Loudon-based performance sport boat manufacturer Malibu Boats Inc. said today it plans to buy the equity interests of the Malibu Boats licensee in Australia.
Terms of the proposed deal were not disclosed.
The Australian business is operated by Malibu Boats Pty Ltd. and includes distribution rights in Australia and New Zealand.
“The planned acquisition of our Australian licensed business represents an important next step in our international growth strategy,” Malibu CEO Jack Springer said in a news release. “Australia is an important region to the boating industry not only because of the size of the market but its proximity to Southeast Asia and its ability to serve that region of the world. Acquiring our Australian licensed business will give us ownership of our brand world-wide and a platform in which to continue growing our business in Australia and New Zealand and developing a bigger presence in Asia.”
The proposed acquisition is expected to close the first half of 2015.
“The global unification of Malibu Boats that will result from the proposed acquisition of the Australian business makes perfect sense for the brand moving forward,” Xavier West, director of Malibu Boats Pty., said in a statement.
The letter of intent is not binding and the proposed purchase is subject to due diligence by Malibu Boats Inc., the release said.
Malibu Boats Inc. designs, makes and manufacturers Malibu and Axis Wake Research brand boats.
Shares of Malbibu Boats Inc. were up 52 cents to $19.54 in late morning trading.
Community Health Systems acquisition of Health Management Associates moved a step closer Wednesday with an agreement with the Federal Trade Commission.
Under terms of the agreement, Community Health will divest itself of two hospitals owned by HMA — Riverview Regional Medical Center in Gadsden, Alabama, and Carolina Pines Regional Medical Center in Hartsville, S.C.
Franklin, Tenn.-based Community Health said the divestitures would not have a “meaningful impact on the combined company’s financial operations or cost-savings.”
HMA, based in Naples, Fla., owns Tennova Healthcare, which operates six hospitals in the Knoxville region.
Community Health has agreed to buy HMA for $3.9 billion in cash and stock. The sale is expected to close at the end of January.
Click here for Community Health’s news release.
Scripps Networks Interactive headquarters
Companies that know how to make money often attract interest from potential buyers. It’s happening again for Scripps Networks Interactive.
The purchase of the Knoxville-based lifestyle media company was discussed today at a meeting of the Discovery Communications board, according to a report on the Variety website.
Scripps Networks has been the subject of purchase gossip for some time.
Walt Disney, Time Warner and CBS have previously been mentioned as possible suitors.
“SNI’s holdings would be a natural fit with Discovery’s suite of lifestyle-driven cablers, which include the mothership channel, TLC, Animal Planet and OWN.
“Knoxville, Tenn.-based SNI has been seen as a prime acquisition target for some time. The company has valuable brands, particularly in Food Network and HGTV, but is small enough to be easily integrated into a larger conglom with cable programming assets. SNI has a market cap of about $11 billion, with the stock closing Tuesday at $75.26, up 52 cents,” Variety reports.
Click here for the Variety story.
Hospital operator Health Management Associates Inc., parent company of Knoxville-based Tennova Healthcare, said Wednesday that its new board has hired independent financial advisers to evaluate the proposed sale of HMA.
Franklin, Tenn.-based Community Health Systems announced in July that it would buy HMA for $3.9 billion in stock and cash, plus assumption of debt.
The acquisition is expected to close by the end of the first quarter next year.
Hired to take a look at the offer are financial advisers, Lazard Frères & Co. LLC and UBS Securities LLC.
Naples, Fla,.-based HMA also said it has retained legal counsel, Paul, Weiss, Rifkind, Wharton & Garrison LLP and financial operating and compliance consultant Alvarez & Marsal Healthcare Industry Group LLC.
HMA also said in a news release that CHS “consented to the engagement” of the financial advisers.
Last month, HMA’s largest shareholder, Glenview Capital Management, spearheaded a shareholder vote to replace the HMA board with a slate of independent nominees tasked with getting a better price.
Glenview, a private investment management firm with more than $6 billion of assets under management, owns about 15 percent of HMA’s shares.
Brian Tanquilut, an analyst at Jefferies & Co. in Nashville, told Bloomberg News, investors should view the hiring of financial advisers to look at the deal should as good news.
“From an investor perspective, having a time line actually helps in evaluating the risk of where the stock will trade.”
Click here for the Bloomberg report.
The biggest movie theater operator in the U.S. just got
bigger. Knoxville-based Regal Entertainment Group said today it has acquired
Hollywood Theaters for $191 million in cash and $47 million in assumed leased
The cash payment includes paying off approximately $157
million in Hollywood Theater’s debt.
The deal adds 43 theaters with 513 screens to Regal’s
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Bloomberg reported recently on a court ruling sought by the trust that controls Knoxville-
based Scripps Networks Interactive Inc.
“The petition filed in a Butler County, Ohio, probate court may be viewed by traders as the removal of an obstacle to a potential acquisition of Scripps Networks, said Michael Nathanson, an analyst with Nomura Securities in New York,” Bloomberg reported.
The economy continues to struggle, but East Tennessee technology services provider Saratoga Technologies Inc. has expanded again.
Saratoga announced Thursday that it has acquired AlterCorp Technology Group, an information technology company serving metropolitan Knoxville.