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Genuine Parts Co (GPC.N)

GPC.N on New York Stock Exchange

94.85USD
12 Oct 2018
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Latest Key Developments (Source: Significant Developments)

Genuine Parts Co Believes S.P. Richards Merger Agreement With Essendant Remains "Superior"
Monday, 10 Sep 2018 

Sept 10 (Reuters) - Essendant Inc ::GENUINE PARTS COMPANY COMMENTS ON NOTIFICATION FROM ESSENDANT; CONTINUES TO BELIEVE S.P. RICHARDS MERGER AGREEMENT WITH ESSENDANT REMAINS SUPERIOR.GENUINE PARTS CO - INTENDS TO ALLOW THREE-DAY MATCH PERIOD TO EXPIRE AND MERGER AGREEMENT TO TERMINATE.GENUINE PARTS CO - TERMINATION FEE TO BE PAID TO GPC.GENUINE PARTS CO - ESSENDANT WILL BE REQUIRED TO PAY A TERMINATION FEE TO GPC IN AMOUNT OF $12 MILLION.GENUINE PARTS SAYS ITS WILL NOT MAKE ANY COUNTERPROPOSALS.  Full Article

Essendant Board Determines Staples Offer Constitutes A "Superior Proposal" To S.P. Richards Transaction
Monday, 10 Sep 2018 

Sept 10 (Reuters) - Essendant Inc ::ESSENDANT BOARD DETERMINES STAPLES OFFER CONSTITUTES A "SUPERIOR PROPOSAL" TO S.P. RICHARDS TRANSACTION.ESSENDANT INC - GPC HAS RIGHT TO PROPOSE AMENDMENTS TO TERMS OF S.P. RICHARDS MERGER AGREEMENT.ESSENDANT INC - DELIVERING NOTICE TO GPC THAT BOARD INTENDS TO TERMINATE S.P. RICHARDS MERGER TO ENTER INTO MERGER AGREEMENT WITH STAPLES..ESSENDANT - ESSENDANT BOARD HAS NOT CHANGED RECOMMENDATION WITH RESPECT TO S.P. RICHARDS DEAL, NOR HAS IT MADE RECOMMENDATION WITH RESPECT TO STAPLES PROPOSAL.ESSENDANT - DETERMINED THAT $12.80 PER SHARE PROPOSAL FROM STAPLES CONSTITUTES A "SUPERIOR PROPOSAL".  Full Article

Essendant Acknowledges Receipt Of Letter From Staples
Wednesday, 5 Sep 2018 

Sept 5 (Reuters) - Essendant Inc ::ESSENDANT ACKNOWLEDGES RECEIPT OF LETTER FROM STAPLES.ESSENDANT - ACKNOWLEDGED RECEIPT OF LETTER FROM STAPLES, INCLUDING STAPLES' REITERATION OF ITS PROPOSAL TO ACQUIRE CO FOR $11.50 PER SHARE IN CASH.ESSENDANT - BOARD IN CONSULTATION WITH LEGAL, FINANCIAL ADVISORS IS REVIEWING LETTER, OTHER MATERIALS FILED BY STAPLES WITH SEC.ESSENDANT - BOARD HAS NOT CHANGED ITS RECOMMENDATION THAT CO'S SHAREHOLDERS VOTE IN FAVOR OF TRANSACTION WITH GENUINE PARTS COMPANY.  Full Article

