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| It must be real, it's in the newspaper. |
Chapter Four
A bid for Scow reported
NEW YORK – Shares of Scow Chemical Co. rose five percent Monday after a British newspaper reported a group of Middle Eastern investors and U.S. firms was preparing a bid for the huge chemical and plastics manufacturer.
The Sunday Express reported the group has secured financing for the St. Louis, Missouri-based company, which would result in the largest leveraged buyout ever. The Express reported the investment team, which includes the private equity firm known as Khlotzenheimer, Chavez, Filbert & Co, is preparing a bid of $52 to $58 per share. At the low end, that would be a premium of 17 percent over Scow’s closing stock price of $44.47 Thursday on the New York Stock Exchange. Markets were closed Good Friday.
Scow Chemical’s stock jumped $2.16, or 4.9 percent, to close at $46.63 in regular trading Monday on the NYSE after rising to a new 52-week high of $47.61 earlier in the session. The bid could come this week, with half the financial backing coming from investors in Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates and Oman, with the other half from U.S. and other investors. The paper did not name any other investors. No sources were cited. Spokesperson Christine Rantley said the company has a clearly-defined strategy which was discussed elsewhere by Andrew Gall-Stone, chairman and CEO. It includes remaining an integrated, diversified public company.
“We aren’t discussing this with anybody.” Rantley said of the offer. A $50 billion takeover of Scow Chemical would be the biggest leveraged buyout to date. A $32 billion takeover of energy giant TFU Corporation announced last February will be the biggest such deal if completed. KCF and the Arkansas-Atlantis Group are leading the group of investors bidding for TFU. Scow produces and markets chemicals, plastics and farm products as well as feed-stocks to other chemical producers. In 2009 Scow reported earnings of $4.79 billion on total sales of $43.1 billion.
***
“I have no choice but to put this in the paper today.” Barnes nodded to Mackenzie, who looked on over his shoulder.
She shrugged.
“So what?”
Schwartzie’s perfume filled his nose and probably his ears as well. Barnes could feel her warm breath on his cheek, and one time he could swear her hair fell on his neck. How close could she get? This was a hard thing to discuss with an employee. For some reason she always elevated his pulse. Schwartzie was a paradigm, an exemplar of femininity.
“Well, that Brubaker fellow will see it as a total vindication of this theory he has.”
Her quick, elfin grin lit up her sparkling blue eyes for a moment.
His wife hardly ever smiled anymore.
His wife never smiles anymore.
“With a local operation, employing hundreds of people, it would be inexcusable to leave it out. But I have some concerns about this Brubaker.” There was this tone, of resignation.
“It’s stressful to live with an elderly person.” She had certain memories of her own. “Being on disability, he’s probably a little isolated. Every other guy his age, at least it must seem that way, they’re basically at the peak of their professional working career. All he can do is to sit there. Sit around, read the papers, watch TV, and think too much.”
“Of itself, thinking isn’t such a bad thing.” Barnes sent the story on to the next workstation for pagination. “How do these people on disability fill up their days?”
It might have been empathy, or it might have been a kind of vicarious horror which caused Fred a small shiver.
END
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