Spinoffs & Takeovers Hotline – Friday, April 14, 2023

MIDDLEBY CORP., $139.01, symbol MIDD on Nasdaq, designs, manufactures, markets, distributes and services a broad line of (i) foodservice equipment for all types of commercial restaurants and institutional kitchens, (ii) food preparation, cooking, baking, chilling and packaging equipment for food-processing operations, and (iii) premium kitchen… Read More

A Yield to Caution: BCE 1st Preferred Series B

BCE 1ST PREFERRED SERIES B $19 (Toronto symbol BCE.PR.B) is a preferred share issue from BCE Inc. (symbol BCE on Toronto).
The BCE Series B preferreds yield 8.8%. That’s much higher than the 6.3% offered by the utility’s common shares.
Note, though, that preferred shares behave more like long-term… Read More

Carveout should unlock value

VOLKSWAGEN AG is a hold. The German automaker (Manufacturing sector; Shares outstanding: 5.0 billion [preferred and common]; Market cap: $177.6 billion; Dividend yield: 3.8%; Takeover Target Rating: Medium; www.volkswagenag.com) has its main listing on the Frankfurt Stock Exchange, but it also trades on the U.S. over-the-counter market under two symbols:… Read More

Not all high yield ETFs are created equal

High yields, especially in what is still a relatively low interest-rate environment, have lots of appeal for many income investors. But ETF investors should look beyond the historical distribution yield for any danger signs.
The managers of ETFs use various strategies to generate high yields for… Read More

A yield to caution

TD 1ST PREFERRED CLASS A SERIES 1 $23.05 (Toronto symbol TD.PF.A) is a preferred share issue from TD Bank (symbol TD on Toronto).
The TD Series 1 preferreds yield 4.0%. That’s higher than the 3.5% offered by the bank’s common shares.
Note, though, that preferred shares behave more like… Read More