20-20 Hindsight: The Companies That Just Said No

For your Friday amusement, here’s a list of companies that had significant premium takeover bids on the table, but rejected them as too low.

• Yahoo (YHOO): Microsoft (MSFT) bid $31, and might have gone higher. The board said no. Yahoo’s current stock price: $12.
• SanDisk (SNDK): Samsung bid $26, and might have gone higher. The board said no. SanDisk’s current stock price: $8.14.
• Take-Two (TTWO): Electronic Arts (ERTS) bid $25.74, and almost certainly would have gone higher. The board said no. Current TTWO stock price: $11.55.
• International Rectifier (IRF): Vishay (VSH) bid $23, and in a friendly deal might have gone higher. But the board said no. Current IRF price: $13.30
• Cablevision (CVC): This one is flipped on its head. Management last year offered to take the company private at $36.26 a share; holders rejected the offer as too low. Current CVC price: $14.69.

Comments

[fatcat:]

This reminds me of the old syndicated column "where are they now" ,that would track down people who had fleeting fame for one reason or another,and tell what they were up to years later...

2008 Oct 24 03:04 PM

[Consider_this:]

I would love to find oft-quoted people who've made outlandish comments about how housing always goes up, they're not making any more land, renting is just throwing money away and crazy housing/stock predictions back in the heyday. Put their comments next to their picture and discuss "where are they now".

That would be a blast!

2008 Oct 24 03:41 PM

[Rza:]

I think this financial crisis taught us how greedy we all are. Maybe we'll learn, but I'm not optimistic...

2008 Oct 24 03:42 PM

[john s. gordon:]

you forgot LEH in your list.
> jack

2008 Oct 25 08:01 AM

[marjibis:]

Aren't many of these simply stock swaps? You may want to show the current stock prices/performance of the bidders!

2008 Oct 25 11:24 AM

[Urbane Gori...:]

Well... Then you'll be pleased to know you can still get in on ImBev's purchase of BUD... Due to go to a vote on Nov 12, with a strong commitment. Stock price at $57+, sale price $70.

And ROH to be purchased by DOW.. Supposed to go through Jan 2009, Stock Price is now $68.57 and purchase price is set at $78.

Both are committed sales, both stock prices have been hammered by the drop in the market, fund redemptions and the feeling that the sale may not go through, or be renegotiated.

Who knows?!?

jegan ;-)

2008 Oct 25 07:48 PM

[madmilker:]

and!

2008 Oct 25 08:23 PM