• Now I will sing the background of the merger to you


    Heinz Put A Lot Of Thought Into What Would Happen If Warren Buffett Ran Out Of Money

    Classically, the “Background of the Merger” section of a merger proxy is where you get the fun details of how the deal came to be, from which you can perhaps extract a sense of whether or not the deal is a good one for shareholders. But it’s written by lawyers so sometimes their idea of […]

    / Mar 5, 2013 at 1:55 PM
  • I mean I'm sure they're not actually Swiss. This is a stretch. But it's prettier than like a silhouette with a question mark on it or other things that signify "anonymous trader."


    SEC Ruins One Anonymous Swiss Person’s Lucky Day

    The SEC’s Heinz insider trading complaint is a delightful epistemological puzzle. The story goes that, on February 13, some person or persons with a Swiss bank account bought 2,553 Heinz June $65 calls (255,300 shares), with the stock at just over $60, for $0.30 – $0.40 per share (around $90,000 total). The next day, Heinz […]

    / Feb 19, 2013 at 3:16 PM


    Warren Buffett Levers His Own LBO

    The new hotness appears to be large cash-rich companies directly providing subordinated financing for big LBOs. Microsoft bound itself to Dell via sub debt in its LBO, and now Warren Buffett’s Berkshire Hathaway is doing a very odd LBO of H.J. Heinz with Brazilian private equity firm 3G Capital. Heinz’s announcement of the merger is […]

    / Feb 14, 2013 at 6:42 PM

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