|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||110.90 - 110.90|
|52-week range||44.06 - 110.90|
|Beta (5Y monthly)||1.12|
|PE ratio (TTM)||19.57|
|Forward dividend & yield||2.05 (1.84%)|
|Ex-dividend date||16 Nov 2020|
|1y target est||N/A|
Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) ("Alaska Communications" or the "Company"), together with Macquarie Capital ("Macquarie Capital") and GCM Grosvenor (NASDAQ: GCMG), through its Labor Impact Fund, L.P. ("GCM"), today announced that on December 21, 2020, they agreed to an amendment of their previously announced definitive amended and restated agreement and plan of merger to increase the per-share consideration payable to Alaska Communications’ stockholders to $3.26 per share in cash from $3.20 per share in cash (as amended, the "Amended Merger Agreement"). The transaction is now valued at approximately $325 million, including net debt.
(Bloomberg) -- Toshiba Corp., chastened by a string of disastrous overseas acquisitions, is once again looking to buy. This time more cautiously and closer to home in Japan.The Tokyo-based industrial giant is looking at small and mid-size firms, especially those in areas adjacent to its own infrastructure services and digital technology businesses, Chief Executive Officer Nobuaki Kurumatani said in an interview.Toshiba’s compiling a list of targets and is considering borrowing to bankroll the deals, but the former banker pledged to tread cautiously to avoid past mistakes. It’s still trying to raise capital by unloading its 40% slice of Kioxia Holdings Corp. though Kurumatani wouldn’t be drawn on when its chip spinoff might revive its delayed initial public offering.Toshiba, once synonymous with the global ascent of corporate Japan, is trying to put years of scandal and missteps behind it. It narrowly avoided a delisting from the Tokyo Stock Exchange three years ago after multibillion-dollar losses at its Westinghouse U.S. nuclear unit pushed liabilities beyond its level of assets. It was forced to sell its prized semiconductor business and take an infusion of cash from a large contingent of activist shareholders. The writedowns and accounting scandals triggered a management shakeup and the appointment of Kurumatani, an outsider. Its shares have fallen 19% this year.“One thing that changed is that I’m in charge now,” said Kurumatani, who spent four decades in banking before taking the helm of Toshiba in 2018. “The board is also applying very stringent standards to acquisitions. It’s a completely different company when it comes to the rigor brought to thinking about and screening deals.”Read more: Kioxia Delays Plan for IPO, Sending Toshiba Shares LowerKurumatani acknowledges many of Toshiba’s biggest deals haven’t worked out in the past. Westinghouse, which Toshiba bought for almost $4.2 billion in 2006, filed for bankruptcy in 2017 after suffering billions of dollars in losses from cost overruns on nuclear projects. Toshiba’s multi-year foray into liquefied natural gas trading ended badly in 2019 when it sold its rights at the Freeport LNG project in Texas at a 89.3 billion yen loss ($863 million) loss. In August, Toshiba sold its stake in South Korean turbine maker Unison Co. for less than a quarter of what it paid about eight years ago.“Toshiba doesn’t have a good track record of successfully integrating acquisitions,” said Damian Thong, an analyst at Macquarie Group Ltd. “The question for the new management is what makes them think they are better than before.”The CEO doesn’t need the board’s permission for purchases under 10 billion yen, which Kurumatani said allows him to move fast if he spots bargains. But Toshiba won’t be lured by opportunities for short-term profit gains and will instead make sure it can get a sufficient return on invested capital, he said. It won’t consider deals where it doesn’t have full confidence in integrating the target.Kurumatani reaffirmed Toshiba’s intention of unloading its stake in former flash memory unit Kioxia, which he said no longer fit with his company’s remaining businesses. Kioxia pulled the plug in September on what could have been Japan’s biggest 2020 debut after U.S.-Chinese tensions buffeted the global semiconductor sector.“Kioxia’s business is a risky one and there is very little connecting it to what we are trying to do,” he said. “There is no change in our plan to sell the stake and use majority of the cash for shareholder returns.”(Updates with share action in the fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- Jamie Dimon appears restless. JPMorgan Chase & Co.’s chief executive officer is imploring investment bankers — those most tireless of salespeople — to ring him up and pitch M&A ideas. It’s the clearest indication yet that the biggest U.S. bank would prefer not to sit on its excess capital. That’s a nice problem to have, but one the lender is struggling to solve. The worry is that this pushes it toward a transaction at any cost.Barred by regulators from buying back stock because of the pandemic and from acquiring a deposit-taking institution in the U.S. because of its size, the Wall Street giant could look to expand in commercial banking outside its domestic market.When asked if he’d take a look at a European lender, Dimon has said — correctly — that it makes little sense for the world’s most profitable bank to add branches in such a fiercely competitive market, where returns are barely half what JPMorgan makes. Instead, he’s reportedly looking at starting a digital bank in the U.K. He may even try to buy an upstart British challenger, Starling Bank, according to some press reports. But that would be small fry.In Asia, acquiring a lender such as Standard Chartered Plc might propel JPMorgan into higher-growth emerging markets, but taking on the balance-sheet risk and the difficulty in integrating vastly different business cultures would be hard at the best of times. The pandemic just adds to the perils.Elsewhere, there’s not much point expanding JPMorgan’s capital-intensive investment banking businesses. There’s only so much growth the firm can tap into to put its abundant reserves to work. Over the next year, investment bank activity is expected to shrink after a blockbuster 2020. While the industry remains fragmented, JPMorgan’s dominant trading unit already has an outsize share of many markets. Hedge funds and other big clients might not be so keen on yet more exposure to one firm.That leaves Dimon with two natural areas of expansion: fintech and asset management. The pandemic has accelerated the shift to digital payments, a business Dimon regrets not having built up sooner. Unfortunately for him, soaring fintech valuations mean large acquisitions would be expensive. Shares in Square Inc., for example, have jumped more than fivefold since March. PayPal Holdings Inc.’s 78% price rise since February and JPMorgan’s 11% decline has closed the valuation gap between the two from about $285 billion to roughly $120 billion.Better to wait for the reopening of economies and see whether there’s a readjustment of prices among payment providers.Asset management valuations might be more attractive. Prices aren’t far off their five-year average, according to Bloomberg Intelligence, even after Morgan Stanley’s Eaton Vance acquisition and Macquarie Group Ltd.’s purchase of Waddell & Reed Financial Inc., which both pushed BI’s forward price-earnings multiple for large-cap asset managers up to about 15.6 times.For JPMorgan’s $2.6 trillion asset manager, smaller acquisitions may be easier than adding real scale. It could expand its private-market business, a pocket of growth as yields remain depressed. Or it could target passive investment. The bank only ranks 10th in exchange-trade funds in the U.S. Societe Generale SA wants to sell its Lyxor fund manager, which runs about $180 billion and has about 7% of the European fund ETF market. While that might be nice to have, it wouldn’t be a big enough deal to solve Dimon’s capital problem.The trouble for JPMorgan — now outside the top-five asset managers — is that there are few feasible takeovers that would put it in the top three, other than State Street Corp. Many of the bigger managers are either privately owned or part of larger companies. It’s not clear they would be for sale at a compelling price. Taking over State Street would put JPMorgan on the ETF map alongside Vanguard and BlackRock Inc., though regulators may object.With three large mergers under his belt as CEO, Dimon knows what dealmaking entails. The lure of sealing another one before his eventual retirement shouldn’t cloud his better judgment.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.