Deal of the Week: Recent Episodes
Bloomberg
Bloomberg M&A reporters, joined by outside experts and members of Bloomberg's Deals team, examines the week's biggest deals and highlights M&A trends most under scrutiny by Wall Street. He'll talk to reporters who broke Bloomberg's major scoops and interview investors, executives, lawyers and bankers for an inside peek into what's going on inside corporate boardrooms and what it's like working with the world's largest companies and richest people.
A few decades ago, nobody really questioned vaccines. They were viewed as a standard part of staying healthy and safe. Today, the number of people questioning vaccines risks prolonging a pandemic that has already killed hundreds of thousands of Americans. How we got to this moment didn’t start with the rollout of vaccines or in March 2020, or even with the election of Donald Trump. Our confidence in vaccines, often isn't even about vaccines. It’s about trust. And that trust has been eroding for a long time. Doubt, a new series from Bloomberg’s Prognosis podcast, looks at the forces that have been breaking down that trust. We'll trace the rise of vaccine skepticism in America to show how we got here — and where we’re going. Doubt launches on March 23. Subscribe to Prognosis today on Apple Podcasts, Spotify or wherever you get your podcasts.
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The killers of Berta Caceres had every reason to believe they’d get away with murder. More than 100 other environmental activists in Honduras had been killed in the previous five years, yet almost no one had been punished for the crimes. Bloomberg’s Blood River follows a four-year quest to find her killers – a twisting trail that leads into the country’s circles of power.
Blood River is out now.
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On this new show from Bloomberg, hosts Mike Regan and Sarah Ponczek speak with expert guests each week about the main themes influencing global markets. They explore everything from stocks to bonds to currencies and commodities, and how each asset class affects trading in the others. Whether you’re a financial professional or just a curious retirement saver, What Goes Up keeps you apprised of the latest buzz on Wall Street and what the wildest movements in markets will mean for your investments.
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On this new show from Bloomberg, hosts Francesca Levy and Rebecca Greenfield navigate the productivity industry by way of their own experiences. In each episode, one of the two becomes a human guinea pig as she tries to solve a specific work-related problem. Using the advice of so-called productivity experts, the duo tackles obstacles like ineffective to-do lists, overflowing inboxes and unruly meetings. Follow along with their attempts, insights and missteps, and maybe find a solution that will work for you.
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In the final episode of Deal of the Week, Ed Hammond is joined by Bloomberg Gadfly columnist Brooke Sutherland and Ian King to talk about the fallout from the US government’s unexpected decision to review Broadcom’s attempted takeover of rival semiconductor maker Qualcomm on national security grounds. The trio discuss the contrasting cultures of the two tech giants and ask the question of which company is more likely to keep the US at the forefront of the 5G revolution. Finally, they try to predict how Qualcomm’s shareholders are likely to vote if the Committee of Foreign Investment in the United States ever gives them the chance.
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Ed Hammond and New York bureau chief Jason Kelly are joined by private equity reporter Melissa Mittelman to discuss the challenges facing the buyout industry as it looks to put $1.7 trillion of dry powder to work in a deal market characterized by record high valuations and M&A-hungry corporations. The three look at big existential questions, such as: can private equity funds continue as financial engineers or must they morph into savvy operations, are we nearing an era of ill-disciplined buying, and when will Warren Buffett stop complaining and start acquiring? Finally, Jason and Ed focus on Qualcomm's social media efforts to fend off Broadcom's $117 billion takeover offer.
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Decrypted returns on March 6th with a brand new season. Here's a sneak peek of what's in store. We'll be releasing new episodes every Tuesday starting next week.
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Ed Hammond is joined by Jason Kelly, Bloomberg’s New York bureau chief, and hedge fund reporter Hema Parmar to talk about the importance of nomenclature on Wall Street. The three focus on the news that hedge funds have taken to calling themselves anything but hedge funds to try and secure investment, and look at why certain names are better at attracting new capital than others.
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Ed Hammond is joined by Jason Kelly, Bloomberg's New York bureau chief, and private equity reporter Melissa Mittelman, to talk about the changes underfoot at Blackstone. The three look at what the world's largest asset manger's plan to appoint Jon Gray to company president says about the future direction of Blackstone, and what it means for the private equity in general. They also tackle the question of whether private equity, with its hundreds of billions of dollars under management, can really still be considered an industry characterized by entrepreneurial zeal. Have the Barbarians at the Gate become just regular corporate citizens?
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Ed Hammond is joined by Bloomberg Gadfly columnist Brooke Sutherland and bureau chief Jason Kelly for a deep dive into the latest news on Broadcom's $120 billion effort to acquire rival semi-conductor-maker Qualcomm. After Broadcom increased its offer this week, the three examine what defenses Qualcomm has left and how its shareholders might react if the company's board decides not to sell. They also analyze the likely response from regulators around the globe and how a deal of this size would create a ripple effect throughout the technology industry.
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Jason Kelly, Bloomberg's New York bureau chief, joins Ed Hammond to discuss the news that JPMorgan Chase CEO Jamie Dimon, one of Wall Street's best known and most outspoken personalities, has started to outline plans for his departure. As well as looking at what JPM could look like in a post-Dimon era, the two discuss the broader issues around the declining number of big-name characters on Wall Street - and what such a shift tell us about the current mood among investors.
