M&A

  • Goldman Sachs

    God Smiles Upon His Chosen Bankers

    If you had any doubt that the Big Guy (well, the other Big Guy) plays favorites, he bestowed a nice little treat on the House of Lloyd this week.

    / Dec 11, 2014 at 5:01 PM
  • jamiedimonsuit

    Banks

    It’ll Take More Than A $19 Billion Deal For Morgan Stanley To Wrest The Gold From JPMorgan

    In the bobsleigh race that is the annual M&A advisory battle, Morgan Stanley is just milliseconds behind the lycra bodysuit-clad Jamie Dimon.

    / Feb 21, 2014 at 2:27 PM
  • This is gonna be my go-to Icahn-as-evil-genius picture.

    M&A, News

    Carl Icahn: If You Like This Dell Buyout, Why Not Vote Against It?

    I’ve made fun of Carl Icahn’s involvement in Dell a few times, because it has been pretty nutty and half-baked, but I hope that doesn’t obscure my fundamental fondness for the man. I sometimes think that we’re a lot alike: we both come to work every day with the goal of being amused by the […]

    / Jul 10, 2013 at 11:42 AM
  • I kind of want to never use anything but his creepy Twitter-bio picture ever again.

    M&A, News

    Who Will Be Saddest About A Successful Dell Buyout?

    With today’s ISS report endorsing the Michael Dell / Silver Lake buyout of Dell, and with the market up on the likelihood that the deal will go through when shareholders vote on July 18, I suppose it’s about time to start the postmortems. How do you see the winners and losers? The opposition, led by […]

    / Jul 8, 2013 at 2:11 PM
  • kinder gentler Icahn pic

    M&A

    Carl Icahn Agreed To Lend Himself Some Money For Dell

    The latest in the Dell saga is that Carl Icahn has announced that he’s got the money to do his $10-to-$14-or-whatever-a-share tender offer, and by “money” of course I mean commitments from lenders that are contingent on the tender offer happening, which itself is contingent on a bunch of other things, including Dell shareholders voting […]

    / Jul 2, 2013 at 10:17 AM
  • Not this much

    M&A

    Who Else Wants To Weigh In On How Much Dell Is Worth?

    There are people who think that a stock is worth what someone will pay you for it, but that’s sort of a boring conversation. Talking about fundamental, long-term, present-value-of-future-cash-flows type values gives much more scope for debate, analysis, and fantasy. See, this company is just trading at four dollars a share. It’s worth hundreds. Normally […]

    / Jun 24, 2013 at 11:50 AM
  • Also the bullets are red. "DON'T USE RED IN PITCHES YOU'LL SCARE THE CLIENT." Though I guess that's the point here.

    M&A, News

    Michael Dell Has A Few Bullet Points He’d Like To Run Through With Investors

    I submit to you that Michael Dell’s “presentation to investors” filed today will tell you everything you need to know about Dell, even if you don’t read it. Just look at it! Here, for instance, is the slide justifying the $13.65 price that Michael Dell and Silver Lake are paying to LBO the company: Why […]

    / Jun 21, 2013 at 10:21 AM
  • How does this picture of Ebix CEO Robin Raina affect your opinion about the accounting fraud / lack thereof?

    M&A

    For Some Reason Goldman Doesn’t Want To Buy Company Accused Of Accounting Fraud

    This is a not a phrase that you see a lot in the M&A context: We want to thank Goldman Sachs for their interest in acquiring Ebix and we are naturally disappointed that we could not complete a transaction at this time. Thanks guys! Really enjoyed getting to know you but it just didn’t work […]

    / Jun 20, 2013 at 4:33 PM
  • packaged meat expert

    M&A, News

    Smithfield Didn’t Want To Be Piggish In Its Merger Negotiations

    I guess when you’re negotiating a merger you always think you’re being clever but when it’s reduced to the affectless blow-by-blow in a merger proxy it can sound a little silly: On April 19, 2013, Parent [Shuanghui International] sent a revised non-binding written proposal to Smithfield increasing the price per share Parent was willing to […]

    / Jun 20, 2013 at 11:40 AM
  • Dell's future is so bright I gotta etc.

