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Friday, August 2, 2013
Another Baby on the Way for Megan Fox and Brian Austin Green
"I can confirm Megan is expecting her second child with her husband Brian," the actress' rep says,
Ackman's Pershing Square takes $2.2 billion stake in Air Products
By Svea Herbst-Bayliss, Swetha Gopinath and Ernest Scheyder
BOSTON/NEW YORK (Reuters) - Hedge fund manager William Ackman unveiled his biggest bet ever on Wednesday, a $2.2 billion play on Air Products & Chemicals Inc that the billionaire trader kept secret for two months.
The activist investor's Pershing Square Capital Management now owns 9.8 percent of the industrial gas maker, making it the company's biggest shareholder. Pershing Square might have bought even more, but Air Products adopted a "poison pill" defense to prevent a takeover after some on Wall Street began wondering whether the company might be in Ackman's sights.
Speculation mounted earlier this month that Ackman, who tends to make only a few concentrated bets at a time, was laying the groundwork for something big when he set out to raise as much as $1 billion to invest in a company that he called strong but lagging its peers and declined to name.
Pershing Square began buying Air Products stock in early June and Ackman said in a filing that he believes the company to be "undervalued" and an "attractive investment."
In some ways, Air Products may look a little like Canadian Pacific Railway, which the hedge fund also described as a rock solid company that was woefully underperforming.
In the 21 months since Ackman took on Canada's second-largest railway with a $1.4 billion investment, he got seven new directors elected to the board, replaced the chief executive and scored one of his biggest investment successes, making some $2 billion in profit in less than two years.
"We like Air Products because of its defensive characteristics which are beneficial in times of slower economic growth," said James Sheehan, an analyst at SunTrust Robinson Humphrey. But he also said, "the company does lag on several metrics and this is where an activist investor could really improve things."
As word spread on Wall Street that Ackman was trimming his position in Canadian Pacific and readying another big bet, the fund still managed to keep the target's name secret until it had completed buying on Tuesday. It announced the news on Wednesday in a regulatory filing within the 10 calendar day window of owning 5 percent or more in publicly traded company.
To build the new bet quickly, Ackman relied on seven holding companies Pershing Square incorporated in Delaware according to the SEC filing. Most of the entities were incorporated in June.
Over the years, Ackman has used similar entities to accumulate shares in target companies, such as for the big stake he bought in Fortune Brands in 2010.
Air Products, whose rivals include Praxair Inc
Apparently, the Air Products board realized that Ackman - or someone - was interested in the company, in light of heavy stock buying; it adopted a "poison pill" takeover defense.
"The board was paying attention," said Keith Gottfried, a partner at law firm Alston & Bird. "They acted quickly and thoughtfully to protect their shareholders and create a little bit of breathing room."
Traditionally, Ackman starts off with politely worded suggestions for change out of the media's glare, but if his past record sheds any light on the future, he can quickly become demanding. Three chief executives - at JC Penney, Canadian Pacific and Procter & Gamble - lost their jobs not long after the hedge fund manager appeared.
In order to assemble as much financial firepower as possible, Ackman asked his current investors, including pension funds in Massachusetts, New Jersey and Arkansas and Blackstone Group, to consider sending more money for the unnamed target.
He offered a fee cut in exchange for locking up investors' money for three years, suggesting he might need time for his new investment to play out, investors said.
Ackman calls himself a long-term, strategic investor who often sticks with a bet for as much as four years.
The fact that this bet did not leak underscores how skillful some hedge fund managers have become in placing bets and asking to delay the disclosure process by requesting "confidential treatment" from the SEC, under the argument that disclosure might interfere with a business strategy.
Pershing Square has made use of this argument, most recently when it revealing that it had 5.9 million shares of Mondelez International
For Ackman, the Air Products disclosure comes at a critical time, as he rides a $1 billion short bet against Herbalife Ltd
On Wednesday, as Air Products rising share price helped buoy returns, Ackman was also losing more money on Herbalife amid news that billionaire investor George Soros, a sometime tennis partner of Ackman's, had taken a large long position in the nutrition and supplements company. Billionaire Carl Icahn, a long-time rival, also holds a large long position in Herbalife, which Ackman says is a pyramid scheme. Ailing retailer JC Penney has also weighed on this year's returns, investors have said.
With Air Products shares closing at $108.64 Wednesday - up 2.9 percent on the day and up about 16 percent over the last month - Ackman might be able to show his investors gains for the month and boost his year-to-date performance. Other winners in the portfolio include Procter & Gamble
What Ackman may like about Air Products is that the company has few rivals, and its industrial gas business has lucrative, long-term contracts. However, in recent months it has been hit by high exposure to sluggish growth in Europe, and analysts say it should divest its non-core gas businesses.