Staples Says Delivered Letter To Essendant CEO And Board
Tuesday, 31 Jul 2018 

July 31 (Reuters) - Essendant Inc ::STAPLES, INC SAYS ON JULY 31, STAPLES DELIVERED LETTER TO PRESIDENT AND CHIEF EXECUTIVE OFFICER AND BOARD OF DIRECTORS OF ESSENDANT - SEC FILING.STAPLES-REAFFIRMED INTEREST IN ENGAGING IN DISCUSSIONS WITH ESSENDANT'S BOARD REGARDING ITS PROPOSAL TO ACQUIRE ALL OF REMAINING COMMON STOCK OF ESSENDANT.STAPLES INC SAYS REAFFIRMS PROPOSAL TO ACQUIRE ESSENDANT FOR $11.50 PER SHARE IN CASH.STAPLES INC SAYS ITS PROPOSAL FOR ESSENDANT IS "SUPERIOR" TO TRANSACTION WITH GENUINE PARTS CO.STAPLES - WOULD AGREE TO FUND $12 MILLION BREAK-UP FEE SHOULD ESSENDANT BECOME OBLIGATED TO PAY THAT SUM TO GENUINE PARTS UPON TERMINATION OF EXISTING DEAL.STAPLES INC SAYS ITS PROPOSAL FOR ESSENDANT IS NOT SUBJECT TO FINANCING.STAPLES SAYS ITS PROPOSAL FOR ESSENDANT HAS "SIGNIFICANTLY" LOWER ANTITRUST COMPLETION RISK VERSUS GENUINE PARTS DEAL.  Full Article

Genuine Parts Co Q2 Earnings Per Share $1.54
Thursday, 19 Jul 2018 

July 19 (Reuters) - Genuine Parts Co ::MPANY REPORTS RECORD SALES AND EARNINGS FOR THE SECOND QUARTER ENDED JUNE 30, 2018.Q2 EARNINGS PER SHARE $1.54.Q2 SALES $4.8 BILLION VERSUS I/B/E/S VIEW $4.68 BILLION.Q2 EARNINGS PER SHARE VIEW $1.58 -- THOMSON REUTERS I/B/E/S.Q2 ADJUSTED EARNINGS PER SHARE $1.59 EXCLUDING ITEMS.SEES FY 2018 SALES UP 13 TO 14 PERCENT.RAISES 2018 SALES EXPECTATIONS AND REITERATES EPS OUTLOOK.FY2018 EARNINGS PER SHARE VIEW $5.64, REVENUE VIEW $18.40 BILLION -- THOMSON REUTERS I/B/E/S.Q2 SALES FOR AUTOMOTIVE GROUP WERE UP 27.7%, INCLUDING A 2.1% COMPARABLE SALES INCREASE.QTRLY SALES FOR INDUSTRIAL GROUP WERE UP 8.7%, INCLUDING A 6.5% COMPARABLE SALES INCREASE.SEES 2018 DILUTED EARNINGS PER SHARE TO RANGE FROM $5.49 TO $5.64.  Full Article

Genuine Parts Comments On Merger Agreement With Essendant Following Staples' Proposal
Thursday, 17 May 2018 

May 16 (Reuters) - Genuine Parts Co ::GENUINE PARTS COMPANY COMMENTS ON DEFINITIVE MERGER AGREEMENT WITH ESSENDANT FOLLOWING STAPLES' CONDITIONAL, NON-BINDING PROPOSAL TO ACQUIRE ESSENDANT.GENUINE PARTS - "DO NOT BELIEVE STAPLES' CONDITIONAL, NON-BINDING PROPOSAL TO ACQUIRE ESSENDANT FOR $11.50 PER SHARE IN CASH TO BE A SUPERIOR PROPOSAL".  Full Article

Staples Says Proposed To Buy Essendant For $11.50/Share In Cash
Wednesday, 16 May 2018 

