Paper: 04-03-09 A Theory of Mergers, Journal of Finance
Class, I found the following article interesting especially as we speak about the strategic motives in business acquisitions ... merger motives with an industry-level regime shift that may lead to value-increasing merger ... price of the acquirer in a merger decreases on average when the merger is announced. Second, mergers [more...]
Date: 2009-04-03 09:09:39
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Powerful BI Solutions For Business Mergers
A merger of two aggressive manufacturers in the United States and Canada formed a company that brought unique value to the agricultural, construction, materials handling and transportation industries. This new multinational company had undergone mergers and acquisitions in the past and had several different IT systems. There were looking for ways to enable access to consolidated information to better serve customers across the globe. [more...]
Date: 2009-09-15 08:20:55
For J.P. Morgan, Bankers All Over Chinalco Deal
In a slow merger market like this one, investment banks stake a lot on a single merger, which can mean the difference between work and unemployment ... would mark the biggest foreign merger or acquisition by a Chinese company in history. Until today ... of maturing debt related to its 2007 acquisition of Alcan. According to Dealogic, the combined $19.5 [more...]
Date: 2009-02-12 13:53:00
What Makes the Best CEOs? Mergers Can Help.
Nancy Reagan once compared women to tea bags: “You only know how strong they are when they are in hot water ... a merger or acquisition. The chances are slim that they will come out of the process undisturbed: M&A ... and vast strategic shifts. Yet, Deal Journal notices that several merger-happy CEOs appeared [more...]
Date: 2008-12-22 11:30:00
Christmas Comes Early for Arbs
Joseph Checkler , of Dow Jones Newswires, reports: Merger arbitrager investors have been waiting for a day like today for a long time. In a 13-minute span beginning at roughly noon, investors who bet on mergers and acquisitions ... ; Haas about their stalled $15.3 billion deal and pending lawsuit. Many of the pure-play merger [more...]
Date: 2009-03-06 20:25:40
Tecmo answers Square Enix questions regarding rejected merger proposal
While we may no longer see an epic fantasy RPG starring our favorite Dead or Alive babes, ... its attempt at negotiating a corporate merger. After having its friendly proposal spurned, Square Enix ... board members did not accept this offer is because of the decision to begin merger talks [more...]
Date: 2008-09-10 00:13:13
Media uproar over Endeavor-William Morris merger talks
After reading years of wild-eyed stories about how a host of Hollywood bigwigs were going to be toppled by the Pellicano scandal -- when in fact, ... Finke's blog over the rumored Endeavor-William Morris merger with a big handful of salt. After all, how long can you engage in semi-secret merger talks before everyone at the agencies, worried [more...]
Date: 2009-03-11 20:29:34
Volkswagen to complete Porsche merger by 2011, will pay $5.82 billion
Volkswagen AG announced today that it will take a 49.9 percent stake in Porsche AG in a first step towards a merger with the Stuttgart sports car manufacturer. “This was agreed between Volkswagen and Porsche SE during negotiations on the contracts of implementation relating to the merger of the two companies,” Volkswagen said in a statement. [more...]
Date: 2009-10-20 20:37:02
Xstrata Courts Anglo American, Does This Merger Make Sense?
One can’t help feeling much of the enthusiasm for the proposed merger between Xstrata and Anglo American is coming from investment bankers and lawyers looking at the fees. Savings are projected at $700-875m according to estimates made by Citigroup, Merrill and Nomura reported in the Telegraph this week. In terms of rankings by market capitalization the two firms are among the top ten and combined would place them above Rio. But it is their rankings in terms of debt that is more interesting. [more...]
Date: 2009-06-23 11:00:31
Signs of an Upswing in Merger Activity
Merger mania may not be quite in full swing, but the pace of deal-making is showing signs of coming back to life after nearly a year.Kraft Foods’ hostile bid for Cadbury on Monday was only the latest potential blockbuster deal in recent days. In the last week, several multibillion-dollar deals have been announced, including those involving prominent companies like Walt Disney and eBay, The New York Times’s Michael J. de la Merced writes. [more...]
