What Goes Down Must Go Up: Building Materials And Design - sourced PicksThatMove.com
Tesoro Distributors, Inc.
Calgary, AB 11/19/2009 05:28 PM GMT (TransWorldNews)
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What Goes Down Must Go Up: Building Materials And Design
The hot stock information of the day includes: TSRD
Tesoro Distributors, Inc. (OTC:TSRD) gained 30.00% up to $0.0039 on no news; however recently the company announced a reverse triangular merger, whereas the subsidiary of Tesoro Distributors will merge with Fashion Floor, which was targeted for takeover. This merger rather than an acquisition eliminates all minority stockholders, since they are legally required to accept the buyer’s purchase price. Also, the approval of only the selling entity’s board of directors is needed, not the selling stockholders.
In this case, the subsidiary's equity merges with Fashion Floor stock and as a result of the merger; Fashion Floor will become a wholly-owned subsidiary of Tesoro Distributors. Shareholders of Fashion Floor get shares of the acquirer; in effect Tesoro’s shareholders became shareholders of a new corporation called Tesoro Enterprises, Inc. (TEI). Immediately following the merger, Tesoro Enterprises entered into a share exchange agreement with Fashion Floor Covering and Tile, Inc based in Connecticut, where the sole stockholder of Fashion Floor received 500,000 shares of TEI in exchange for all the outstanding shares of Fashion Floor. Fashion Floor is a retail dealer of wood, carpet and tile and installs floor and wall covering materials. Fashion Floor sells through contractors and new home builders and also directly to end users.
LEED requirements were practically forgotten during the housing crash and upscale suppliers struggled; part of the appeal of Fashion Floor was how it weathered the economic downturn. Industry giants such as Knoll (NYSE:KNL down -4.03% to $9.28) and Steelcase (NYSE:SCS down -6.23% to $5.27) saw their worst declines on record and still paid out regular dividends. Based in Westport, Connecticut, Tesoro Distributors Inc is a holding company, but through its subsidiaries, acts as a wholesale distributor of building materials, specifically hardwood, porcelain and natural stone flooring products and wall coverings to residential and commercial construction, remodelling and interior design markets.
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