has inked a definitive merger agreement with TechPrint Holdings, LLC. This deal involves key personnel from ARC Document, including its chairman and CEO (Mr. Suriyakumar), president, CFO, CTO and private investors, who are part of the acquisition group.
Per the deal, ARC Document will merge with TechPrint Merger Sub, Inc., a subsidiary of TechPrint Holdings, and ARC’s shareholders will receive $3.40 per share in cash. The acquisition group controls about 15.8% of voting rights of the company's outstanding capital stock and owns approximately 19.6% of its shares. The proposed cash offer will provide a 28.8% premium compared with ARC’s stock price before the acquisition deal was made public.
The merger agreement was approved by the company’s board of directors, excluding the CEO, who did not participate in the voting process. The approval followed a recommendation from a special committee of independent directors. The company’s stockholders will be asked to vote on the merger agreement and approve the transaction at a meeting, the date of which will be announced later.
The transaction is expected to close by the end of 2024, subject to customary closing conditions, including waiting for the necessary period under the Hart-Scott-Rodino Antitrust Improvements Act. The combined companies’ common stock will not be listed under the New York Stock Exchange.
U.S. Bank, BMO Bank, Zions Bancorporation and City National Bank will offer a facility of $185 million to help fund a portion of this transaction. In addition to that, Suriyakumar and Pathiratne (a private investor) will contribute $11 million of equity financing in accordance with the commitment letter related to the transaction.
The company’s board of directors approved a quarterly cash dividend of 5 cents per share, payable to shareholders on Nov. 9, 2024, of record as of Oct. 31, 2024. If the transaction closes before Oct. 31, the dividend will be paid on the closing date. If it closes between Oct. 31 and Nov. 29, the dividend will be paid after the closure of the transaction.
Zacks Rank
ARC currently carries a Zacks Rank #3 (Hold). Shares of the company have gained 25.1% compared with the industry’s 21.7% growth in the past three months.
FLS delivered a trailing four-quarter average earnings surprise of 18.2%. In the past 60 days, the Zacks Consensus Estimate for Flowserve’s 2024 earnings has increased 3.8%.
Crane Company (CR - Free Report) presently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 11.2%.
In the past 60 days, the Zacks Consensus Estimate for CR’s 2024 earnings has increased 2%.
Ferguson Enterprises Inc. (FERG - Free Report) currently carries a Zacks Rank of 2. FERG delivered a trailing four-quarter average earnings surprise of 2.6%.
In the past 60 days, the consensus estimate for Ferguson’s fiscal 2025 earnings has remained steady.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
ARC Document Announces Merger Deal With TechPrint Holdings
ARC Document Solutions, Inc. recently announced that it has inked a definitive merger agreement with TechPrint Holdings, LLC. This deal involves key personnel from ARC Document, including its chairman and CEO (Mr. Suriyakumar), president, CFO, CTO and private investors, who are part of the acquisition group.
Per the deal, ARC Document will merge with TechPrint Merger Sub, Inc., a subsidiary of TechPrint Holdings, and ARC’s shareholders will receive $3.40 per share in cash. The acquisition group controls about 15.8% of voting rights of the company's outstanding capital stock and owns approximately 19.6% of its shares. The proposed cash offer will provide a 28.8% premium compared with ARC’s stock price before the acquisition deal was made public.
The merger agreement was approved by the company’s board of directors, excluding the CEO, who did not participate in the voting process. The approval followed a recommendation from a special committee of independent directors. The company’s stockholders will be asked to vote on the merger agreement and approve the transaction at a meeting, the date of which will be announced later.
The transaction is expected to close by the end of 2024, subject to customary closing conditions, including waiting for the necessary period under the Hart-Scott-Rodino Antitrust Improvements Act. The combined companies’ common stock will not be listed under the New York Stock Exchange.
U.S. Bank, BMO Bank, Zions Bancorporation and City National Bank will offer a facility of $185 million to help fund a portion of this transaction. In addition to that, Suriyakumar and Pathiratne (a private investor) will contribute $11 million of equity financing in accordance with the commitment letter related to the transaction.
The company’s board of directors approved a quarterly cash dividend of 5 cents per share, payable to shareholders on Nov. 9, 2024, of record as of Oct. 31, 2024. If the transaction closes before Oct. 31, the dividend will be paid on the closing date. If it closes between Oct. 31 and Nov. 29, the dividend will be paid after the closure of the transaction.
Zacks Rank
ARC currently carries a Zacks Rank #3 (Hold). Shares of the company have gained 25.1% compared with the industry’s 21.7% growth in the past three months.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked companies are discussed below.
Flowserve Corporation (FLS - Free Report) currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
FLS delivered a trailing four-quarter average earnings surprise of 18.2%. In the past 60 days, the Zacks Consensus Estimate for Flowserve’s 2024 earnings has increased 3.8%.
Crane Company (CR - Free Report) presently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 11.2%.
In the past 60 days, the Zacks Consensus Estimate for CR’s 2024 earnings has increased 2%.
Ferguson Enterprises Inc. (FERG - Free Report) currently carries a Zacks Rank of 2. FERG delivered a trailing four-quarter average earnings surprise of 2.6%.
In the past 60 days, the consensus estimate for Ferguson’s fiscal 2025 earnings has remained steady.