CEO of Leading Theater Chain Buys Shares
The man in charge of AMC Entertainment Holdings Inc. (NYSE:AMC) piled up some shares of the company during the first trading session of this week. President and CEO Adam M. Aron filed Monday to disclose the purchase of 10,000 Class A shares at prices ranging from $28.74 to $28.85 per share. Following the purchase, Mr. Aron currently owns 20,000 Class A shares of AMC.
In early-March, the second-largest U.S. theater chain, which is controlled by Chinese billionaire Wang Jianlin, agreed to acquire Carmike Cinemas Inc. (NASDAQ:CKEC) for $30 per share in cash, a deal that would create the world’s largest cinema chain. However, several shareholders of Carmike said that the $30 per share offer was not enough, leading AMC Entertainment Holdings Inc. (NYSE:AMC) to sweeten its buyout offer to persuade those holdout shareholders to accept the takeover. Under the improved offer, Carmike investors can choose between receiving $33.06 in cash or 1.0919 shares of AMC’s Class A shares. Driehaus Capital Management, one of the shareholders who opposed the initial $30 per share-offer, recently announced that it would vote in favor of the revised offer. AMC shares have gained 20% thus far in 2016. Thomas Bailard’s Bailard Inc. owns 9,000 shares of AMC Entertainment Holdings Inc. (NYSE:AMC) as of June 30.
Cluster of Insider Buying at Metal Packaging Company
Ball Corporation (NYSE:BLL) witnessed a cluster of insider buying this week, as three different insiders reported purchasing shares on Monday. To begin with, Director Hanno C. Fiedler, former Chairman and CEO of Ball Packaging Europe, snapped up 3,000 shares on Monday at a price tag of $79.32 each, lifting his overall holding to 127,418 shares. Robert W. Alspaugh, elected to the company’s Board of Directors in January 2008, purchased a new stake of 3,000 shares on the same day at a weighted average price of $79.27 per share. Last but not least, Board member Theodore M. Solso also bought 3,000 shares at prices that fell between $79.96 and $79.99 per share, all of which are held by the Solso Revocable Trust that currently holds 10,308 shares. Mr. Solso also holds a direct ownership stake of 30,604 shares.
The shares of the supplier of metal packaging to the beverage, food, personal care, and household products industries have jumped by 10% since the start of the year. Just recently, analysts at Jefferies added Ball Corporation (NYSE:BLL) to their Franchise Picks list, which contains the highest conviction Buy-rated stock ideas of the firm. Ball Corporation recently completed its $6.1 billion-acquisition of London-based metal beverage can maker Rexam PLC, which resulted in the creation of the largest manufacturer of beverage cans in the world. Stephen J. Errico’s Locust Wood Capital Advisers reported owning 358,173 shares of Ball Corporation (NYSE:BLL) in its 13F for the June quarter.
The final page of this article will briefly discuss several insider purchases registered at two other companies.