RetailMeNot’s share soar on acquisition news
Austin-based online coupon company RetailMeNot saw its stock rocket up nearly 50 percent on Tuesday, a day after it agreed to be acquired by San Antonio-based payment and marketing company Harland Clark Holdings.
RetailMeNot’s shares jumped a whopping 48.4 percent, or $3.75, to close Tuesday at $11.50. Harland Clark Holdings has agreed to pay $11.60 a share to acquire RetailMeNot.
Based the number of RetailMeNot shares outstanding, the deal is valued at about $560 million. However, the companies listed the deal’s equity value, which includes debt, the value of stock options and convertible securities, at $630 million.
Founded in 2009, RetailMeNot operates the largest online marketplace for coupons and consumer deals. Its sites and mobile apps provide coupon codes, free trials and other retail offers from more than 70,000 merchants including Macy’s, Nordstrom, Wal-Mart and Target.
Harland Clarke Holdings is a wholly owned subsidiary of MacAndrews & Forbes and is owner of Valassis, which provides media and marketing services worldwide. Valassis is one of the largest coupon distributors/processors in the world.
New York, Texas tops in commercial property development
For the second year in a row, Texas was behind only New York in total commercial real estate spending in 2016.
Commercial property construction expenditures topped $18.5 billion in the Lone Star State last year.
And development supported 310,994 Texas jobs, according to the new report by the NAIOP Research Foundation, a commercial real estate study organization.
Nationwide the commercial development and construction industry contributed $861 billion to the U.S. gross domestic product last year. And the industry supported 6.25 million jobs, the new report said.
Construction spending across the country has gone up almost 50 percent since 2011, And Texas has been one of the biggest contributors
Google disputes charges, says no gender pay gap
Google said it’s “taken aback ” by the government’s claim that it doesn’t compensate women fairly.
The company said it conducts “rigorous analyses” that its pay practices are gender-blind and found “no gender pay gap” in 52 major job categories it analyzed last year. Google added that analysts who calculate suggested pay don’t have access to employees’ gender data.
Google also said that beyond gender pay equity, the company recently expanded the analysis to cover race in the U.S. as well.
The U.S. Department of Labor had accused Google of shortchanging women doing similar work to men, saying it found “systemic compensation disparities” across the company’s workforce.
Google responded in a blog post Tuesday that the department’s assertion “came without any supporting data or methodology.” The company said it had already produced hundreds of thousands of documents in response to 18 separate requests, and the government is seeking thousands more, including contact details of employees.
Chinese auto sales weaken in March after tax rise
BEIJING — Growth in China’s auto sales plunged in March as demand for SUVs weakened and purchases of sedans contracted, an industry group reported Tuesday.
Sales of cars, minivans and SUVs in the biggest market by number of vehicles sold rose 1.7 percent from a year earlier, according to the China Association of Automobile Manufacturers. That was down from 6.3 percent growth in the first two months of the year.
Total vehicle sales, including trucks and buses, rose 3 percent to 2.5 million.
Auto demand was forecast to cool after Beijing raised a sales tax Jan. 1, but the March decline was unexpectedly sharp. Forecasters expect sales growth in mid-single digits this year, down from last year’s 15 percent.