Date: 2009-09-08 10:50:23
Big Merger Deals Signal Restored Confidence
After a period of hibernation, corporate mergers and acquisitions are back on the agenda, Andrew Ross Sorkin writes in his latest DealBook column. While the price tags may not be hitting the highs they did during the boom times, the return of bigger M.&A. deals signals an increasing confidence among chief executives, who until now have been hesitant to ink any deals, Mr. Sorkin says. One segment that has not jumped back into the deal-making fray, however, is the private equity industry. [more...]
Date: 2009-09-29 10:15:53
Mark Your Calendars: TOTM Merger Guidelines Symposium
Due to a reader interest and a larger than expected number of expected submissions, the Truth on the Market Merger Guidelines Symposium is now a two day event: Monday October 26th and Tuesday October 27th . Participants: Because we are are now spread out over a few more days, feel free to aim for the 300-500 word range . Or if you’d like, you can offer multiple submissions on different issues or in response to other participants. I also hope that the added number of participants will [more...]
Date: 2009-10-20 04:16:27
Putting the "F" back in F. Marinos
Has there ever been a more pointless merger than the one between Yokohama Marinos and Yokohama Flügels? English speakers certainly seem to consider the merger irrelevant. It’s rare to see a non ... football is not exactly sitting atop the upper echelons of the world game, the merger between Marinos [more...]
Date: 2009-04-03 00:06:00
Think AIG’s Bonuses Were Bad? Read This.
Megan Slack, over at Alternet, reports on what appears to be an important story that has yet to be picked up by bigger news organizations: ... their merger. The bonuses, awarded mostly as cash, were made only to top management at Merrill. To be eligible ... Committee at its meeting of December 8, 2008, shortly after BOA shareholders approved the merger [more...]
Date: 2009-04-03 14:29:30
Merger News Sends Wall St. Higher
Corporate mergers and acquisitions all but dried up during last year’s financial crisis. But on Monday, Wall Street bounded higher on signs that companies once again had enough cash, credit and confidence to undertake big-ticket deals, The New York Times’s Jack Healy reported.Announcements of two separate deals by Xerox and the pharmaceutical company Abbott Laboratories were the latest in a small flurry of corporate deal-making. [more...]
Date: 2009-09-29 08:15:55
Iridium Merger; Satphones Maneuver
Iridium , the only Mobile Satellite Service (MSS) company offering coverage over the entire globe, has announced new funding through a merger with publicly traded GHL Acquisition Corp. , a venture formed by New York-based investment banking firm Greenhill & Co. Iridium, formed by Motorola and later spun off, has been looking for funding to launch the company’s upgraded network of 66 satellites. The newly merged company will go public on Sept. 29. [more...]
Date: 2009-09-28 16:24:38
Look Who Just Showed Up to the Takeover Party
Look Who Just Showed Up to the Takeover Party by Robert Williams , Publisher Don’t look now, but mergers and acquisitions are back in a big way. September saw roughly $50 billion worth of deals announced involving U.S. companies – an 84% increase over August. In fairness, we’ve only seen $12 billion worth of private equity deals inked so far this year – a pittance relative to the go-go days of 2007, when U.S mergers topped an insane $1.2 trillion in deal volume. [more...]
Date: 2009-10-22 16:07:55
Regionals options suffer due to accounting rules
Seven years ago, I was involved in a merger that was the last proposed under the old pooling of interests accounting rule that was phased out after ... -Time Warner merger days. The result was huge impairment charges as many had overpaid for the purchased ... . But, as soon as an acquisition occurs, if you have significant writedowns to assets -- intangible [more...]
Date: 2008-09-10 16:00:00
Deal Making Returns. Stealthily.
After months of constricted options and volatile markets, the wide world of deals is looking up again. U.S ... hiring Goldman Sachs Group to explore either a merger or an initial public offering so that Nycomed’ ... . In addition, the strongest, biggest companies are again embarking on mergers or acquisitions, which [more...]
