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....
...High-yield or sub-investment-grade corporate bond issuance also picked up as interest rates were slashed after the outbreak of Covid, reaching $465bn, compared with $263bn in 2019, according to Refinitiv...
...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....
...But he conceded that the merger “ultimately is going to be good for the game of golf”....
...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....
...Lex recommends the FT’s Due Diligence newsletter, a curated briefing on the world of mergers and acquisitions. Click here to sign up....
Silicon Valley group looks to tap into huge mobile payments market with purchase of Lagos-based company
...“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....
...With $1.4tn in actively-managed funds — many sub-advised by Wellington, out of which Vanguard was born — it would also be one of the world’s biggest asset managers without a single index fund....
...Second, VOD’s loss in the residential sub-segment is partly BT’s gain....
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 agreement — the result of weeks of talks with asset managers holding 17 per cent of DVMT, including Dodge & Cox, Elliott Management, Canyon Partners and Mason Capital — sets a headline price of $120...
...Big shareholders like Elliott Management and Dodge & Cox support the new deal, so it will probably be approved next month....
...Behind the scenes Silver Lake and Mr Dell quietly assembled a group of DVMT shareholders — including Elliott, BlackRock and Dodge & Cox, a San Francisco-based asset manager — to hammer out a compromise....
...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”....
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