We continue to believe the (Justice Department) will oppose the merger based on the potential for anti-competitive pricing by the merged entity.
More Quotes from Nicholas Heymann:
They last thing they are going to do is reduce leverage and buy back shares, ... This is all good news. Their stock's been down.Nicholas Heymann
The company's efforts to improve productivity and much more aggressively manage their asset base is really starting to become more evident, ... We see this certainly from the standpoint of the company being well ahead of schedule for its restructuring.
Nicholas Heymann
Everybody knows that Honeywell has exposure to the air transport industry. I think to some extent that gets mischaracterized because it is offset by defense and space, but the adjust to air traffic (after the attacks) is real.
Nicholas Heymann
Whirlpool has argued the merger should receive regulatory approval due to the global nature of the laundry market however, with only two other domestic top-load washer manufacturers, we believe this lacks credibility.
Nicholas Heymann
Relatively little value may actually be able to be unlocked through the simple act of splitting the company into three parts.
Nicholas Heymann
We have decided to take the unusual step and reduce our rating on WHR to Sell to reflect what we strongly believe is the potential for significant near-term downside risk due to a series of massive changes rapidly altering the historic ways the appliance business is conducted in North America, ... The net result of this change will, in our opinion, be a slow, but steadily building decline in market share for WHR, accompanied by steadily increasing pricing pressures, which we believe could far disproportionately impact Whirlpool versus other manufacturers.
Nicholas Heymann
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