Seeking Alpha
  • Wednesday, September 17, 2014

  • 2:29 PM
    • Reuters reports it and then takes it away, as it cites "a source with knowledge of the matter" as saying an earlier report that IAC/InteractiveCorp (IACI +0.1%) had offered to buy Perion Network (PERI +4.1%) was untrue.
    • The earlier report said IAC has offered at least $500M for PERI, whose technology helps developers distribute apps and make money off them through advertising.
    | 1 Comment
  • 1:38 PM
    • Citing its inability to meet with Delcath Systems' (DCTH -6.1%) management and BOD, among other issues, shareholder Linkedto Partners withdraws its $3 per share bid and sells its stake in the company.
  • 12:10 PM
    • Dresser-Rand (DRC +8.6%) spikes after Swiss pump maker Sulzer (OTC:SULZF) says it is in advanced discussions about a merger with the U.S. oilfield equipment maker.
    • Sulzer's statement followed a report by a Swiss newspaper which said the two companies could announce a merger as soon as next month.
    • A report last month said DRC was working with Morgan Stanley to prepare for possible takeover bids.
    | Comment!
  • 10:28 AM
    • investors are mostly snoozing through Manulife's (MFC +0.2%) $4B purchase of Standard Life Canada, but Scotiabank's Sumit Malhotra says these sorts of "Made in Canada" deals have in the past worked out nicely for financial services players.
    • The key is the heavily oligopolistic nature of the Canadian life insurance and banking sectors - it makes big acquisitions a rarity, and means domestic players are ready to pounce when a foreign company looks to sell. The buyout price, therefore, often seems "full," but over time, says Malhotra, the purchase tends to deliver solid returns.
    • Previously: Manulife to buy Standard Life's Canadian operations in C$4B deal
    | Comment!
  • 9:34 AM
    • Dismissing yesterday's rumor, a new securities filing from Tim Participacoes (TSU) says Telecom Italia (TI) is not in talks to acquire Brazilian carrier Oi (OIBR +4.8%).
    • Oi shares closed up 8.56% yesterday on the report.
    | Comment!
  • 9:07 AM
    • Family Dollar (NYSE:FDO) recommends shareholders pass on the tender offer of Dollar General (NYSE:DG) as it continues to throw its support behind a merger with Dollar Tree (NASDAQ:DLTR) which it sees as more likely to clear regulatory hurdles.
    • The company maintains the $80-per-share offer from Dollar General is "highly conditional" and illusory in nature.
    | 1 Comment
  • 8:29 AM
    • Auxilium Pharmaceuticals (NASDAQ:AUXL) is up 45% premarket on robust volume in response to Endo's bid.
    | Comment!
  • 8:24 AM
    • Cisco (NASDAQ:CSCO) has announced its intent to acquire Metacloud, a privately held company which deploys and operates private clouds for global organizations.
    • Since announcing its Intercloud strategy this past March, Cisco has been enlisting key technology partners and service and cloud providers, to accelerate the company's strategy to build the world's largest global Intercloud.
    • Metacloud's OpenStack-based cloud platform already delivers and remotely operates production-ready private clouds in a customer's data center.
    • The acquisition of Metacloud is expected to be completed in Q1 of FY2015.
    | Comment!
  • 7:25 AM
    • Some large Salix Pharmaceuticals (NASDAQ:SLXP) shareholders would rather the company back out of its proposed acquisition of Cosmo Pharmaceuticals and try to sell itself to a larger pharma company like Actavis (NYSE:ACT) or Allergan (NYSE:AGN). Investors controlling at least 25% of SLXP shares are threatening to vote down the deal. A majority must approve it for it to proceed.
    • They believe that an inversion deal with Cosmo will make it more difficult to find a buyer for Salix, whose market cap is just shy of $10B.
    • Under the terms of the merger, Salix shareholders would own 80% of a jointly-held Irish unit and Cosmo the rest. If Salix backs out, it would have to pay a relatively-modest $25M break-up fee.
    • Salix has had a good year in 2014. Shares are up 73% year-to-date.
    | Comment!
  • 6:52 AM
    • InterActiveCorp (NASDAQ:IACI) has offered to buy Perion (NASDAQ:PERI) for more than $500M, Reuters reports.
    • Perion had a strong Q2, but lowered its revenue and net income outlook for 2014 after Google altered its browser policy.
    | 1 Comment
  • 6:08 AM
    • Sky Deutschland's (OTC:SKDTF) supervisory and executive boards have advised shareholders against a takeover offer by British Sky Broadcasting (OTCPK:BSYBF), saying the offer "doesn't reflect the long-term potential nor the internal value of Sky Deutschland."