Date: 2009-03-25 19:30:51
Spanish TV channels size up mergers
International News: Moves so far limited to ‘informal discussions’ — Ravaged by plummeting ad revenues, Spanish commercial broadcasters are mulling the idea of mergers. Over the past two weeks, media entrepreneurs have spoken in positive terms about consolidation. Original post [more...]
Date: 2009-04-06 20:09:14
Genentech: The $44 Billion Fear of Commitment
When it comes to mergers and acquisitions, more companies are developing a fear of commitment — even when they are the ones looking to commit. Bankers and arbitragers have been complaining for over a year that more and more mergers ... can get out of its obligation to complete the offer for any one of a number of reasons, including failure to obtain [more...]
Date: 2009-02-10 14:58:00
Highlights and Lowlights of BofA’s Earnings Call
Bank of America moved its earnings announcement up to this morning to soothe investors after The Wall Street Journal’s report that BofA would need additional government funds to close its acquisition of Merrill Lynch ... . This merger reinforces Bank of America’s position as a leading global financial institution. The merger [more...]
Date: 2009-01-16 16:01:30
Insider Trading: Now Brought to You by Masters of the Universe
Not since Bud Fox whispered “Blue Horseshoe loves Anacot Steel” in Wall Street has the world of mergers and acquisitions been so overtaken by prominent accusations of insider trading. A scandal quietly hit the world of mergers and acquisitions yesterday: an investment banker at Blackstone Group was alleged to have illegally shared [more...]
Date: 2009-01-15 15:04:09
Insider Trading: Now Brought to You by Masters of the Universe
Not since Bud Fox whispered “Blue Horseshoe loves Anacot Steel” in Wall Street has the world of mergers and acquisitions been so overtaken by prominent accusations of insider trading. A scandal quietly hit the world of mergers and acquisitions yesterday: an investment banker at Blackstone Group was alleged to have illegally shared [more...]
Date: 2009-01-15 16:37:43
?Don?t Freak Out? About Mergers Under Obama
This year has been marked by something of a crush of well-publicized mergers and acquisitions precisely timed to avoid one thing: ... deal, and software giant Microsoft offered nearly $45 billion for Web search and advertising rival ... — for Take-Two Interactive software. hartholden_art_160_20081110100355.jpg (Courtesy of Paul [more...]
Date: 2008-11-10 15:50:38
Antitrust Nominee Outlines Contrast With Bush Policies
President Barack Obama’s nominee to lead the Antitrust Division of the Department of Justice committed herself today to stepped-up enforcement of the ... Kohl (D-Wis.) about recent mergers and acquisitions backed by federal guarantees, she replied, “ ... League more closely for possible antitrust violations. And she questioned several recent mergers [more...]
Date: 2009-03-10 23:05:05
How to Save Your Merger: A Deal Journal Discussion
The troubled $6.5 billion deal in which Hexion Specialty Chemicals is to buy rival Huntsman is going down a path already rutted by so many other ... , and how merger contracts have become weaker. jeffhoffman_art_160_20081030155004.jpg (Courtesy ... about ways to bridge the valuation gap. DJ: What are the options? Hoffmann: One way [more...]
Date: 2008-10-30 11:58:00
Acquiring Integration Skills
by James Gilbert PynnThe executive of today must be ready to ask the appropriate questions and understand the complex answers. Now, more than ever, companies need to make their mergers and acquisitions bear promised fruit ... . The metrics of new acquisitions must be understood and a broader understanding of how these mergers [more...]
Date: 2009-03-31 19:34:33
Deals of The Day: Saving the World’s Financial System
Deals of the Day gathers all the biggest news of the morning related to mergers and acquisitions, bankruptcies, financing and private equity ... : Japan has been ahead of the curve on this compensation thing. FT.com Mergers & Acquisitions How ... who isn’t happy: Obama hammered Wall Street firms for “shameful” bonuses, saying it is the “height [more...]
Date: 2009-01-30 17:09:53
Deals of The Day: Saving the World’s Financial System
Deals of the Day gathers all the biggest news of the morning related to mergers and acquisitions, bankruptcies, financing and private equity ... : Japan has been ahead of the curve on this compensation thing. FT.com Mergers & Acquisitions How ... who isn’t happy: Obama hammered Wall Street firms for “shameful” bonuses, saying it is the “height [more...]
