Welcome to the Reassuring issue of M&A Daily
Warren Buffett's Berkshire Hathaway (BRK.A/BRK.B) is getting over $10 billion from AIG (NYSE:AIG) for a reinsurance deal. Under the agreement, Berkshire's maximum liability is $20 billion. Many market participants have been eager to hear from Buffett following the change of administrations. While Buffett opposed President Trump's candidacy he commented that,
America works. I've said this before. It'll work wonderfully under Hillary Clinton, and I think it'll work fine under Donald Trump. It doesn't work all the time perfectly, but you just look at where we go, milestone after milestone. Never bet against America.
Buffett added that he overwhelmingly supports Trump's cabinet picks. Trump is relying heavily on business leaders including the former head of Exxon (NYSE:XOM), several top leaders of Goldman (NYSE:GS), and the co-founder of the WWE (NYSE:WWE).
Pinnacle (NASDAQ:PNFP) is buying BNC (BNCN) in a $2.3 billion stock deal. BNCN holders get 0.5235 PNFP per share.
The EU extended its Phase II review deadline for the Dow (DOW) deal with du Pont (DD) to March 14.
The SEC is investigating whether Yahoo's (YHOO) data breaches should have been reported to investigators sooner.
The second preliminary proxy amendment was filed for the Canyon Bridge acquisition of Lattice (NASDAQ:LSCC). The $1.15 arb spread offers a 45% IRR if the deal closes by June. More to come in future editions of M&A Daily…
Elsewhere on Seeking Alpha
- Trump Era M&A Boom?
- Investing In SPACs
- Auxilio Acquires CynergisTek
- Cable ONE Will Acquire NewWave
- Sears Sells Craftsman
- Major Regional Casinos Merger
- Apivio Is In Play
- Trump's Tweets: Who Loves Them And Who Hates Them
Beyond Seeking Alpha
- Regulatory Reform
- Regulatory Reform: A Few (Not So) Easy Pieces
- Public (School Teachers Union's) Enemy #1
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Disclosure: I am/we are long LSCC, HAR, RAI, KATE, YHOO, BRK.A, BRK.B.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Additional disclosure: Chris DeMuth Jr and Andrew Walker are portfolio managers at Rangeley Capital. We invest with a margin of safety by buying securities at discounts to their intrinsic value and unlocking that value through corporate events. To maximize returns for our investors, we reserve the right to make investment decisions regarding any security without notification except where notification is required by law. This post may contain affiliate links, consistent with the disclosure in such links. We manage diversified portfolios with a multi-year time horizon. Positions disclosed in articles may vary in sizing, hedges, and place within the capital structure. Disclosed ideas are related to a specific price, value, and time. If any of these attributes change, then the position might change (and probably will).
Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.