BJ's Wholesale to be removed from S & P MidCap 400
Standard & Poor's will remove BJ's Wholesale Club Inc. from the S&P MidCap 400 index after the market closes on Friday because the wholesale club operator is being taken private.
BJ's is being acquired for $2.8 billion by Leonard Green & Partners LP and CVC Capital Partners. The deal is expected to close on Friday and BJ's stock will cease to trade on the New York Stock Exchange.
The S&P Indices announced on Tuesday that BJ's will be replaced on the S&P MidCap 400 by the real estate investment trust Home Properties Inc., which is currently on the S&P SmallCap 600.
Home Properties, in turn, will be replaced on the S&P SmallCap 600 by professional services firm Resources Connection Inc.
S&P also said that Fortune Brands Home & Security Inc. will become a part of the S&P MidCap 400 after the market closes on Monday.
Fortune Brands Inc. is likely to complete its spinoff of its home and security division on Monday. Fortune Brands will be changing its name to Beam Inc. and will remain a part of the S&P 500.
Fortune Brands Home & Security will replace tanker company Overseas Shipholding Group Inc. in the S&P MidCap 400. Overseas Shipholding is joining the S&P SmallCap 600, replacing LCA-Vision Inc. on that index. LCA-Vision has the lowest market capitalization within that group.
Sensor maker Measurement Specialties Inc. will also join the S&P SmallCap 600 on Monday, replacing MedCath Corp. Medcath is selling its remaining assets and plans to dissolve the company, S&P said.