Date: 2009-01-30 17:17:00
GM chief sacrificed because of Obama’s AIG woes
Editor’s note: Frank Micciche is managing director of the Next Social Contract Initiative at the New America Foundation, ... finalize negotiations on a merger or lose any possibility of future federal government support. And the company with which they are being forced to consummate the merger? Fiat, of course [more...]
Date: 2009-03-31 14:38:15
CVS Caremark's "Insignificant Impact"
Check out the following (genuine) article in yesterday's Wall Street Journal: CVS Caremark Merger Has Insignificant Impact.Ouch - harsh title! ... mergers in the sector.The article goes on to quote me as follows:"From what I can tell the jury is still ... retail pharmacy market share, then it's not yet as a result of corporate co-ownership with a PBM.So [more...]
Date: 2009-04-02 04:01:00
Pharma Merger Agreements: Why Pretend?
Why promise things you can’t deliver? That seems to be the new rule in the pharmaceutical sector to judge by recent pharmaceutical industry mergers and acquisitions. Roche Holding and Pfizer, for instance, aren’t making many allowances for the possibility that their giant acquisitions might fail to reach the finish line. This in what seems [more...]
Date: 2009-03-17 16:59:50
7 Areas New Investors Should Avoid
So you’ve just started investing. You find that there’s a wealth of financial information everywhere ... to? 1. Mergers and Acquisition: Unless you work at a large company and have plenty of stock options, we believe that attention paid to mergers and acquisitions could be spent on more productive [more...]
Date: 2009-03-25 13:41:02
3 Trends in Mergers and Acquisitions in the ASC Sector
Historically, physician-owned centers that opened without corporate support have had an easier time doing well financially; then, ... in mergers and acquisitions that the ASC sector is seeing as a result. 1. Financing is tougher ... if the physician-owners so chose, they could have their choice of corporate partners to whom [more...]
Date: 2009-04-01 04:05:50
Google Reported Sniffing At Twitter, But to What End?
(UPDATES with comment from the Twitter blog ) Google is in "fairly early stage negotiations" to acquire Twitter, Techcrunch is reporting, ... the companies are confirmed." Talks, maybe, but merger negotiations? Not so fast , Swisher says ... of, and good morning. Is it a merger or a strategic partnership or API negotiations or none of the above [more...]
Date: 2009-04-03 13:35:19
When Sandy Weill thought financial supermarkets were a bad idea
While looking for my very first magazine article online (because a fourth grader had asked me about it ) ... Stanley-Dean Witter merger : "I think we found out in the 1980s that you really can't be all things to all people," says Weill, who also initiated the unsuccessful Shearson-American Express merger [more...]
Date: 2009-04-03 13:11:29
Citigroup’s Troubles Don’t Distract Its Investment Bankers
Citigroup was briefly a penny stock , it is 40% owned by the U.S. government, and it has dominated the headlines this year for all the wrong reasons ... bank for advising on global mergers and acquisitions this year, according to Thomson Reuters ... –but every one of Pfizer’s merger advisers also is among the lenders . And the bridge loan is meant [more...]
Date: 2009-03-06 16:27:35
Deals of the Day: What’s in a Name? BofA says Goodbye to ‘Countrywide’
Deals of the Day gathers all the biggest news of the morning related to mergers and acquisitions, bankruptcies, financing and private equity ... they’re used to take control of certain lenders? WSJ Mergers & Acquisitions Barclays Global ... : China is signaling greater willingness to use its wealth for acquisitions abroad, a shift that could [more...]
Date: 2009-02-19 14:34:46
Will Mergers Live On in Asia?
M&A activity has ground to a halt across the globe. Could Asia be the first place for a rebound? ... % of corporate executives in Asia expect to be involved in at least one merger or acquisition in the next 12 ... , a partner in Norton Rose Group’s Hong Kong corporate-finance practice. “There isn’t the deal [more...]
