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  • Today - Thursday, August 28, 2014

  • 2:52 AM
    • Telefonica (NYSE:TEF) and Telecom Italia (NYSE:TI) have both launched new bids for Vivendi's (OTCPK:VIVHY) GVT, which will be examined by the latter's supervisory board today.
    • Telefonica has raised its bid to €4.66B in cash and will offer Vivendi a 12% stake in Telefonica Brasil (NYSE:VIV), together totaling a value of €7.45B.
    • Telecom Italia's offer represents a total enterprise value of €7B ($9.24B) and includes €1.7B in cash, a 16% stake in Telecom Italia and 15% of TIM Brasil.
    • Previously: Telefonica discusses raising bid for Vivendi's GVT
    | Comment!
  • Wednesday, August 27, 2014

  • 6:17 PM
    • Tekmira Pharma (NASDAQ:TKMR) +4.2% AH following a Daily Mail story suggesting it is a takeover candidate, after shares have nearly doubled in the past month thanks to attention over its experimental treatment for the deadly ebola virus.
    • Rumors suggest interested parties could include Shire (NASDAQ:SHPG) and GlaxoSmithKline (NYSE:GSK); the report suggests the recent premium paid for  InterMune could put a valuation of at least $40/share on TKMR.
    | 8 Comments
  • 4:30 PM
    • Lear (NYSE:LEA) agrees to acquire Eagle Ottawa, the world's largest supplier of automotive leather, in a deal valued at $850M on a cash and debt-free basis.
    • Lear expects the transaction to be ~5% accretive to annual EPS upon closing.
    • Lear also says it intends to continue to return cash to shareholders; at the end of Q2, it had ~$600M in remaining share repurchase authorization.
    | Comment!
  • 4:15 PM
    • The deal value between the two Pennsylvania lenders is about $14.5M, and Phoenix (OTCQB:PXBP) owners will receive either 3.167 shares of Mid Penn (NASDAQ:MPB) stock or $51.60 in cash for each share of PXPB they own.
    • Source: Press Release
    | Comment!
  • 11:08 AM
    • Oi (OIBR +9.6%) says it has hired i-bank BTG Pactual to help it explore options for buying Telecom Italia's (TI +4.3%) TIM Participacoes (TSU +6.2%) Brazilian mobile/wireline unit. Shares of all 3 companies are rallying, as are those of Portugal Telecom (PT +6%) and Telefonica's Brazilian unit (VIV +2.4%).
    • Given Oi's debt load (almost $20B) and potential antitrust concerns, many think a bid for TIM (would lower the number of Brazilian mobile carriers to 3) can only work if Oi partners with other carriers to acquire and break up TIM. America Movil (AMX +0.7%), which owns rival carrier Claro, is viewed as a potential partner.
    • Oi's disclosure comes as a bidding war between TI and Telefonica (TEF +0.8%) for Vivendi-owned (OTCPK:VIVHY) Brazilian wireline carrier GVT heats up. Reuters reports TI will make a €7B ($9.2B) bid for GVT that would give Vivendi a 15%-20% stake in TI; the WSJ reports Telefonica's board is meeting today to consider upping its €6.7B ($8.8B) GVT bid.
    | Comment!
  • 7:47 AM
    • The deal was announced in early June and Old National Bancorp (NASDAQ:ONB) has received all necessary regulatory approvals. The purchase is expected to close on November 1.
    • [[LSBi]] owners will receive 2.269 shares of ONB plus $10.63 in cash for each share of LSBI they won.
    | Comment!
  • 7:22 AM
    • Ryanair (NASDAQ:RYAAY) will be one of the bidders for Cyprus Airways, according to Bloomberg.
    • An acquisition would only be the second in the budget carrier's 29-year history.
    • Cyprus Airways flies to a dozen airports across Europe and the Middle East
    | Comment!
  • 6:11 AM
    • Royal Dutch Shell (RDS.A, RDS.B) is leading a consortium to sell several Nigerian oilfields for approximately $5B, as foreign companies reduce their onshore oil presence in the country due to theft, sabotage and local disruptions.
    • The four oilfields and a key pipeline are co-owned by Shell, France’s Total (NYSE:TOT) and Eni (NYSE:E) of Italy.
    • A deal is expected in the next few weeks after which all potential buyers will require government approval.
    | Comment!
  • 4:32 AM
    • Carlyle Group (NASDAQ:CG) is said to be in advanced talks with China's largest developer, China Vanke (OTC:CVKEY), to buy stakes in nine of its shopping malls.
    • The purchase would give Carlyle access to China's commercial real estate market and a non-binding memorandum of understanding could be signed as early as tomorrow.
    • Sources say the deal could fetch between 6B-7B yuan ($976M-$1.1B) or even be valued at up to 10B yuan.
    | Comment!
  • 3:36 AM
    • A 5B yaun ($813M) e-commerce joint venture between China's privately-held Dalian Wanda Group, Baidu (NASDAQ:BIDU) and Tencent Holdings (OTCPK:TCEHY, OTCPK:TCTZF) will be announced later this week, Reuters reports.
    • The new venture will unite three of China's most powerful non-state companies, and will be 70% owned by Wanda and 15% held by Baidu and Tencent respectively.
    • Wanda is a commercial property, luxury hotel and film conglomerate.
    | Comment!
  • 3:14 AM
    • Chiquita Brands (NYSE:CQB) has reiterated its commitment for a merger with Fyffes (OTC:FYFFF) and expects the deal to provide $60M in annualized pre-tax cost savings.
    • "Chiquita and Fyffes remain committed to the transaction and are continuing to work together to complete the combination as expeditiously as possible," says Chiquita CEO Ed Lonergan.
    | Comment!
  • Tuesday, August 26, 2014