Those non-core businesses account for roughly 20 percent of the company's sales, including a chemicals unit and one that caters to computer chip makers.
(Additional reporting by Sakthi Prasad in Bangalore, Sam Forgione in New York; Editing by Matthew Goldstein, Matt Driskill, Dan Grebler, John Wallace and Leslie Gevirtz)
Source: http://news.yahoo.com/ackman-buys-9-8-percent-stake-air-products-115529665.html
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Snooki Talks Fitness, Boob Jobs and More Babies
New mom Snooki is down 50 pounds after giving birth to baby Lorenzo, and now she?s telling ?Extra?s? AJ Calloway how she did it. Snooks also dished on plans to go under the knife, and expand her family.
AJ hopped on a bike and joined Snooki for her favorite workout class; spinning at Flywheel Sports. Says Snooki, ?Flywheel is like spin class, but on crack? you have to go quick and crazy and you just don?t want to give up? sometimes when I do spin by myself I just give up, but in this class you just can?t.??
The ?Jersey Shore? gal, who said she owes her slimmed-down figure to Flywheel and her trainer, went on to say she tries to exercise all of the time and that she is in the best shape of her life. ?Now is the best I've ever been, I have actual muscle mass so I can kick your butt.?
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Snooki is fit and trim, but does want to do a little nip/tuck, admitting she wants to get her breasts done. Her fianc? is all for it. ?Gionni wants me to get a boob job and I want to get a boob job too, but I want to pop out all my babies first and then I'll get a boob job.?
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Snooki says she is ready to give 1-year-old Lorenzo a sibling, but has a few things to get done first. ?I would love to be pregnant now, but my house isn't done and I have to get married. I want to do it the right way for the next one.?
Source: http://www.extratv.com/2013/08/01/snooki-talks-weight-loss-boob-jobs-and-more-babies/
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Thursday, August 1, 2013
Kansas meatpacker recalls 50,100 pounds of ground beef
(Reuters) - A Kansas meatpacker has recalled 50,100 pounds of ground beef that may be contaminated with the E. coli bacteria, the U.S. Department of Agriculture's Food Safety and Inspection Service said.
The USDA said on Wednesday evening that routine monitoring had confirmed the presence of E.coli O157:H7 in the meat. It said there had been no reports of illness associated with eating it.
The potentially deadly bacterium can cause bloody diarrhea, dehydration and, in the most severe cases, kidney failure. The very young, the elderly and people with weak immune systems are the most susceptible to food borne illness, the USDA said.
The products were produced on July 18 by National Beef Packing Co of Liberal, Kansas, and shipped in 40-pound to 60-pound cases to retailers, wholesalers, and food service distributors nationwide.
The recalled meat bears the number "EST. 208A" inside the USDA mark of inspection, the department said.
(Reporting by Jane Sutton; Editing by John Wallace)
Source: http://news.yahoo.com/kansas-meatpacker-recalls-50-100-pounds-ground-beef-121156914.html
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Wednesday, July 31, 2013
VIDEO: Jet engines, military vehicles found on ship bound for North Korea
Panamanian authorities have uncovered at least 12 jet engines and 5 military vehicles hidden in a North Korean cargo vessel. Tom Dinham reports.
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I think people need to relax a little.
BR has stated that the Committee and backroom staff are working on getting in potential targets and the fact that we seemed to match BD's bid for Henrikh Mkhitaryan seems to suggest we do have money to spend. All BR has said today is that he will not be buying dross just for the sake of it - which is fine by me.
As for Kyriakos Papadopoulos, with what Schalke's General Manager has said, it seems perhaps we have submitted a further bid but it does not meet their valuation hence why the GM does not consider it a bid.
I am still confident we will get in another centre-back and attacking midfielder as BR has indicated earlier this window. We just need to be patient. I don't think anyone called Lorenzo Melgarejo, Kolo Toure, Luis Alberto or Iago Aspas so I am sure there are a couple of players that we are looking at that may not even have been discussed on these forums yet and none of us really know what is going on behind the scenes (which is the way it should be).
However, if we fail to sign anyone up to 3rd September, then I would question FSG and BR again as it seems Christian Eriksen and Yehven Konoplyanka are two examples of players who are available and who could move to Liverpool as they seem to be interested in moves to England and in Eriksen's case, a move to Liverpool. If we fail to pick up either of these then I would question why BR does not sign them and then states there was no one available.
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