|Bid||0.0000 x 1100|
|Ask||0.0000 x 800|
|Day's range||0.7200 - 0.7999|
|52-week range||0.0887 - 8.7900|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||-0.00|
|Earnings date||13 Aug 2020 - 20 Aug 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||1.50|
Briggs & Stratton Corp., billed as the world's largest manufacturer of small gas engines, has filed for bankruptcy protection citing challenges due to the coronavirus pandemic, the company announced Monday. As part of the Chapter 11 filing, the Milwaukee-area company said Monday it has secured secured debtor-in-possession financing of $677.5 million from KPS Capital Partners LP, the private equity firm purchasing its assets, and its existing lenders to allow it to continue operating ahead of the closing of the deal. The filing allows Briggs & Stratton to fully support its operations through the closing of the transaction, the company said in the statement.
NEW YORK, July 20, 2020 /CNW/ -- KPS Capital Partners, LP ("KPS") announced today that, through a newly formed affiliate, it has entered into an asset purchase agreement with Briggs & Stratton Corporation (NYSE: BGG) and certain of its wholly-owned subsidiaries (collectively, "Briggs & Stratton" or the "Company") under which KPS will acquire substantially all of the assets of Briggs & Stratton, including equity of foreign subsidiaries, for approximately $550 million. Briggs & Stratton has filed a motion with the United States Bankruptcy Court for the Eastern District of Missouri seeking the designation of KPS as the stalking horse bidder in a sale motion as part of the Company's filing of voluntary petitions under Chapter 11 of the Bankruptcy Code today.
Investors need to pay close attention to Briggs & Stratton (BGG) stock based on the movements in the options market lately.