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....
...The merger will allow Figma to bring Adobe’s capabilities in imaging, 3D and video on to its platform, said Adobe....
...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....
...The number of mergers and acquisitions between January and March, at 58, was almost three times higher than in the same period last year, as groups look to gain scale....
Silicon Valley group looks to tap into huge mobile payments market with purchase of Lagos-based company
...He ruled out a merger with Altria, even though the two groups have a licensing agreement in the US. “We do not envisage a merger,” he said, noting the hype over Juul....
...A week before the Constellation acquisition closed, an FBI agent and a Department of Justice lawyer called a member of BofA’s fraud team, according to an official note of the meeting that lawyers for Constellation...
...It isn’t clear how much of that cash it will get back; Constellation filed for bankruptcy last year....
...“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....
...To give you some idea, the 1,109-carat Lesedi la Rona and 812-carat Constellation, sold for $53m and $63.1m, respectively, between 2016 and 2017....
...Those listing with sub-50 per cent gross margins, like Lyft, Uber and Slack, trade below listing prices....
...Corona beer maker Constellation Brands recently invested just under $4bn into Canadian cannabis group Canopy Growth, lifting its stake to 38 per cent....
...Constellation shares dropped 7 per cent to $205.50....
Streaming group’s ‘happy ending’ could yet prove just another plot twist
...Almost £4bn of UK investors’ money languishes in so-called “orphan funds” — sub-scale funds with persistently low inflows and often high charges....
...“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.”...
...The beer and spirits maker Constellation Brands earlier this year pumped almost $4bn into Canopy Growth, another large Canadian pot group, while rival Aurora Cannabis in May struck a $2bn deal to buy the...
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