Welcome to the Introductory issue of M&A Daily
Snap’s (SNAP) IPO prices after today’s close. It will probably price within a dollar of $18 based on strong demand for the offering. Everyone is working on the deal including Goldman (GS), Morgan Stanley (MS), Credit Suisse (CS), Deutsche Bank (DB) and Barclays (BCS).
Time (TIME) asked suitors to make offers by next week. Five companies have expressed interest.
Alere (ALR) delayed its 10-K filing because the company is reviewing revenue recognition at its Asian businesses. In particular, it is reviewing inappropriate conduct at its Standard Diagnostics South Korean subsidiary. The Abbott (ABT)-Alere arb spread is $19.09.
- HIG closed its acquisition of Lionbridge (LIOX).
- Parker-Hannifin (PH) closed its acquisition of CLARCOR (CLC).
- Eli Lilly (LLY) closed its CoLucid (CLCD) deal.
- Ocean Management closed its Qunar (QUNR) deal.
- CBOE (CBOE) completed its acquisition of BATS (BATS).
Elsewhere on Seeking Alpha
Beyond Seeking Alpha
- Italy Exploits a Rugby Loophole, and England Cries Foul
- How Bad Policy Harms Coinbase Customers in Hawaii
- Financiers Fight Over the American Dream
- It doesn’t matter how you get there
Disclosure: I am/we are long TIME, ALR.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. 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).