Tuesday Ticker: May 19, 2020

Boost for Boyd

Boyd Group Services has announced that it has closed its previously announced bought deal financing consisting of 1,100,000 shares at a price of $183.00 per share.

The company intends to use the net proceeds of the offering to fund potential future acquisition opportunities once the impact of COVID-19 is better understood, as well as to further strengthen its balance sheet through either holding cash or debt repayment, and for general corporate purposes.

The offering was led by CIBC Capital Markets, Cormark Securities, Goldman Sachs and National Bank Financial.

Clearing the consensus

Magna International has reported adjusted first-quarter 2020 earnings-per-share of 86 cents, beating out the Zacks Consensus Estimate of 74 cents.

Higher-than-expected EBIT from the Complete Vehicles segment can be attributed to the outperformance. EBIT from the unit came in at $50 million, topping to a consensus mark of $36.3 million.

The bottom line, however, declined from Q1 2019’s $1.63. Coronavirus woes can be blamed for the dismal results.

No-go for GrubHub

According to a recent CNBC report, Uber and GrubHub cannot agree on a price for the ride-hailing company to acquire the food delivery business.

CNBC said Uber had rejected an all-stock offer, prompting GrubHub to propose a deal in which its investors would have received 2.15 Uber shares for every share of GrubHub, valuing the company at roughly $6.25 billion.

The journal also reported Uber was expected to review the proposal “in the coming days.”

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