    • Previously, BSkyB agreed to acquire 21st Century Fox's (NASDAQ:FOX) Sky Italia and 57% stake of Sky Deutschland for £4.9B ($8.3B) in cash, to create a European pay-TV giant with approximately 20M subscribers.
    | Comment!
  • Tuesday, September 16, 2014

  • 5:44 PM
    • A top AT&T (NYSE:T) executive says the company is open to acquisitions in Mexico, where America Movil (NYSE:AMX) has said it would sell off parts of operations to cut its market share to below 50% from 70% to avoid a regulatory crackdown, creating a rare opening for an acquirer to get a foothold in the country.
    • AT&T's attention is focused on closing the $49B deal for DirecTV, but Chief Strategy Officer John Stankey says Mexico is a fast-growing market of interest to the company, and that AT&T has the wherewithal to do other deals if opportunities arise.
  • 5:32 PM
    • Endo International (ENDP +0.9%) submits a proposal to Auxilium Pharmaceuticals (AUXL -1.6%) to acquire it for $28.10 per share in cash. The total value of the transaction would be $2.2B or a 31% premium to today's closing price.
    • AUXL is up 42% AH on robust volume. ENDP is up 5% AH on heavy volume.
  • 4:59 PM
    | Comment!
  • 12:26 PM
    • Telecom Italia (TI -1.2%) is evaluating a potential acquisition of Brazilian carrier Oi (OIBR +11.8%) through its Tim Participacoes (TSU -2.1%) unit to challenge Telefonica (TEF +0.9%) in Latin America's largest phone market, Bloomberg reports.
    • In a deal, Tim, Brazil's second largest mobile phone company, would gain Oi’s fixed-line network to sell broadband services after losing out to Spain's Telefonica in a bid to merge with another local landline provider, GVT.
    | Comment!
  • 9:52 AM
    • Shares of Anheuser-Busch InBev (BUD -0.8%) are lower after some of the buzz over a potential merger with SABMiller (OTCPK:SBMRY) wears off. In Europe, shares of SBMRY are also tilting lower.
    • Analysis of the combination of the two beer giants is nearly evenly split. Some analysts think the regulatory hurdles are too high to clear, while others maintain that outside of the U.S. and China there's not a huge amount of overlap that would draw in regulators.
    • Stifel Nicolaus and Buckingham Research have both raised their price target on BUD, moving to $130 and $137 respectively.
    • MillerCoors (TAP -1%) is in a holding pattern. If the mega-merger goes through, the company is nearly assured of a new owner.
    • The wildcard: There's also still the chance that A-B could have the rug pulled out from under it if SABMiller improves its offer to Heineken (OTCQX:HEINY) to a level which wins over the controlling family.
    | Comment!
  • 8:53 AM
    • The cash and stock deal currently values Glimcher Realty Trust (NYSE:GRT) at $14.20 per share (vs. last night's close of $10.59). Glimcher owners will receive $10.40 in cash and 0.1989 of a share of Washington Prime (NYSE:WPG) for each share of GRT they own.
    • The merged company - to be named WP Glimcher - will have a portfolio of 119 properties and 68M square feet of gross leasable space.
    • Alongside this deal, Simon Property Group (NYSE:SPG) - which just spun off Washington Prime - will buy Glimcher's Jersey Gardens in Elizabeth, NJ and University Park in Ft. Worth, TX for $1.09B in cash.
    • The purchase is expected to be accretive to WPG's normalized FFO per share, and the current annualized payout of $1 per share should be maintained.
    • Current Washington Prime CEO Mark Ordan will become Executive Chairman of the combined company, and current Glimcher CEO Michael Glimcher will be the new company's Vice Chairman and CEO.
    • The deal is expected to close early next year and WP Glimcher will trade on the NYSE under the ticker symbol WPG.
    • Conference call at 10 ET
    • Source: Press Release
    • GRT +31.2% to $13.90 premarket
    | 1 Comment
  • 7:58 AM
    • Orange (NYSE:ORAN) confirms it is launching a friendly takeover offer for Jazztel (OTCPK:JAZTF); as reported earlier, ORAN is offering €13/share ($16.80) in cash.
    • ORAN says in a statement that the deal would make it the second largest fixed-line broadband Internet operator in Spain, after market leader Telefonica (NYSE:TEF).
    | 1 Comment
  • 7:33 AM
    • Shares of SodaStream (NASDAQ:SODA) are active in early trading.
    • The company is in buyout talks with a British fund at a deal price of $40 per share, according to Israeli economics website
    • SODA +3.8% premarket to $32.65.
  • 6:59 AM
    | Comment!
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