  • 8:26 PM
    • Allergan (AGN +0.4%) asks the U.S. District Court for the Central District of California for an expedited schedule for discovery and a preliminary injunction against Valeant Pharmaceuticals (VRX +1.4%) and Pershing Square Capital Management for violating insider trading laws. If successful, the pursuers will be blocked from counting their AGN shares in the total used to call the special meeting and they will fall short of the minimum 25% required to do so.
    • Allergan has established October 27, 2014 as the date of record for stockholders entitled to vote at the December 18, 2014 meeting. Its request to the Court would require the expedited discovery to be completed in October 2014 and would set a hearing on on the preliminary injunction motion before the special meeting.
    | 1 Comment
  • 12:49 PM
    • Google (GOOG -0.5%) was unable to buy Twitch due to concerns about "potential antitrust issues" related to the acquisition, Forbes reports. Due to the antitrust issues (stemming from Google's ownership of YouTube), the companies reportedly couldn't agree on a breakup fee.
    • Meanwhile, Amazon (AMZN +2.4%) is rallying amid favorable reviews for the Twitch acquisition. Analyst Jan Dawson sees Twitch expanding Amazon's advertising scale and drawing in new customers, and thinks its streaming tech could strengthen other Amazon services. "Amazon is clearly taking digital media very seriously, and spending heavily to fund it."
    • The Verge's Ben Popper observes Twitch will get to make full use of AWS, and will now have Amazon's resources to help with licensing. VC Ethan Kurzweil (a Twitch investor) thinks non-gaming use cases are possible. "We think that Amazon is investing here in Internet infrastructure and something more than gaming media ... What Twitch has really built here is a video-based community around any activity."
    • Yesterday: Amazon buying Twitch for $970M in cash
    | 23 Comments
  • 7:46 AM
    • Burger King Worldwide (NYSE:BKW) and Tim Hortons (NYSE:THI) announce plans to merge to create a restaurant giant with over $23B in annual sales.
    • Under the terms of the deal, Tim Hortons shareholders will receive C$65.50 per share in cash and 0.8025 shares in the new company per THI share.
    • The combined company will run Burger King and Tim Hortons as separate brands.
    • 3G Capital will own close to 51% of the new company.
    • BKW -1.0% premarket, THI +9.1% to $81.50.
    | 2 Comments
  • 7:33 AM
    • Valmont Industries (NYSE:VMI) has acquired a majority interest in South Dakota-based AgSense, extending the company's offerings of agricultural remote monitoring and control technology.
    • "We are pleased to have entered this long-term partnership," says President Leonard Adams. "Growers increasingly seek to utilize data driven technology to increase yields and maximize water efficiency.'
    | Comment!
  • 7:11 AM
    • Medtronic (NYSE:MDT) acquires privately-held Dutch firm Sapiens Steering Brain Stimulation for ~$200M in cash. The company is developing a deep brain stimulation system with 40 individual stimulation points. It its designed to allow more precise stimulation of the target while reducing the potential for side effects.
    • Medtronic will integrate Sapiens into its neuromodulation business.
    | 1 Comment
  • 6:19 AM
    • Telefonica’s (NYSE:TEF) board is discussing plans to raise its bid for Vivendi's (OTCPK:VIVHY) GVT to as much as €8B ($10.6B), Bloomberg reports.
    • Previously, Telefonica offered €6.7B for the Brazilian broadband unit.
    • The new bid could be announced before Aug. 28 and even before Telecom Italia (NYSE:TI) puts forward its formal rival bid.
    | Comment!
  • 2:00 AM
    • In a surprise twist which lands Warren Buffett in the middle of the Burger King (NYSE:BKW)-Tim Hortons (NYSE:THI) deal, Berkshire Hathaway (BRK.A, BRK.B) is now expected to provide about 25% of the financing for the merger, WSJ reports.
    • The exact structure of Buffett's participation remains unclear, but sources say he will invest in the form of preferred shares.
    • Due to deal being structured as a tax-inversion, the new move also shoves the billionaire into a heated debate over U.S. taxes.
    • THI +1.7% AH
    | 15 Comments
  • Monday, August 25, 2014

  • 5:53 PM
    • Comtech (NASDAQ:CMTL) says it's "exploring strategic alternatives to enhance shareholder value, including a possible merger or sale of the Company."
    • No timetable has been set for finishing the review.  Shares are higher after coming off a halt.
    • Earlier: Comtech reportedly exploring sale, receives preliminary interest
    | Comment!
  • 4:25 PM
    • Reuters reports Comtech (CMTL +4.8%) is "exploring a potential sale and has received preliminary expressions of interest in recent weeks."
    • Citi is said to be advising the telecom equipment maker, which has mulled a sale at times in the past. Shares spiked shortly before the close on the report.
    | Comment!
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