Seeking Alpha
  • Monday, September 15, 2014

  • 5:58 PM
    • French carrier Orange (NYSE:ORAN) is offering to acquire Spanish broadband provider Jazztel (OTCPK:JAZTF) for ~€3.4B ($4.4B), or €13/share for a premium of 22% over the stock’s close Friday in Madrid.
    • Buying Jazztel would give Orange ~1.5M broadband subscribers to help bolster offers of combined broadband, TV and wireless packages; Jazztel's revenue has grown in every quarter since 2008, and this year sales may reach €1.2B, quadrupling from 2007.
    • Chairman Leopoldo Fernandez Pujals is Jazztel’s biggest shareholder with a ~15% stake.
    | 1 Comment
  • 5:43 PM
    • VimpelCom (NASDAQ:VIP) is close to selling its stake in Canadian wireless carrier Wind Mobile Canada to Toronto-based Globalive Wireless Management for ~C$300M ($270M), with an announcement expected as soon as tomorrow, according to various reports.
    • A deal would cap VIP's struggle to exit the Canadian market following a lengthy regulatory spat over Canada's foreign investment rules.
    • A sale also would boost the Canadian government’s effort to create a fourth national wireless carrier to help foster competition and reduce mobile phone rates; the three biggest carriers, Rogers Communications (NYSE:RCI), BCE and Telus (NYSE:TU), together control 90% of the market.
    | Comment!
  • 5:33 PM
    • Actua (NASDAQ:ACTA) agrees to acquire FolioDynamix, a cloud-based wealth management technology platform, for $199M.
    • ACTA says FolioDynamix brings a current net revenue run rate of $30M-plus, with positive earnings and cash flow; the company grew by more than 40% in 2013, and ACTA expects the growth rate to continue in 2014.
    | Comment!
  • 12:48 PM
    • Diagnostics maker Alere (ALR +12.9%) bucks biotech's down day by jumping on a 6x surge in volume on reports that former CEO Ron Zwanziger intends to bid $46 per share for the company. His potential offer would value Alere at almost $4B.
    • Mr. Zwanziger believes the firm is undervalued. He has a point. Alere's sales and earnings are decelerating and its P/S, P/B and P/CF ratios all lag the industry according to msn money.
    | Comment!
  • 12:05 PM
    • Barron's Ben Levisohn believes that AstraZeneca (AZN +0.7%) remains a solid target for Pfizer (PFE +0.9%) citing the tax inversion appeal, the ability to free up its ex-U.S. cash and AZN's robust pipeline.
    • He also believes Actavis (ACT -0.2%) is an equally compelling target due to its lower risk and good fit with Pfizer's Global Established Product unit while offering the tax inversion pathway and access to ex-U.S. cash as well.
    | Comment!
  • 11:01 AM
    • Brocade (BRCD -1.6%) has acquired network visibility and analytics provider Vistapointe in an all cash transaction.
    • The acquisition will enable Brocade to address new opportunities and requirements of its service provider customers, especially global Mobile Network Operators.
    | Comment!
  • 10:42 AM
    • Shareholder Linkedto Partners says two NASDAQ-traded firms have approached it about a merger or buyout of Delcath Systems (DCTH +4.3%).
    • Linkedto has the support of 4.9% of DCTH shares. It is calling for a sale of the company as a means to unlock shareholder value. Last week, it upped its non-binding offer to $3.00 per share.
    | Comment!
  • 10:27 AM
    • TRW Automotive (TRW -0.9%) is acquired by ZF Friedrichshafen for $105.60 per share in a deal valued at $13.5B.
    • ZF plans to run TRW as a separate business under its umbrella.
    • A deal closing is expected in the first half of 2015.
    | Comment!
  • 9:55 AM
    • Shares of SABMiller (OTCPK:SBMRY) are ripping in London trading with reports out that Anheuser-Busch InBev (BUD +3.2%) is talking to banks about coming up with financing for a bid.
    • SABMiller is more vulnerable after Heineken (OTCQX:HEINYrejected its buyout overture.
    • A deal between the beer giants would require significant divestiture massaging, possibly including SABMiller shedding its interest in MillerCoors (NYSE:TAP) in the U.S.
    • What to watch: A-B has to decide before the end of the year if its wants to renew a soft-drink bottling contract with PepsiCo. If the brewer declines, it could be an indication that it has its eyes on SABMiller's deal with Coca-Cola in Africa.
