Seeking Alpha
  • Today - Thursday, August 28, 2014

  • 6:20 PM
    • Microchip (MCHP +0.8%) confirms it has held talks with CSR (CSRE +35.3%) about "ways in which [Microchip's] relationship with CSR could be advanced, including possibly an acquisition of CSR." However, the talks are said to be "at a very preliminary stage."
    • Microchip, whose microcontrollers are sometimes found within products that also contain CSR's Bluetooth, GPS, or A/V chips, notes it has partnered with CSR in the past, with a Bluetooth module initiative being one example.
    • Back in May, Microchip announced it's buying Taiwanese Bluetooth chipmaker ISSC for $294.3M. The company has also snapped up analog chipmaker Supertex, as it takes part in a broader chip industry M&A wave.
    • Earlier: CSR turns down Microchip's buyout offer
    | Comment!
  • 6:08 PM
    • Johnson & Johnson (NYSE:JNJ) is beginning the process of seeking a buyer for its Cordis unit that makes medical devices including stents and catheters, WSJ reports.
    • Cordis reportedly could fetch $1.5B-$2B and is expected to attract interest from P-E firms and other health care companies.
    • A sale would mark the latest divestiture for JNJ, which is looking to shed slower-growth businesses and reduce annual costs by $1B; JNJ said in 2011 it would leave the cardiac stent business after years of falling sales and market share.
    | Comment!
  • 3:59 PM
    • Repsol (OTCPK:REPYF, OTCQX:REPYY) has dropped a plan to buy all of Talisman Energy (TLM -1.9%) but is interested in purchasing some of TLM’s shale assets, Bloomberg reports.
    • Repsol is said to have abandoned its original plan for a full takeover after failing to find buyers for assets it wasn’t interested in owning after a takeover, including TLM's North Sea and Southeast Asia assets, but the companies are talking about TLM assets in Texas’ Eagle Ford and Alberta’s Duvernay regions.
    • Earlier: Repsol, Talisman talks over a potential deal have stalled, WSJ reports.
    | Comment!
  • 1:03 PM
    • Bloomberg reports Deutsche Telekom (OTCQX:DTEGY) is open to holding talks to sell T-Mobile USA (TMUS +2.1%) at $35/share or more. T-Mobile has risen above $30 in response.
    • DT owns 67% of T-Mobile USA. French carrier Iliad (OTC:ILIAF) has offered $33/share for a 56.6% stake in T-Mobile, a bid T-Mobile has dismissed as "very inadequate."
    • Sprint was rumored to be prepping a $40/share bid before abandoning its plans due to regulatory opposition.
    | 1 Comment
  • 10:43 AM
    • Syngenta (SYT -0.3%) is open to a deal, whether as an acquirer or as a target, perhaps with Dow Chemical (DOW -1.4%) or DuPont (DD +0.2%), Bloomberg speculates.
    • SYT and Monsanto (MON -0.5%) held preliminary talks with advisers earlier this year about a combination that never came to fruition, which shows SYT’s willingness to make a deal, analysts say.
    • One option discussed is a takeover of Dow’s agricultural business, which Dow is open to divesting; SYT also could merge with DuPont and then spin off the U.S. company’s non-agricultural businesses.
    • Dow may be a better candidate to use a SYT acquisition to relocate overseas for tax advantages, analysts suggest, but with the Obama administration looking at ways to discourage tax-inversion acquisitions, DuPont’s well-known brands and sales to the U.S. military may spark greater political pushback.
    | 3 Comments
  • 9:15 AM
    | Comment!
  • 8:36 AM
    • Cobra Electronics (NASDAQ:COBR) will be acquired by private equity firm Monomoy Capital Partners for $4.30/share in cash.
    • COBR +15.4% premarket.
    | Comment!
  • 7:23 AM
    • Covidien (NYSE:COV) acquires privately-held North Carolina-based Sapheon for an undisclosed amount. Sapheon's lead product is the CE-Marked VenaSeal system for the treatment of varicose veins and chronic venous insufficiency. In addition to the EU, it is approved for sale in Canada and Hong Kong.
    | Comment!
  • 7:14 AM
    • U.K. chipmaker CSR (NASDAQ:CSRE) has turned down a takeover approach from rival Microchip (NASDAQ:MCHP).
    • Although it did not provide details of the proposal, CSR states, "the price proposed by Microchip has been rejected and the board is considering its options for the company."
    | Comment!
  • 7:07 AM
    • Peabody Energy (NYSE:BTU) has cancelled its $130M sale of its Australian Wilkie Creek coal mine to former billionaire Nathan Tinkler.
    • Tinkler's Bentley Resources missed several payment installments since agreeing to the cash-and-debt deal in May.
    | Comment!
  • 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
    | 1 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!
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