Seeking Alpha
  • Today - Wednesday, December 17, 2014

  • 2:56 PM
    • Teradata (TDC +0.4%) has bought RainStor, a provider of archiving database software that leverages the Hadoop big data framework. Terms are undisclosed.
    • Teradata touts the high compression rates (10x-40x) supported by RainStor's software, as well as the immutability of data copies made with it (important for compliance/security purposes).
    • Earlier this year, Teradata bought big data consulting/services firm Think Big Analytics, big data management software firm Revelytix, and database software firm Hadapt (offers a platform that merges Hadoop with traditional SQL databases). Plenty of analysts have voiced concerns about Hadoop's impact on Teradata's standard data warehousing solutions.
    • Teradata also has a 7% stake leading Hadoop distribution provider Hortonworks.
    | Comment!
  • 2:27 PM
    • Varian Medical Systems (VAR +1.3%) intends to offer €17.50 per share (€30M) to acquire Bremen, Germany-based MeVis Medical Solutions AG, a provider of image processing software and services for cancer screening.
    • MeVis software is used in ~10K clinics around the world.
    | Comment!
  • 11:21 AM
    • NPS Pharmaceuticals (NPSP +21.3%) jumps on increased volume in response to market chatter that Shire plc (SHPG +2.5%) is mulling a bid for the rare disease therapeutics developer.
  • 9:35 AM
    • Visteon (VC +6%) enters an agreement to sell close to 70% of Halla Visteon Climate Control to an affiliate of Hahn & Company for $3.6B.
    • The company says it expects the deal to close in the first half of 2015, but in the meantime is hedging most of the proceeds against currency swings.
    • Shares of Visteon perked up in November after the company confirmed it was in talks over a deal.
    | 1 Comment
  • 9:32 AM
    • Digital River (NASDAQ:DRIV) has extended its digital download services agreement with top client Microsoft to March 31, 2017. Microsoft can extend the expiration date via four six-month renewal options.
    • DRIV crashed on Dec. 8 after disclosing Microsoft had been given an extension for its deadline to give notice it wouldn't be extending the services deal. That triggered fears Microsoft would be jumping ship, and that DRIV's $26/share buyout agreement would be pulled in response.
    • In today's disclosure, DRIV states the acquisition is still expected to close in Q1 2015.
    | Comment!
  • 7:57 AM
    • 21st Century Fox (NASDAQ:FOXA) announces it acquired true[x] for an undisclosed amount.
    • True[x] will remain a stand-alone business under the Fox umbrella to bolster the media giant's digital marketing solutions.
    | Comment!
  • 7:45 AM
    • Coeur Mining (NYSE:CDE) agrees to acquire Paramount Gold and Silver (NYSEMKT:PZG) for $146M in stock, as it expands its mining footprint in Mexico.
    • As part of the deal, PZG will spin off its non-Mexican assets into a stand-alone publicly listed company, of which CDE will own a 4.9% stake.
    • PZG's San Miguel mining project neighbors CDE's Palmarejo silver-gold mine in northern Mexico, and the merger enables Palmarejo to continue as one of the largest and highest grade silver and gold mines in the world.
    • PZG +21.8% premarket.
    | Comment!
  • 3:23 AM
    • Newly leaked emails reveal that Lions Gate (NYSE:LGF) execs tried to meet with Sony (NYSE:SNE) CEO Kazuo Hirai last summer to discuss a possible merger or acquisition.
    • Hirai eventually declined a meeting although he expressed interest in possible cooperation on operational matters, Reuters reports.
    • Meanwhile, Sony is facing an ugly dilemma of whether to cave into hacker demands and pull The Interview from theaters, or to forge ahead, risking possible violence and potential legal liability. It has told theaters they can decide.
    | Comment!
  • 2:32 AM
    • Expanding into the image-guided therapy market, Philips (NYSE:PHG) will acquire Volcano (NASDAQ:VOLC) for $18 per share, a 57% premium to Volcano's closing price on Tuesday.
    • The $1.2B deal is expected to add to Philips' EPS by 2017.
    • VOLC +55.4% premarket
    | Comment!
  • Tuesday, December 16, 2014