Date: 2009-01-20 10:00:48
Deals of the Day: Nationalizing Citigroup
Deals of the Day gathers all the biggest news of the morning related to mergers and acquisitions, bankruptcies, financing and private equity ... to stay afloat. FT.com Mergers & Acquisitions Vattenfall: The European electricity producers ... in British corporate history. Times of London Related: RBS will this week unveil plans to shrink [more...]
Date: 2009-02-23 04:50:48
Safire, 1998: Don’t Bank On It
In researching the Citigroup section of Bailout Nation , I came across this improbable 1998 William Safire essay on the Citicorp-Travelers merger. Surprisingly, Safire makes a strong case against the merger, making several points (below ... d continue to draw the line between finance and business.” Fascinating stuff . . . > Source [more...]
Date: 2009-03-25 15:30:54
Market Freak-Out Hits Pending M&A Deals
It isn’t you, it’s me. That is the message Mr. Market has been sending to companies with pending mergers and acquisitions. But the falling stock prices of acquisition targets — sometimes well below the acquisition price ... stopped lending to each other Tuesday. And any pending merger, anywhere, that required financing [more...]
Date: 2008-09-17 13:50:26
Deals of the Day: Former CEO Makes Millions on Collapse of AIG
By Heidi N. Moore and Stephen Grocer Deals of the Day gathers all the biggest news of the morning related to mergers and acquisitions, bankruptcies, ... the companies failed to convince lawmakers of the urgent need for a rescue. WSJ Mergers & Acquisitions Microhoo no more? Steve Ballmer squelched hopes that the software giant would renew efforts [more...]
Date: 2008-11-20 12:45:42
Deals of the Day: Ergen to Karmazin — You Can Keep Your Job
Deals of the Day gathers all the biggest news of the morning related to mergers and acquisitions, bankruptcies, financing and private equity ... ://twitter.com/wsjdealjournal. Mergers & Acquisitions Sirius Discussions: Sirius XM’s talks ... : The U.S. is entering a period likely to feature the most corporate-debt defaults, by dollar amount [more...]
Date: 2009-02-13 14:34:24
Deals of the Day: Is BCE the Next Busted Buyout?
Deals of the Day gathers all the biggest news of the morning related to mergers and acquisitions, bankruptcies, financing and private equity ... to provide labor, parts, repairs, upgrades, improvements, service, software and equipment in a long-term contract. NY Post Mergers & Acquisitions Yesterday it was BHP-Rio, today could it be BCE [more...]
Date: 2008-11-26 13:47:54
Deals of the Day: Lehman May Spin Off Weak Real Estate Assets
By Heidi Moore and Stephen Grocer Deals of the Day includes all the major news of the morning related to mergers and acquisitions and financing ... to automatically sign up for Deals Alert emails. Mergers & Acquisitions Commerzbank-Dresdner: Investors slammed ... a hairy eyeball at Treasury Secretary Paulson) for the economy’s ills. The magazine suggest [more...]
Date: 2008-09-02 11:36:33
Deals of the Day: Mr. Lewis Meet Mr. Cuomo. He Has a Few Questions
Deals of the Day gathers all the biggest news of the morning related to mergers and acquisitions, bankruptcies, financing and private equity ... who advised Bank of America on its purchase of the Wall Street firm last fall. Reuters's DealZone Mergers & Acquisitions Citigroup: Citi plans to sell a large chunk of its minority stake in Brazilian [more...]
Date: 2009-02-20 14:21:42
Double Your Money?
Image Entertainment (DISK), that penny stock we bought at $1.25 in hopes the announced take-out at $2 ... will exercise its option to extend the merger closing date (Gee, what a surprise ... , the market says DISK's merger is doomed. With all the delays and negotiations, nobody believes [more...]
Date: 2009-04-06 11:53:00
Live-Blogging the Ticketmaster- Live Nation Hearings
We know what you’re thinking: Why is Congress obsessed with the future of the American economy? ... various chief executives. The topic today is “The Ticketmaster/Live Nation Merger: What Does ... I care very much about this issue.” She wants to know whether the merger will raise ticket prices [more...]
Date: 2009-02-24 10:42:00
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