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Strategies & Market Trends : Speculating in Takeover Targets

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From: richardred	11/15/2004 9:45:59 AM
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NBSC-SPX will now have a lot more cash on hand! SPX to Sell Unit to GE for $1.4 Billion Monday November 15, 8:59 am ET SPX to Sell Security and Fire-Detection Systems Unit to GE for $1.4 Billion AP (AP) -- -- SPX Corp. on Monday said it agreed to sell its security and fire-detection systems business to General Electric Co. for $1.4 billion in cash. SPX said the sale of Edwards Systems Technology is subject to antitrust clearance and customary closing conditions and "will yield significant after-tax proceeds." Closing is expected in the first quarter of 2005. SPX said it will use the net proceeds from the sale to pay down debt and buy back equity. The company said the because of this sale, plus the pending sale of its Bomag unit, "the uncertain timing of the closing of those transactions and other potential divestitures, and the earnings effect associated with likely changes to the company's debt and equity structure," it is withdrawing its earnings guidance for 2004. SPX previously said it expects to earn $2.12 to $2.22 per share from continuing operations biz.yahoo.com

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