Buyouts

NYSE Hears it from Investors

May 5, 2011

I’ve posted about the NYSE buyout here and here.  Seems like everyday investors are starting to realize that NASDAQ is lurking with more cash.  The NY Times Dealbook reports that: But the anger that some shareholders felt over NYSE Euronext’s refusal to even negotiate with its unwanted suitors colored the meeting. Some investors voted against […]

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Just Say No: Tenet Says Bid “Grossly Undervalues” the Company

April 26, 2011

In a great job of negotiating strategy and/or board restraint, Tenet rejected a revised $3.3 billion offer from Community Health Systems. Tenet’s Board felt that $6 per share was insufficient.  Hopefully, the Board holds out for substantially more.

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Apple on the Prowl?

April 26, 2011

The NY Times Dealbook recently wrote about Apple Inc.‘s excess cash.  The Dealbook opines that Apple is currently undervalued because of the idle cash and speculates that Apple is set to go on a major buying spree.  Apple could also 1) declare a dividend (which it currently does not); or 2) repurchase shares. Good companies […]

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Why is a Lawsuit Filed for Every Deal? – The Deal Professor Examines Bankrate

April 21, 2011

The Deal Professor examines another deal where management and the board put their own interests above shareholders.  Despite Bankrate’s hasty and flawed sales process a couple of years ago, it’s now filing for an IPO.   Specfically: The Bankrate board appeared to abdicate its responsibility to run a sale process that was open and without […]

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Another Wrinkle in NASDAQ’s Bid for NYSE

April 20, 2011

I briefly posted about the decision the NYSE board has to make from a purely investor/corporate governance perspective.  The Deal Professor offers another perspective: The NYSE board also has to consider the antitrust issues involved with agreeing to be bought by NASDAQ.  Right now, NASDAQ and NYSE are two, direct, competitors in that industry.  Therefore, […]

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Why is a Lawsuit Filed for Every Deal? – J. Crew Foreign Expansion Edition

April 19, 2011

I’ve posted about J.Crew’s takeover by TPG (a private equity firm).  J. Crew’s CEO has stayed on, and is now crowing about how happy he is that he took J. Crew private.  Not coincidentally, J. Crew’s CEO (who almost certainly has an interest in the new company) announced J. Crew’s expansion into China. So, right […]

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NYSE and Deutsche Borse Sweetening the Pot?

April 14, 2011

I haven’t spent too much time on the drama surrounding NASDAQ’s bid of NYSE Euronext (which would effectively consolidate the U.S. based markets).  Basically, NASDAQ is bidding to try and woo NYSE away from the Deutsche Borse, a German exchange. In order to keep its deal together with Deutsche Borse, NYSE has been exploring alternatives […]

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Just Say No: Landry’s Attempts Hostile Takeover for McCormick & Schmick’s

April 11, 2011

McCormick & Schmick’s rejected Landry’s Restaurant’s Inc.’s overtures for a takeover.  So Landry, like many jilted suitors, went hostile and took its $9.25 per share offer directly to McCormick’s shareholders. Currently, McCormick’s shareholders are unimpressed with the offer, because the shares are trading at $9.35 per share.  McCormick’s board probably rejected the offer because Landry did […]

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Iron Mountain Implements Poison Pill

April 7, 2011

Lately, poison pills have been all the rage (in part because of the Airgas decision in Delaware).  Iron Mountain–a document retention company–has recently adopted a pill after a hedge fund, Elliott Management, pushed Iron Mountain to convert itself into a Real Estate Investment Trust (REIT). Under the poison pill’s terms, if any investor acquires more […]

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Sanofi-Genzyme Update – Tender Due Tomorrow!

April 6, 2011

As I’ve posted about before, Sanofi and Genzyme are merging.  This deal has taken awhile, and is structured as a tender offer.  It’s for $74 per share in cash, but also comes with a contingent value right that will be valuable if certain Genzyme drugs make it to market.  Interesting deal. Shareholders wishing to tender […]

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