Hints and tips:
...The US government has codified its scepticism in revised “merger guidelines”....
...Bloomberg) Fund managers urge European regulators to mirror US move to T+1 (FT) Thomas Cook owner Fosun to sell brand to Poland’s eSky (SKY News) UK government vows to protect litigation funding that helped sub-postmasters...
...And in 2021, Restaurant Brands paid $1bn in cash for Firehouse Subs....
...One paper in this area caught my eye recently, “Standardizing and Unbundling the Sub Rosa DIP Loan”, co-authored by researchers Kenneth Ayotte and Alex Huang of UC Berkeley School of Law....
...He invited Oprah Winfrey to interview him and declared the merger to be “our rendezvous with destiny”....
...The TSE’s ambitions are not just meant for the worst-run Japanese companies, those with a sub-1 price/book ratio....
...Merchant payments — led by Clover, a rival to Square previously owned by First Data and Carat — is now Fiserv’s fastest-growing division. Revenue from the unit rose 12.5 per cent last year to $7.3bn....
...For Fiserv the addition of Clover — a rival to Square that was owned by First Data — gave it access to one of the biggest payments trends of the past few years: portable, branded point-of-sale terminals...
...Corporate mergers fail more often than marriages. Those keeping score can add another name to the first list....
...The combination gave Fiserv, historically a payments processor, an edge in payments technology because First Data had scooped up mobile payments start-up Clover in 2013....
...The sub 20 per cent operating margin over the past year compares poorly with Activision’s 35 per cent. EA has not experienced the same stumbles as Activision....
Silicon Valley group looks to tap into huge mobile payments market with purchase of Lagos-based company
...of this year’s biggest financial fad: Spacs are shell companies that raise money by listing on the stock market with the sole purpose of finding a target and taking it public through a so-called reverse merger...
...“We are also very reluctant to sell sub-par businesses as long as we expect them to generate at least some cash and as long as we feel good about their managers and labour relations,” the manual said....
...Lex recommends the FT’s Due Diligence newsletter, a curated briefing on the world of mergers and acquisitions. Click here to sign up...
...Between them, the five companies have spent $17bn on sub-$1bn deals in the past five years alone. It is fair to ask whether any involved quashing competition — although proving this will be difficult....
...Those listing with sub-50 per cent gross margins, like Lyft, Uber and Slack, trade below listing prices....
...Transaction volumes on its tablet-based device — known as Clover — are now running at a $70bn annualised rate, the company said, up 45 per cent from a year ago....
...Almost £4bn of UK investors’ money languishes in so-called “orphan funds” — sub-scale funds with persistently low inflows and often high charges....
Streaming group’s ‘happy ending’ could yet prove just another plot twist
...“We would expect investors who were buying sub-$8 will see this offer as compelling; for investors buying during 2018 where the average share price was $14.20, the offer is more a peace offering to minimise...
...You don’t want to be the last remaining player with sub-scale brand, data and technology.”...
...Samuel Johar, chairman of board advisory firm Buchanan Harvey, argued it was likely to be a takeover target “because it is sub-scale with not a very strong pipeline”....
...the merger....
...The company said the appropriate calculation, as in the the profit bridge above, is: £78m Business improvements (£44m) Inflation (£26m) Synergies £6m Increase in central costs £14m Sub total...
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