    News

    Carl Icahn Does Another Dell Thing

    Carl Icahn seems to have a lot of fun. Today he wrote a crazy letter to Dell shareholders that opens this way: We take this opportunity to respond to rumors regarding the availability of financing for our proposal for a recapitalization at Dell and to address recent statements by Dell that demean the prospects of […]

    / Jun 18, 2013 at 3:58 PM
  • I mean, the thing is, they are cute.

    M&A

    Starboard Thinks Smithfield Could Squeeze Some More Money Out Of Its Pigs

    Starboard Value’s letter to Smithfield Foods arguing that Smithfield is selling itself too cheaply to Shuanghui International makes for tough reading if you think pigs are cute. The 16-page letter does a pretty detailed sum-of-the-parts valuation of Smithfield at, like, a pig-by-pig level, and it doesn’t end well for the pigs. Sum-of-the-parts value has a […]

    / Jun 17, 2013 at 1:10 PM
  • Ron Perelman, makeup mogul

    M&A

    Revlon Board Decided The Less It Knew About The Merger It Was Approving, The Better

    If you’re a director of a public company with a controlling shareholder, and that shareholder wants to buy out the rest of the shares, you have a problem. On the one hand, you have fiduciary responsibilities to your non-controlling shareholders to get them the best possible deal. On the other hand: you have a controlling […]

    / Jun 13, 2013 at 12:56 PM
  • I count 39% green?

    M&A

    Dell: Our Performance Has Been Atrocious, But Only For Certain Limited Purposes

    One of my favorite themes in the Dell LBO pseudo-battle is the cognitive dissonance between Dell’s need to tell its shareholders how screwed it is, for the purpose of convincing them to vote to sell at the somewhat underwhelming price of $13.65, and its need to simultaneously tell everyone how good it is, for most […]

    / Jun 10, 2013 at 7:04 PM
  • Also let's cut off the y axis so our shitty performance looks even shittier!

    M&A

    Dell Begs Shareholders To Put It Out Of Its Misery

    I feel like it would be a useful, or at least entertaining, exercise to require every company, once a year or so, to give a presentation to its shareholders that is like “here’s why you should vote for an LBO of our company at a ~2% premium to the current stock price.” Even if there’s […]

    / Jun 5, 2013 at 10:48 AM
  • Guy Hands

    M&A

    Terra Firma Gets Second Chance To Prove It Only Bid For EMI Because It Thought Everyone Else Would Too

    Fundamentally if you’re a sell-side M&A banker your job is to find a buyer and get them to overpay for the company you’re selling. I mean, oh, you know, you’re a repeat player and reputational concerns and continued business relationships and all that militate against getting them to overpay too much. But mostly, the more […]

    / May 31, 2013 at 3:16 PM
  • Be careful you don't tumbl off that thing! SORRY

    M&A, News

    Yahoo! Radically Changes Acquisition Strategy To “Don’t Screw It Up”

    If you’ve seen the internet today you know that everyone wants to talk about their feelings regarding the union of Yahoo! and Tumblr, those icons of two different generations of internet orthography. Do you prefer the florid olden style of Extraneous Punctuation! or the sleek postmodern vibe of Mssng Lttrs?1 Let us know in the […]

    / May 20, 2013 at 2:30 PM
  • Getting there

    M&A

    Dell Wants Shareholders To Know That Southeastern Wasn’t Looking Out For Them

    Man, the resistance to this Dell deal is crumbling pretty fast isn’t it? Blackstone dropped its bid two weeks ago, Icahn and Southeastern have been relatively quiet since Icahn defended his right to a free exchange of ideas just before Blackstone dropped out, and the stock is at $13.33, ~2% below the $13.65 deal price, […]

    / May 2, 2013 at 5:54 PM
  • Oh, agreements.

