📄 reut-00004.xml
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<?xml version="1.0"?><REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="5588" NEWID="45"> <DATE>26-FEB-1987 15:51:17.84</DATE> <TOPICS> <D>acq</D> </TOPICS> <PLACES> <D>usa</D> </PLACES> <PEOPLE/> <ORGS/> <EXCHANGES/> <COMPANIES/> <UNKNOWN>F f0881 reuteu f BC-CHEMLAWN-<CHEM>-RISES 02-26 0106</UNKNOWN> <TEXT> <TITLE>CHEMLAWN <CHEM> RISES ON HOPES FOR HIGHER BIDS</TITLE> <AUTHOR>By Cal Mankowski, Reuters</AUTHOR> <DATELINE>NEW YORK, Feb 26 -</DATELINE> <BODY>ChemLawn Corp <CHEM> could attract ahigher bid than the 27 dlrs per share offered by WasteManagement Inc <WNX>, Wall Street arbitrageurs said. Shares of ChemLawn shot up 11-5/8 to 29-3/8 inover-the-counter- trading with 3.8 mln of the company's 10.1mln shares changing hands by late afternoon. "This company could go for 10 times cash flow or 30 dlrs,maybe 32 dollars depending on whether there is a competingbidder," an arbitrageur said. Waste Management's tender offer,announced before the opening today, expires March 25. "This is totally by surprise," said Debra Strohmaier, aChemLawn spokeswoman. The company's board held a regularlyscheduled meeting today and was discussing the Waste Managementannouncement. She said a statement was expected but it was notcertain when it would be ready. She was unable to say if there had been any prior contactbetween Waste Management and ChemLawn officials. "I think they will resist it," said Elliott Schlang,analyst at Prescott, Ball and Turben Inc. "Any company thatdoesn't like a surprise attack would." Arbitrageurs pointed out it is difficult to resist tenderoffers for any and all shares for cash. Schlang said ChemLawncould try to find a white knight if does not want to beacquired by Waste Management. Analyst Rosemarie Morbelli of Ingalls and Snyder saidServiceMaster Companies L.P. <SVM> or Rollins Inc <ROL> wereexamples of companies that could be interested. ChemLawn, with about two mln customers, is the largest U.S.company involved in application of fertilizers, pesticides andherbicides on lawns. Waste Management is involved in removal ofwastes. Schlang said ChemLawn's customer base could be valuable toanother company that wants to capitalize on a strongresidential and commercial distribution system. Both Schlang and Morbelli noted that high growth rates hadcatapulted ChemLawn's share price into the mid-30's in 1983 butthe stock languished as the rate of growth slowed. Schlang said the company's profits are concentrated in thefourth quarter. In 1986 ChemLawn earned 1.19 dlrs per share forthe full year, and 2.58 dlrs in the fourth quarter. Morbelli noted ChemLawn competes with thousands ofindividual entrepreuers who offer lawn and garden care sevice. Reuter</BODY> </TEXT></REUTERS>⌨️ 快捷键说明
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