What’s been lighting a fire under Forest Laboratories?
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What’s been lighting a fire under Forest Laboratories?
As Liberum Capital see it, everything is in place for private equity to flourish — except for the small matter of deals.
Companies have lots of cash, debt is cheap, the market for secondary deals between private equity groups is healthy, and the number of buyout-backed initial public offerings is well on track to beat last year.
Fundraising also pulled in $204bn globally in the first half of this year, versus $170bn in the same period in both 2011 and 2012.
But there is a note of caution… Read more
Reading that Alcatel-Lucent is to cut 10,000 jobs (with 900 axes to actually fall in France) we found ourselves humming the grand old Duke of York.
Blackberry’s logo (below) resembles nothing as much as a hail of seven silver bullets. It appears the gun has been pointing the wrong way.
Societe Generale are trying to tell us something about M&A here. We’re not sure what.
Friday afternoon RAW klaxon. Buyer beware. Usual wealth warnings apply.
For those who
have a life are less interested in messy details, the explanation for the dealmaking optimism of recent months goes something like this:
– Since roughly last summer (OMT), tail risks are perceived to be down. And despite Washington’s reverse midas touch, the private sector has shown signs of staying resilient, including a streak of a spookily consistent employment reports. Read more
You know the script here. X company announces that it is acquiring Y; a few days later news of a class action law suit ticks across the wires, typically alleging the directors have failed in their fiduciary duties in some manner; thereafter, silence…
Research by Robert Daines and Olga Koumrian at Cornerstone suggests that such litigation has become the norm since the onset of the financial crisis. Read more
Big news in RAW sewage this Saturday evening.
PARIS | Sat Oct 20, 2012 8:33pm BST (Reuters) – Veolia Environnement and Suez Environnement said on Saturday they were not working on a merger after Le Monde newspaper reported the two companies had held talks that fell apart over antitrust concerns. Read more
The exact time of death can be recorded as 1:01pm BST. But, really, the pulse was lost long ago.
BAE Systems and EADS announced that they have decided to terminate their discussions. So should we blame another breakdown in eurozone relations? Or maybe, just maybe, BEADS wasn’t a merger worth saving. Read more
Pascal Soriot doesn’t start as AstraZeneca’s new CEO until Monday, yet everyone seems to know what he should do first: go shopping.
The problems soon to be faced by the former Genentech CEO are well known. AstraZeneca is heading towards the steepest of patent cliffs and has so far failed to find anything in the R&D labs that might cushion its fall. Drugs losing US patent protection by 2015 account for a more than a fifth of its sales, rising to nearly a third of sales by 2019. Recent launches of diabetes and heart disease pills have fallen short and what’s in the late-stage pipeline (arthritis, constipation and gout, since you ask) is considered quite likely to fail. Read more
It’s been a lively few weeks for Monster Worldwide, the recruitment website.
For a company that’s been for sale since February, that’s quite a move. BofA Merrill Lynch and Stone Key Partners have been courting buyers for the past six months and final-round bids went in this week, according to Dealreporter (subscription required). Read more
As fantasy banking M&A goes — this isn’t such an outlandish idea, we reckon.
But see what you think: Read more
It’s a big, big China leveraged buyout — the biggest ever, in fact. Advertising company Focus Media, which is listed in the US, said it has received a $3.5bn takeover offer from its chief executive who is backed by a number of private equity groups, including Carlyle.
It’s gained attention in part because the offer (in the form of a non-binding proposal letter) of $27 per share is higher than the level the shares closed on the last day before the short seller Muddy Waters published the first of several reports criticising the company. Read more
Remember Friday afternoon RAW? Well, this is most definitely Friday afternoon RAW. Please read the disclaimer carefully.
Microsoft posted the first quarterly loss, of some $0.06 per share, in the company’s publicly-listed history on Thursday. Its flagged $6.2bn writedown of goodwill on the acquisition of aQuantive got the blame.
(Actual underlying earnings were $0.73 per share, while net cash generation is worth highlighting: $31.6bn) Read more
[Update: the offer has been withdrawn..."recent publicity around the proposal has made it difficult to proceed".]
… and you’re an established but struggling department store operator (think a rubbish John Lewis) and obvious bid target. You’ve never heard of this bidder, but they insist they’re for real. What do you do? Read more
At the age of 81, we’d rather Rupert not attempt this in public. But what should we make of the WSJ’s story on Tuesday that News Corporation, the Murdochs’ parent company, is considering splitting in two?
The usual people claiming to be familiar with the situation say a plan is being considered whereby News Corp’s film and television interests would be carved off, leaving its newspapers, book publishing and education businesses as a separate entity. That would leave 20th century Fox, Fox News and the Fox broadcast network separate from newspapers, such as the Sun and the Times of London, as well as the HarperCollins book publishing business. Read more
Invensys popped almost 27 per cent on Wednesday on the back of some renewed bid speculation. As Paul noted unusually firm speculation has swirled round Invensys for months now and quite a few fingers have been burned as the company consistently failed to supply any confirmatory statements.
Kinda nutty this. For months now unusually firm bid speculation has swirled round Invensys. Accompanying press articles have carried progressively more detail. As recently as May 12 the Sunday Times named Siemens, ABB, Emerson and General Electric as all eyeing the British engineer.
But each time the share price has risen in anticipation of a fully-formed takeover, the lack of a confirmatory statement has burned the speculators. Read more