M&A

  • 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
  • I also prefer to talk with my last name displayed behind me in giant letters

    M&A

    Some Dell Shareholders Don’t Know Much About This LBO, But They Know They Don’t Like It

    The Dell deal documents are out and they are short of juicy details; we’ll have to wait for the proxy for details on things like just how much of a discount Michael Dell is taking on his shares or what exactly the terms of Microsoft’s loan are. There is, though, the information that that loan […]

    / Feb 6, 2013 at 7:00 PM
  • No no guys this one is different

    News

    Autonomy’s Bankers Were A Little Too Good At Their Jobs

    What do you think of this? Meanwhile, the most controversial banker involved in the HP-Autonomy deal, Frank Quattrone of Qatalyst, represented Autonomy and played a key role in getting HP to pay a high price. … Analysts almost uniformly deemed the $11.1 billion he got HP to pay for Autonomy as overly rich – a […]

    / Nov 21, 2012 at 12:04 PM
  • Autonomy founder Mike Lynch. It's basically impossible to pose for a picture in a business story and not, in hindsight, look like you were up to no good. Kweku Adoboli probably did the best job of it but look where that got him.

    News

    HP Thinks That Autonomy Extracted A Bit Too Much Meaning From Its Enterprise Data

    I don’t know much about this Autonomy thing – in brief, Hewlett-Packard acquired British software company Autonomy last year for $10.3 billion and today wrote that investment down by $8.8 billion, blaming $5 billion of that on “accounting improprieties, misrepresentations and disclosure failures” at Autonomy – but this sure sounds fake doesn’t it? Today, Autonomy […]

    / Nov 20, 2012 at 12:28 PM
  • planes-fucking-260x208

    M&A

    M&A Is Just Too Easy

    A useful though debatable proposition is that much complexity in the financial world is due to the fact that the people running that world like complexity. It’s good for business. If raising money or doing mergers is super complicated, you need to hire expert advisors to do it. If structured products are opaque, you end […]

    / Nov 8, 2012 at 3:16 PM
  • Carl Icahn

    News

    Carl Icahn’s CVR Energy Tactics Are Already Paying Off

    When a company does something that corporate-governance activists really don’t like, like adopting a poison pill, typically they announce that “the board decided unanimously to punch you in the face for your own good.” There’s some perception that, if they’re all in it together, the directors can’t be up to anything too unsavory. Forest Labs […]

    / Aug 28, 2012 at 4:30 PM
  • Pretend there's some joke here about his hand gesture etc.

    M&A, News

    Come Back Carl Icahn! CVR Energy Still Loves You! Or Something.

    I remain fascinated by this Carl Icahn – CVR Energy situation and wanted to add two curlicues to my conspiracy theory for why he dropped his bid. First: while it’s fun to think that he may be unable to pay above $30 for a CVR merger due to let’s say imperfections in his tender offer […]

    / Aug 23, 2012 at 4:11 PM
  • Carl-Icahn-1

    M&A, News

    Why Doesn’t Carl Icahn Want CVR Energy Any More?

    Carl Icahn’s strangely halfhearted takeover of CVR Energy got even stranger and more halfhearted last night: after acquiring an 82% stake at $30 in a tender offer, and suggesting to the board that they think about selling him the rest of the company at $29, he withdrew that suggestion last night. He gets sort of […]

    / Aug 22, 2012 at 4:08 PM
  • Richard Schulze

    M&A, News

    Best Buy Founder Looking For Graceful, Confusing Exit

    If you were Best Buy founder Richard Schulze, how much would you pay to acquire the shares of Best Buy that you don’t already own? $24 a share? $26? $30? Surely it’d get too expensive for you above $30 or so?* Nope! The more expensive it is for him the more money he saves, or […]

    / Aug 6, 2012 at 5:53 PM

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