Shares of Koninklijke Philips NV (ADR) (NYSE:PHG) ended Friday session in red amid volatile trading. The shares closed down -0.07 points or -0.23% at $29.76 with 1.15 million shares getting traded. Post opening the session at $29.75, the shares hit an intraday low of $29.74 and an intraday high of $29.89 and the price vacillated in this range throughout the day. The company has a market cap of $28.91 billion and the numbers of outstanding shares have been calculated to be 927.32 million shares.
On Sept. 23, 2016 Royal Philips (PHG), Macquarie University’s MQ Health in Sydney and Emory Healthcare in Atlanta, Georgia (US), announced the launch of Australia’s first – and only – remote intensive care unit (eICU) monitoring program, to improve the outcomes of high risk patients in most need of ’round-the-clock’ observation.
The partnership uses Philips’ remote intensive care unit (eICU) technology and will see Emory Healthcare intensivists and critical care nurses based onsite at Sydney’s MQ Health. MQ Health is the first university-led integrated health campus in Australia, which brings together research and clinical care. This care model enables the Sydney-based US clinicians to provide continuous night-time critical care oversight to patients back in the United States during daytime hours, enabling the clinical team to be wide awake as opposed to working at night.
Combining daytime coverage in Atlanta with night-time coverage from Sydney provides around-the-clock remote management of intensive care unit (ICU) patients by critical care specialists, when adverse events are most likely to occur, decreasing the risk of complications, shortening patients’ length of stay and saving lives .
Critical care units such as ICUs are high-tech units to care for patients with severe and potentially life threatening conditions that require constant and close monitoring. Philips’ eICU program is a comprehensive program that enables health care professionals from a centralized eICU center to provide around-the-clock care for critically ill patients. A study that compared patients receiving usual ICU care with patients who received their ICU care from a hospital that utilized the eICU program, showed that the latter were 26% more likely to survive the ICU and discharged from the ICU 20% faster .
“We are operating in a time when connected health solutions can truly make a difference in a patient’s experience,” said Kevin Barrow, Managing Director Philips Australia and New Zealand. “We know that funding for critical care and critical access is not growing despite increases in demand driven by population growth. This program uses a proactive and continuous care model that enable the right care to be delivered remotely at the right time.”
Shares of Berry Plastics Group Inc (NYSE:BERY) ended Friday session in green amid volatile trading. The shares closed up +0.19 points or 0.42% at $45.81 with 1.14 million shares getting traded. Post opening the session at $45.50, the shares hit an intraday low of $45.00 and an intraday high of $45.93 and the price vacillated in this range throughout the day. The company has a market cap of $5.57 billion and the numbers of outstanding shares have been calculated to be 121.60 million shares.
On August 25, 2016 Berry Plastics Group, Inc. (“Berry”) (BERY) and AEP Industries Inc. (“AEP”) (AEPI) have entered into a definitive merger agreement under which Berry will acquire all of the outstanding shares of AEP in a cash and stock transaction. Aggregate consideration will be $765 million, including AEP’s net debt. Each AEP shareholder will elect to receive either $110 in cash or 2.5011 shares of Berry common stock per AEP share in the transaction, subject to an overall 50/50 proration to ensure that 50% of the total outstanding AEP shares are exchanged for the cash consideration. Upon closing, AEP shareholders will own approximately 5 percent of Berry on a fully diluted basis. Based on Berry’s closing stock price on August 23, 2016, the date the exchange ratio was set, the blended value of the merger consideration represented $110 per AEP share. Based on yesterday’s closing price of Berry’s stock, the blended value of the merger consideration represented $109.12 per AEP share.
AEP is a leading manufacturer of flexible plastic packaging films in North America. AEP manufactures and markets a diverse line of flexible plastic packaging products for consumer, industrial, and agricultural applications. Headquartered in Montvale, New Jersey, AEP operates 14 manufacturing facilities in the United States and Canada and has approximately 2,600 employees. For the four quarters ended April 2016, AEP generated net sales of $1.1 billion, net income of $39 million, and adjusted EBITDA of $103 million.
“We respect and admire the impressive company Brendan Barba has built over the last 40 years and look forward to welcoming AEP employees into Berry’s organization,” said Jon Rich, Chairman and CEO of Berry Plastics. “AEP, together with Berry’s Engineered Materials Division, creates an impressive packaging film producer serving the North American market. This unique combination offers the opportunity for significant value creation for Berry and AEP shareholders alike, as we realize procurement and operating cost savings across the two organizations.”
- Brendan Barba, AEP’s Chairman and CEO, commented, “We are excited to announce this compelling transaction with Berry, which delivers substantial value to our shareholders, while providing the opportunity to participate in the upside of the combination. We believe Berry is the right partner to expand our product portfolio to deliver high quality packaging films to even more customers around the world. Berry shares our commitment to teamwork and success, and we are confident our valued employees will benefit from the opportunities that come from being part of a larger company. We look forward to working with Berry to plan for a seamless integration for our customers and employees and to begin the next chapter in the company’s history.”