Welcome to the Proxy Battle Brewing issue of M&A Daily.
American International Group
Most large shareholders understand that a simple truth is this company … should be split and you should get somebody that understands the property-and-casualty business to run that.
- Carl Icahn
American International Group (NYSE:AIG) management's new plan didn't impress Carl Icahn. He thinks that the plan fails in many respects. One concern is that it maintains AIG's status as a systematically important financial institution/SIFI. As such, it would remain under the burden of additional obtrusive government intervention.
Next step? Expect to get a proxy in the mail from Icahn. His next move on AIG is due by February 13. Meanwhile, he has until January 29 to decide what he wants to do regarding a potential proxy battle with Xerox (NYSE:XRX) if they don't first announce a settlement on Friday's quarterly conference call.
The first amendment to the S-4 has been filed for the Western Digital (NYSE:WDC) acquisition of SanDisk (SNDK). WDC management expects the deal to close in the second quarter, sooner than their previous estimates.
EMC (EMC) announced fourth-quarter earnings. Its acquisition by Dell is progressing under the original terms and timeline.
Zoomlion confirmed its non-binding offer for Terex (NYSE:TEX). Talks are ongoing.
Royal Dutch Shell (NYSE:RDS.A) shareholders approved its acquisition of BG Group (OTCQX:BRGYY). The company adds that if BG Group holders approve the deal on January 28th, the deal will close on February 15th.
Baxalta (BXLT) commenced the underwriting of a public $1.45 billion offering of its stock currently owned by Baxter (NYSE:BAX). Baxter will exchange the stock in a debt-for-equity deal.
Elsewhere on Seeking Alpha
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- ChipMOS: Undervalued Despite Bad Agreement (NASDAQ:IMOS)
- GrubHub: Best Bet In A Crowded Space (NYSE:GRUB)
- Bank Of The Ozarks-C1 Financial Time Bomb (NASDAQ:OZRK)
- Vivint May Open The Exit Door For SunEdison (NYSE:VSLR)
- OIL Offers +12% Arbitrage Opportunity (NYSEARCA:OIL)
Disclosure: I am/we are long AIG, MEG, SNDK, EMC, CTCT, CI, CCG, BXLT.
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.