Arconic Shares Take Off Once Again on Takeover Speculation; Our $23 FVE Is Intact
Arconic shares were once again boosted by an article in The Wall Street Journal reporting that private equity groups have issued buyout offers to the company. This is the second such article to be published in the past 10 days, with the most recent July 25 article providing some incremental details. It indicates that potential buyers have proposed a deal price in the "mid-$20s" and that Arconic's board will discuss the offers in a July 26 meeting. The WSJ article also states "no deal is imminent...Arconic is engaged in lightweight metals engineering and manufacturing. The company's segments include: Engineered Products and Solutions, which produces products that are used mainly in the aerospace (commercial and defense), industrial, commercial transportation, and power generation end markets; Global Rolled Products, which produces aluminum sheet and plate for a variety of end markets, and also produces aseptic foil for the packaging end market; and Transportation and Construction Solutions, which produces products that are used in the commercial transportation and nonresidential building and construction end markets, and also produces aluminum products for the industrial products end market.
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