    M&A

    Carl Icahn And Dell Disagree About What They Agreed On

    A good public-relations rule of thumb is that, when you and your nemesis sign an agreement putting aside your differences, you should probably also agree on how you’ll announce your new friendship to the world. What you don’t want to do is, for instance, to sign a standstill agreement with a potential buyer in your […]

    / Apr 16, 2013 at 6:22 PM
  • News

    M&A Bankers Developing Serious Jealousy Of IPO Guys

    Investors are game for a shopping spree. Corporate executives are less so. In more ways than one.

    / Apr 2, 2013 at 1:59 PM
  • Not sure how they chose which to be solid & which to be dotted other than, like, the ones that look bad got dotted lines.

    M&A

    Dell’s Board Was So Fed Up With Its Managers That It Sold Them The Company

    I learned a new word, or word-like sequence of letters, reading the Dell merger proxy this weekend. The word is “must-believe,” and it’s a noun meaning a thing you must believe in order to embark on a certain course of action. You don’t have to believe a must-believe, but if you don’t believe it you […]

    / Apr 1, 2013 at 1:56 PM
  • I dunno. Michael Dell. He's a guy.

    News

    Short-Term Shareholders Aren’t Looking Out For The Long Term, And Vice Versa

    Yesterday we talked a little about Dell and its vague desire to escape the short-term obsessions of the public equity market yesterday. Today I came upon this new paper by Harvard Law professor Jesse Fried, about how long-term shareholders are really just as bad as the short-term ones. The argument is: companies like to talk […]

    / Mar 28, 2013 at 1:07 PM
  • What is a lawyer?

    News

    Rise In Merger Lawsuits Helps Shareholders By Giving Them More Stuff Not To Read

    If you own stock in a company that announces it’s being acquired, and you think the acquisition price undervalues the company, there are three things you can do about it: you can vote down the deal, you can find or propose an alternate deal, or you can sue. No I’m kidding of course you can’t […]

    / Mar 8, 2013 at 6:02 PM
  • Bloomberg, MZUSB and WCAUUS indexes

    News

    How Much Of The Stock Market’s Growth Is Caused By Its Shrinking?

    There’s a small cause-and-effect mystery in the interaction between share prices and share buybacks. On the one hand, when a company buys back stock, that should make the remaining shares more valuable, on reasoning both fundamental-ish (EPS is up!) and technical-ish (more buyers than sellers!). On the other hand, issuers seem to view their own […]

    / Mar 8, 2013 at 2:42 PM
  • News

    NYSE Euronext Deal Off

    The Big Board will not, after all, be selling itself its tiny minority stake in an Indian commodities exchange. It seems, like the Euronext part of NYSE Euronext, nobody wanted it.

    / Mar 7, 2013 at 11:34 AM
  • Now I will sing the background of the merger to you

    M&A

    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
  • Is he in a basement here?

    M&A, News

    Dell Board Can’t Get Into Specifics, But Just Trust Them When They Say: Sell!

    Dell reported earnings today and they feel a little pointless, as Dell is no longer particularly an earnings play, unless of course it is. Dan Primack is mad because of the irrelevancy of the exercise: What Dell did not want to talk about, however, was its pending $28 billion buyout by company CEO Michael Dell […]

    / Feb 19, 2013 at 6:52 PM
  • hey that's my name

    M&A

    Dell Shareholders Will Punch Themselves In The Face To Force Silver Lake To Be Nicer To Them

    One way in which my deep personal laziness manifests itself is my fascination with ways of getting paid not to do things.1 Contested M&A deals turn out to be full of such opportunities, from greenmail to don’t-work-for-a-hostile-bidder law-firm retainers. Break-up fees are a favorite of mine, and a place where I really feel mystified by […]

    / Feb 12, 2013 at 2:42 PM
  • Talking in front of my name again

    M&A

    Dell Board Suggests That Shareholders Not Get Too Attached To Dell

    It’s always a little awkward for a company to issue a statement saying “we’re not really that good a company,” but Dell’s Special Committee did a decent job of it today: In the course of its deliberations, the Special Committee of Dell’s Board considered an array of strategic alternatives. In addition to working through financial […]

    / Feb 11, 2013 at 1:01 PM

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