  • 6:29 PM
    • The WSJ reports The Pantry (NASDAQ:PTRY) is "nearing a deal to be sold." No word on the acquisition price, or who the acquirer is. An i-bank has reportedly been hired to run an auction process.
    • The Southern convenience store/gas station chain has surged in AH trading to levels last seen in 2007.
    | Comment!
  • 1:03 PM
    • Brown Shoe (BWS +0.1%) announces it sold to SHOEme for an undisclosed amount.
    • The company expects to realize a gain in Q4 from the transaction.
    | 1 Comment
  • 10:24 AM
    • Talisman Energy (TLM +47.2%) explodes higher at the open after Repsol's (OTCQX:REPYY -2.3%) $13B deal to buy the company, but investors in the Spanish company aren't so enamored, sending shares lower.
    • The purchase price of $8/share reflects a 75% premium to the seven-day volume weighted average share price - a hefty price that analysts say could force Repsol to consider a sale of its 30% stake in Gas Natural; Repsol chairman Antonio Brufau says his company is not considering such a sale.
    • Barclays believes Repsol is getting a business that is free cash flow negative with a problematic North Sea business of questionable value, and that it should have waited longer for what could be a prolonged oil price downturn to make an acquisition.
    • But considering that TLM's share price topped $11 last June before plunging to ~$4 last week, 24/7's Paul Ausick says Repsol got a bargain; TLM’s main assets are high quality - in the Marcellus shale play in Pennsylvania and the Eagle Ford shale play in south Texas, as well as off the coasts of Indonesia and Malaysia - and the two companies' combined production capacity will total ~680K boe/day with refining capacity of ~1M bbl/day, vaulting it into the ranks of the 20 largest oil companies in the world.
  • 10:23 AM
    • Saba's (OTCPK:SABA -22.9%) ongoing accounting restatement work isn't expected to conclude before the the first quarter of FY16 (starts June 1, 2015). If the company doesn't filed its delayed SEC reports by Feb. 15, its shares could be delisted.
    • Saba adds it "has been evaluating strategic alternatives, including a sale of the Company, and has commenced preliminary discussions with potential acquirers." Morgan Stanley has been hired to advise.
    • The cloud talent management software vendor reports its new cloud bookings rose 9% Y/Y in FQ2 (ended in November), and that 42 customers were added. Cash/equivalents totaled $21.6M at quarter's end, and total debt $91M.
  • 8:58 AM
    • GE agrees to acquire Oceaneering's (NYSE:OII) Subsea Electric Actuator product line, which specializes in the design and manufacturing of specialty subsea products with a focus on electric valve actuators.
    • GE says the acquisition of the product line will pave the way for electrification in its oil and gas subsea space, providing a new technology that is faster to operate for processing applications, has excellent enhanced diagnostic capabilities and can be seamlessly integrated into a customer's existing controls, communications and power network.
    • Financial terms are not disclosed.
    • GE -0.8% premarket.
  • 8:45 AM
    • In line with its strategy to take aim at those bundling home and auto insurance, Progressive (NYSE:PGR) agrees to up its stake in American Strategic Insurance to 67% from 5% in exchange. Consideration will be $875M in cash.
    • ASI CEO John Auer: "This is a great opportunity for ASI, as our intention has long been to become the Progressive of home insurance."
    • Progressive CEO Glenn Renwick: "ASI provides a significant array of the most important products beyond auto. Together we can make our products an even more attractive bundle for consumers and agents."
    • Source: Press release
    | Comment!
  • 2:44 AM
    • Talisman Energy (NYSE:TLM) has confirmed that Repsol (OTCQX:REPYY, OTCPK:REPYF) plans to purchase it for $8.3B, or $8 per share in cash.
    • Repsol said it would also take on $4.7B of Talisman debt as part of the deal, putting TLM's enterprise value at $13B.
    • Talisman Energy's board has approved the offer and recommends that shareholders accept it.
    • TLM +20% After hours
  • 1:55 AM
    • Merck (NYSE:MRK) is approaching banks about an $8B, 364-day bridge loan to fund its acquisition of Cubist Pharmaceuticals (NASDAQ:CBST).
    • JP Morgan and Deutsche Bank are leading the deal.
    • Merck announced that it would buy Cubist on Dec. 8 for $9.5B.
  • Monday, December 15, 2014

  • 11:38 PM
    • InterContinental Hotels Group (NYSE:IHG) announces it acquired Kimpton Hotels & Restaurants for $430M.
    • The Kimpton line of hotels is one of the largest boutique chains in the U.S. with 62 hotels in the U.S. and another 16 in the pipeline.
    • IHG thinks it can double Kimpton's EBITDA by 2017 and achieve returns above IHG's cost of capital by the third year after closing.
    | Comment!
  • 6:46 PM
    • Archer Daniels Midland (NYSE:ADM) agrees to sell its global cocoa business to Olam International (OTCPK:OLMIF) for $1.3B.
    • The deal brings an end to ADM's year-long effort to offload its chocolate and cocoa businesses, after earlier selling its smaller chocolate business to Cargill for $440M.
    | Comment!
  • 6:22 PM
    • FedEX (NYSE:FDX) agrees to acquire closely held logistics firm Genco, a specialist in handling product returns as FDX seeks to beef up its e-commerce operations.
    • Financial terms for the transaction are not provided, but FDX says Genco has annual sales of $1.6B and handles more than 600M returned items per year.
    • Retail e-commerce is overtaking the traditional business-to-business deliveries that once drove sales at shipping companies.
    | Comment!
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