Welcome to Bonus Season issue of M&A Daily.
2015 deal volume was up over 40% to $4.7 trillion. Goldman Sachs (NYSE:GS) dominated deal advisory for this strong M&A market last year and expects to do so again this year. In the fourth quarter, investment banking made up over 20% of the bank's revenue, up from 15% a few years before. Fourth quarter investment banking revenue was up 27% to $879 million. For such a strong year in M&A, most bankers seem unimpressed with their bonuses for last year. Despite the widespread disappointment, many were multiples of the $345,000 average Goldman bonus.
ChipMOS (NASDAQ:IMOS) holders get $19.77 in cash and stock per share in its acquisition by its parent company. The deal consideration is comprised of $3.71 in cash and 0.9355 American Depository Shares representing 18.71 shares of ChipMOS Taiwan.
This idea was first on Sifting the World in August: A Cheap (If Hairy) Stock In A Pricey Market. Thank you, Dane Capital for this terrific idea. For his latest on IMOS, please check out ChipMOS Shareholders Should Be Rewarded... Finally.
In under 140 characters: no. They are not buying a single share and are unlikely to do so in the future.
35 to spare. News Corp joins the company of Google (GOOG/GOOGL) and Facebook (NASDAQ:FB) as rumored Twitter buyers. Twitter was a heavily promoted, faddish IPO and still has a long way to go before it would make a good buy in part or whole.
(That being said, please follow me on Twitter here.)
The Constant Contact (NASDAQ:CTCT) shareholder vote is today for the acquisition by Endurance International (NASDAQ:EIGI). The buyer begins debt syndication today. Committments are due February 3. For background, please check out Investing With An Edge: Constant Contact.
The definitive merger agreement was filed for the Waste Connections (NYSE:WCN) acquisition of Progressive Waste (BIN).
Wausau (NYSE:WPP) holders voted to approve their merger. The deal closes today.
The Federal Energy Regulatory Commission approved the acquisition of TECO (NYSE:TE). Remaining approvals include CFIUS, New Mexican Public Regulation Commission, and HSR.
Elsewhere on Seeking Alpha
- The Big (Chinese) Short
- A Sane(r) Primary
- TowneBank To Acquire Monarch Financial Holdings, Inc.
- Mr. Market's Manic Month
Disclosure: I am/we are long IMOS, FCS, DYAX, CTCT, CVC, SYNA.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Additional disclosure: Chris DeMuth Jr and Andrew Walker are portfolio managers at Rangeley Capital. Rangeley invests with a margin of safety by buying securities at deep discounts to their intrinsic value and unlocking that value through corporate events. In order to maximize total returns for our investors, we reserve the right to make investment decisions regarding any security without further notification except where such notification is required by law.
Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.