Corporate News Blog Methode Electronics Acquires Pacific Insigh - Erie News Now | WICU & WSEE in Erie, PA

Corporate News Blog Methode Electronics Acquires Pacific Insight

Posted: Updated:

Research Desk Line-up: Espey Mfg. & Electronics Post Earnings Coverage

LONDON, UK / ACCESSWIRE / October 5, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Methode Electronics, Inc. (NYSE: MEI) (“Methode”), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=MEI. The Company announced on October 03, 2017, that its wholly-owned subsidiary, Methode Electronics British Columbia Corp., has acquired Pacific Insight Electronics Corp (“Pacific Insight”), a global lighting, electronics, and full-service solutions provider to the transportation industry, for approximately $114 million. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

http://protraderdaily.com/register/

Discover more of our free reports coverage from other companies within the Diversified Electronics industry. Pro-TD has currently selected Espey Mfg. & Electronics Corp. (NYSE AMER: ESP) for due-diligence and potential coverage as the Company announced on September 14, 2017, its financial results for Q4 FY17 and FY17 which ended on June 30, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on Espey Mfg. & Electronics when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on MEI; also brushing on ESP. Go directly to your stock of interest and access today’s free coverage at:

http://protraderdaily.com/optin/?symbol=MEI

http://protraderdaily.com/optin/?symbol=ESP

Financial Insights

Methode funded the transaction with available cash and its existing credit facility.
The acquisition is expected to be accretive to earnings in the current fiscal year ending April 28, 2018.
The Company expects pre-tax costs related to the acquisition in the range of $4.8 million to $5.2 million, of which $1.5 million was recognized in Q1.
Pursuant to the acquisition, Pacific Insight’s shareholders will receive CAD$18.50 per Pacific Insight Share.
The Pacific Insight Shares are expected to be delisted from the TSX.

Combined Operations will be Positioned to Provide Additional Opportunities for all Stakeholders

Don Duda, President and Chief Executive Officer (CEO) of Methode, stated that with this acquisition and Methode’s global scope, Pacific Insight will meet its customers’ requested expansion into Asia and Europe; Methode will broaden its portfolio of advanced technologies for LED-based ambient and direct lighting solutions; and the combined operations will be positioned to provide additional opportunities for the Company’s stakeholders, including employees, customers, suppliers, and shareholders. Duda further added that he is delighted to officially welcome the employees of Pacific Insight to Methode, and is looking forward to the growth that can be achieved as one company.

Financial and Legal Advisors

Foros provided financial advisory services to Methode; Locke Lord LLP, Stikeman Elliott LLP, and Jones Day acted as legal counsels; while the Company’s due diligence process was supported by Ernst & Young.

Pacific Insight Reached Arrangement Agreement with Methode in August 2017

News release suggests that on August 01, 2017, Pacific Insight entered into a definitive agreement with Methode, pursuant to which Methode agreed to acquire, by way of a plan of arrangement, all the outstanding shares of Pacific Insight in an all-cash transaction for approximately CAD$144 million. The arrangement was approved by Methode’s security holders on September 26, 2017.

About Methode Electronics, Inc.

Founded in 1946, Methode is a leading developer of custom-engineered and application-specific products and solutions, utilizing the latest technologies. The Company designs, manufactures, and markets devices employing electrical, electronic, wireless, safety radio remote control, sensing, and optical technologies to control and convey signals through sensors, interconnections, and controls.

About Pacific Insight Electronics Corp.

Established in 1979, Pacific Insight is a global solutions provider offering design, development, manufacturing, and delivery of electronic products and full-service solutions to the automotive and commercial vehicle markets. The Company’s advanced technologies, including LED lighting systems and electronic modules, are driving automotive advancement and creating a better driving experience.

Last Close Stock Review

On Wednesday, October 04, 2017, the stock closed the trading session at $44.15, rising 1.61% from its previous closing price of $43.45. A total volume of 203.60 thousand shares have exchanged hands. Methode Electronics’ stock price surged 14.08% in the last one month, 11.21% in the past three months, and 24.96% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 6.77%. The stock is trading at a PE ratio of 17.95 and has a dividend yield of 0.82%. The stock currently has a market cap of $1.63 billion.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the “Author”) and is fact checked and reviewed by a third party research service company (the “Reviewer”) represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter holder (the “Sponsor”), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you’re a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily

ReleaseID: 477146

Information contained on this page is provided by an independent third-party content provider. Frankly and this Station make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact pressreleases@franklyinc.com

Powered by Frankly
3514 State St. Erie, PA 16508
Newsroom: (814) 454-8812
Business offices: (814) 454-5201
WICU FCC Filing
WSEE FCC Filing
Share:
Share Stories
Submit your stories to our site!
Share Photos
Share your photos in our community galleries
RSS Feeds
All content © Copyright 2000 - 2017 WICU. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.
                   WICU/WSEE - 3514 State Street Erie, PA 16508 - (814) 454-5201 - info@wicu12.com