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’Temisys … eventually
“Thank you for depositing a $3bn merger rumour. An RNS will be credited to our investors in 24 hours.”
As the FT wrote on Thursday morning …
Misys missed out, drifting lower by 0.6 per cent to 321¼p on concerns that takeover speculation could be misplaced.
The (M&A) buyer bump
Here’s a trend we were vaguely aware of but hadn’t seen quantified anywhere (not that we’d been looking, to be honest):
That’s via the latest edition of Bloomberg Businessweek, and what the chart shows is that corporate acquirers are delivering impressive outperformance in their shares (relative to a market index) on the day after their purchases have been announced.
April global M&A wrap
Just sharing a few highlights from the finaly April M&A tally, compliled by Dealogic:
Global M&A totaled $260.1bn in April 2011, a fall of 17% on March volume of $313.3bn. The number of deals totaled 2,756,
M&A, high yield update
Courtesy of Thomson Reuters:
The value of worldwide mergers and acquisitions totals $309.6 billion through year-to-date 2011, a 69% increase over last year at this time and the strongest start for M&A since 2000,
Cross-border M&A and EM flows
Following this morning’s $4.1bn acquisition of Russia’s Wimm-Bill-Dann by Pepsi, Reuters updates the year’s international M&A numbers:
- Pepsi’s $4.1 billion acquisition of Russia’s Wimm-Bill- Dann brings the volume of US acquisitions in the emerging markets to $23.8 billion,
Another EM rising story, M&A edition
We suppose you could file this under the West is wilting meme, though it’s really more a situation of East catching up again.
Either way, we’ve been picking through parts of the Reuters Q3 M&A overview,
A brief look back at a weird August
We think a few points are worth highlighting from the M&A and capital markets snapshots just released by Thomson Reuters.
First, after an extraordinary first half of the month, the year’s junk bond rally (which we’ve been monitoring) completely fizzled in the second half:
The coming M&A cycle
Here’s some good news for merger/arbitrage funds, market punters and corporate financiers. The fall in the cost of capital (equity and debt) is enough to support $2 trillion of global deals this year.
That’s the view of Citigroup strategist Robert Buckland,
Benefiting from M&A optionality
Whither art thou, The Return of M&A?
The arm-flailing excitement elicited by Kraft’s pursuit of Cadbury has not yet been matched by many other large-scale cross border deals.
M&A bankers in private may boast that they are busy again,
How to spot a takeover target – quant style
We all know M&A is back (or is supposed to be), and with the revival, various lists of possible takeover targets.
And here is another from Citigroup – but with a twist. The targets have been generated by a logit regression model with inputs from 1,000 deals stretching all the way back to 1994.
Today I shall short Adecco, Danone, Deutsche Telekom, Diageo…
M&A is back (exclamation point!), thanks to the Kradbury affair, and with it lists of possible acquisition targets to buy.
RBS have made their own contribution to M&A speculation on Wednesday morning with a compendium of six potential acquirers to short.
Lex: Vale/Anglo/Xstrata
As the Brazilian miner bolsters its reserves, it is time for Cynthia Carroll and Mick Davis to have a chat.
The well-heeled bankers who dine at the same Johannesburg restaurants Anglo and Xstrata frequent say that Anglo chief executive Cynthia Carroll should at least meet her counterpart,
Lex: Anglo American
Are we watching a replay of Rio-BHP? And will shareholder reaction be the same?
Even if Anglo manages to avoid letting its biggest customer, China, inside its business by selling to a Gulf investor, shareholders have little reason to like this deal much more than they liked Rio/Chinalco.
On ambulance chasing and bottom picking
A curious little indicator as to whereabouts we are in the credit cycle this:
Bankruptcy-related M&A.
(Or in other words, shotgun mergers and acquisitions being made where one – or both – merging parties would otherwise go bankrupt.)
Note in the graph below,