    • SBMRY +12.2%.
    | 1 Comment
  • 9:39 AM
    • Microsoft (MSFT -0.2%) has reached an agreement to buy Mojang, and the company’s iconic Minecraft franchise for $2.5B.
    • The acquisition marks the largest purchase ever for chief executive Satya Nadella, who says the purchase "is more than a great game franchise - it is an open world platform, driven by a vibrant community...with new opportunities for that community and for Microsoft."
    • Microsoft expects the acquisition to be break-even in FY15 on a GAAP basis. The acquisition is expected to close in late 2014.
  • 9:25 AM
    | Comment!
  • 9:06 AM
    • ZF Friedrichshafen will purchase TRW Automotive (NYSE:TRW) for $105.60 per share, according to Reuters.
    • A formal announcement is expected later today.
    • Investors aren't quite buying it just yet: TRW -1.4% premarket to $102.41
    | Comment!
  • 8:49 AM
    • Nucor (NYSE:NUE) agrees to acquire the Gallatin Steel business from ArcelorMittal (NYSE:MT) and Gerdau (NYSE:GGB) for ~$770M.
    • NUE says adding the Gallatin flat-rolled products mill in Kentucky, with an annual capacity of ~1.8M tons, will broaden its footprint in the U.S. midwest and will increase its total flat-rolled product annual capacity by 16% to ~13M tons.
    • NUE expects the deal to be immediately accretive to cash flow and accretive to earnings after working through purchase accounting-valued finished goods inventories.
    • MT and GGB each owned 50% interests in Gallatin.
    • NUE +0.9%, MT -0.5% premarket.
    | Comment!
  • 7:44 AM
    • The announcement was made after the close on Friday and ACP Re (NASDAQ:AFSI) and Tower Group (NASDAQ:TWGP) expect the deal to close this morning.
    • Source: Press Release
    • TWGP +11.2% to $2.48 premarket
  • 7:30 AM
    • A provider of content storage management solutions that help companies mitigate, manage, and monetize large-scale media assets, Front Porch Digital helps businesses handle fast-expanding, complex volumes of digital media content like high-def films and shows, medical images and records, and real-time security-monitoring fees.
    • Terms of Oracle's (NYSE:ORCL) purchase were not disclosed.
    • Source: Press Release
    • Presentation
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  • 7:28 AM
    • Anheuser-Busch InBev (NYSE:BUD) is talking to banks on financing an offer to purchase SABMiller (OTCPK:SBMRY), according to The Wall Street Journal.
    • A deal price for the long-rumored combination would be in the neighborhood of $122B.
    • Beer watch: Over the weekend, Heineken confirmed it rejected a takeover offer from SABMiller.
    • BUD +2.3% premarket to $113.50.
  • 7:16 AM
    • Denmark’s TDC (OTCPK:TDCAF) has agreed to acquire cable-TV provider Get for 13.8B kroner ($2.2B) to expand its customer base by half a million subscribers in Norway.
    • TDC plans to finance the transaction by selling debt and will cut its dividend payout to maintain its investment grade rating.
    • The deal is expected to be completed in Q4 of 2014.
    | Comment!
  • 7:04 AM
    • Cognizant (NASDAQ:CTSH) is buying Colorado-based TriZetto for $2.7B in cash to expand into the health care software industry.
    • TriZetto is owned by funds advised by Apax as well as shareholders BlueCross BlueShield and Cambia Health Solutions.
    | Comment!
  • 2:20 AM
    • Danaher (NYSE:DHR) has agreed to buy Nobel Biocare (OTCPK:NBHGY) in an all-cash deal valued at approximately $2.2B, including debt.
    • Danaher says the acquisition would widen its market presence and make it the largest consumable and equipment player in the dental industry with sales approaching $3B.
    • The deal is expected to be completed in late 2014 or early 2015, after which Nobel Biocare will continue to operate as a standalone company.
    | Comment!
  • 1:32 AM
    • After announcing the sale of a $17.5B stake in its retail unit to investors, Sinopec (NYSE:SNP) now says it will use the cash toward optimizing its retail fuel business, boosting its non-fuel sales and paying down debts owed to its parent.
    • The deal comes as the Chinese government pushes to restructure its state-owned enterprises by bringing in private capital.
    • The stake will be sold to a group of 25 Chinese and foreign investors.
    | Comment!
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