For several years, I've written a morning note about what I've gleaned from the morning cable financial shows, newspaper websites and my Yahoo Finance page. I e-mailed it to the editors and reporters of the Inquirer's business news staff as a "day-starter." Not necessarily things we'll write about, but things we should be aware of. Here's what I've called the PhillyInc morning note:
The deals just keep on coming. Today, West Chester-based Nobel Learning Communities said it would be taken private by a New York private-equity firm in a cash deal worth $149 million, or $11.75 per share. That's a 36 percent bump to the $8.64 that Nobel shares closed at on Monday.
Nobel is the private schools operator that has long had investment money from ex-junk-bond king Michael Milken. The buyer, Leeds Equity, has $1.1 billion undermanagement and its advisory board reads like a Washington who's who. Here's a link to the announcement.
Last night, Blue Bell's UniTek Global Services released its Q1 results. Revenue rose 5 percent to $91.8M for the wiring and "infrastructure services" provider to the cable and wireless industry. Its net loss narrowed to $7.9M, or 52 cents per share, vs. a net loss of $8.4M, or $3.68 (!!) per share for the same qtr. a yr. ago. Good thing it reaffirmed its guidance of the year. Here's the link.
And here's the WSJ's take on Shire's acquisition of Advanced BioHealing, a regenerative medicine company that had gotten funding from Wayne's Safeguard Scientifics. The Journal's Brian Gormley says the $750M sale amount to a 13 times return on Safeguard's investment - 2nd best in Safeguard 58-year history.
Also from yesterday, Marlton's Hill International continues to land project management business in the Middle East. This time a 12-tower development in Saudi Arabia.
Lots of chatter about Europe's debt crisis and America's debt ceiling on the shows this morning. In my house, the topic was how much to put into the school lunch accounts as the end of the school year approaches.
That's a start to the day.