May 16 (Reuters) - Staples Inc::STAPLES SAYS ON APRIL 17, SENT LETTER TO ESSENDANT EXPRESSING INTEREST IN DISCUSSIONS REGARDING PROPOSAL TO ACQUIRE ALL REMAINING STOCK OF CO NOT OWNED BY STAPLES.STAPLES - ON APRIL 27, ESSENDANT INFORMED IT WAS NOT ABLE TO ENTER DISCUSSIONS WITH STAPLES UNDER TERMS OF AGREEMENT BETWEEN ESSENDANT, GENUINE PARTS.STAPLES SAYS ON APRIL 29, SENT LETTER TO ESSENDANT WHICH REITERATED TERMS OF APRIL 17 LETTER & ENCOURAGED ESSENDANT TO ENGAGE IN DISCUSSIONS WITH STAPLES.STAPLES - ON MAY 10, ESSENDANT SENT DRAFT OF “ACCEPTABLE CONFIDENTIALITY AGREEMENT” TO STAPLES, TERMS OF WHICH ARE CURRENTLY BEING REVIEWED BY CO.STAPLES INC REPORTS A 9.9 PCT STAKE IN ESSENDANT INC <<>> AS OF MAY 7 - SEC FILING.STAPLES SAYS IN APRIL 17 LETTER TO ESSENDANT, STAPLES MADE PROPOSAL TO ACQUIRE ALL OF OUTSTANDING SHARES OF ESSENDANT STOCK FOR $11.50/SHARE IN CASH.STAPLES - IN APRIL 17 LETTER TO ESSENDANT, CO SAYS IT DOES NOT REQUIRE ANY THIRD PARTY FINANCING OR FINANCING APPROVALS TO CONSUMMATE PROPOSED DEAL.STAPLES - IN APRIL 17 LETTER TO ESSENDANT, CO SAYS IT INTENDS TO FUND THE PROPOSED TRANSACTION WITH AVAILABLE FUNDS.STAPLES - ON APRIL 27, GOT LETTER FROM ESSENDANT INDICATING ESSENDANT’S BOARD DETERMINED STAPLES' $11.50/SHARE IN CASH PROPOSAL WAS NOT A “SUPERIOR PROPOSAL”.  Full Article

Genuine Parts Says Essendant Must Pay Termination Fee Of $12 Mln Under Certain Circumstances
Thursday, 12 Apr 2018 

April 12 (Reuters) - Genuine Parts ::IF DEAL TERMINATED BECAUSE APPROVAL IS NOT OBTAINED AT ESSENDANT STOCKHOLDER MEETING, ESSENDANT TO REIMBURSE CO FOR EXPENSES UP TO $3 MILLION.DEAL WITH ESSENDANT PROVIDES ESSENDANT MUST PAY CO TERMINATION FEE OF $12 MILLION ON TERMINATION OF AGREEMENT UNDER CERTAIN CIRCUMSTANCES.  Full Article

Genuine Parts announces industrial and automotive acquisitions
Thursday, 19 Oct 2017 

Oct 19 (Reuters) - Genuine Parts Co :Genuine Parts Company announces industrial and automotive acquisitions.Genuine Parts Co - ‍Deal adds approximately $125 million in annual revenue​.Genuine Parts Co - ‍Company expects Apache to generate estimated annual revenues of $100 million​.Genuine Parts Co - ‍Addition of Monroe will consolidate into U.S. Automotive operations, expected to generate approximate annual revenues of $25 million​.Genuine Parts Co - ‍In addition, co entered definitive agreement to acquire Monroe Motor products, with an effective close date of November 1, 2017​.  Full Article

Genuine Parts Company Q3 earnings per share $1.08
Thursday, 19 Oct 2017 

Oct 19 (Reuters) - Genuine Parts Co :Genuine Parts Company reports sales and earnings for the third quarter ended September 30, 2017.Q3 earnings per share $1.08.Q3 sales $4.1 billion versus I/B/E/S view $4.1 billion.Q3 earnings per share view $1.28 -- Thomson Reuters I/B/E/S.Sees FY 2017 adjusted earnings per share $4.55 to $4.60.Sees FY 2017 earnings per share $4.47 to $4.52.Q3 adjusted earnings per share $1.16 excluding items.Sees FY 2017 sales up 4 to 4.5 percent.FY2017 earnings per share view $4.73, revenue view $15.99 billion -- Thomson Reuters I/B/E/S.Updates 2017 outlook​.Q3 profitability impacted by lower gross margin, higher operating expenses, co's margin expansion initiatives did not meet expectations​.  Full Article

BRIEF-Essendant Adopts Stockholder Rights Plan

* ESSENDANT INC - RIGHTS PLAN IS STRUCTURED SUCH THAT IT WILL NOT BE TRIGGERED BY DEFINITIVE MERGER AGREEMENT TO COMBINE CO AND S.P. RICHARDS