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Jason Kelly, Bloomberg's New York bureau chief, joins Ed Hammond to talk about the booming M&A market, which passed $150 billion in the first three weeks of the year for the first time since 2000. But despite the strong start, it's not all rosy for some of the world's largest private equity funds as they hunt for takeovers amid soaring equity valuations and fierce competition. The two also look at the latest big activist investor attack on the retailer Lowe's and dig into the news that superstar hedge-funder manager Bill Ackman is laying off staff after another tough year at his Pershing Square Capital Management and will spend less time with investors.
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Brooke Sutherland joins Ed Hammond to discuss the ongoing saga at General Electric, and what a breakup for the industrial conglomerate could mean for deal makers and competitors. The two also look at how much a broken up GE might be worth vs its value today, and explore how a long history of empire building has left it ill-prepared to compete with its more nimble rivals in an era when industrial companies are increasingly focused on technology.
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Ed Hammond is joined by Matt Monks to discuss the latest merger trends in America's power and utility industry and a closer look at how local politics can dictate the terms of multi-billion dollar deals
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We're about to be singing Auld Lang Syne to 2017. To welcome in the new year, deals reporter Alex Barinka is joined by deals editor Lizzie Fournier and deals reporter Matt Monks to discuss their outlook. Will 2018 see the return of the megamerger? Who's going to have to seek out takeovers to keep up with industry wide competitive changes? And what about those IPOs? All this and more in the final episode of this year.
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The deals world was unable to escape the cloud of uncertainty that's followed the election of U.S. President Donald Trump. The value of announced M&A transactions in the U.S. fell by almost a third this year -- the lowest since 2013. Deals reporter Alex Barinka talks to her colleague Matt Monks and U.S. deals editor Lizzie Fournier about 2017’s Trump slump and the other major factors that characterized this year in deals.
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Ed Hammond is joined by senior Bloomberg healthcare reporter Robert Langreth to discuss CVS' $68 billion takeover of health insurer Aetna. How will the US regulators respond to this latest vertical merger and how much of CVS' push into the complex insurance market is driven by the threat of Amazon entering the pharmacy market?
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Ed Hammond is joined by Bloomberg Intelligence's Paul Sweeney to discuss Meredith's $2.8 billion acquisition of Time Inc and the impact the media merger will have on Time's storied roster of titles. The two also explore the role of the Koch brothers in financing the deal and the prospects for media M&A more generally.
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Ed Hammond is joined by Bloomberg’s Anousha Sakoui and Tara Lachapelle to talk about the future of Fox amid reports that the media company is discussing selling major assets. What would a break up mean for the Murdoch empire and how will the shock decision by the Department of Justice to block AT&T’s $85 billion merger with Time Warner Inc affect the prospects for a Fox deal?
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Ed Hammond talks to Bloomberg's Sara Forden and Tara Lachapelle to get the inside track of AT&T's increasingly bitter fight with the Department of Justice, the chances of the telecom giant's $85.4 billion acquisition of Time Warner being blocked, and what the signals from the newly managed regulator suggest for future of M&A.
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It’s Deal of the Week’s 100th episode! And to celebrate, Don McCree, vice chairman of Citizens Financial Group, the $19 billion market cap financial services company, is in studio along with Ralph Della Ratta, CEO of Western Reserve. Citizens acquired Western Reserve, a middle market M&A advisory firm, earlier this year to boost its presence in giving advice on deals. McCree and Della Ratta tell their deal story from both sides – the courter and the courtee – to give listeners a first-hand look at how an acquisition takes place, from start to finish.
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Stitch Fix is going public, confirming Bloomberg’s scoop from back in March. The online delivery company collects information on customers’ style, size and price preferences and sends users five pieces of clothing for a $20 fee. And guess what? It’s profitable and has had steady revenue growth, with annual sales of $977 million in the year ending July 29. That’s what makes Stitch Fix so unusual, according to Bloomberg Gadfly columnist Shira Ovide and Bloomberg IPO reporter Alex Barinka. In an era of cash-burning, unprofitable startups that push to IPO, Stitch Fix stands out as a professionally run business, founded by CEO Katrina Lake, with a clean balance sheet.
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Accusations of sexual misconduct against Harvey Weinstein haven’t just rocked Hollywood – they’ve also led to the potential destruction of his company, Weinstein Co. The privately-held independent film and TV studio is in talks to sell itself to Colony Capital, the private equity arm of Colony NorthStar, run by billionaire Thomas Barrack. News of an immediate sale after a crisis is rare, but Weinstein Co.’s corporate governance structure and small size leave it vulnerable, says Larry Hutcher, co-founder and co-managing partner at Davidoff Hutcher & Citron. Bloomberg entertainment reporter Anousha Sakoui also tells host Alex Sherman about Weinstein Co.’s recent box-office failures and traces the company’s history, from Miramax to today.
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Uber’s a steal. Uber’s in turmoil. SoftBank wants to buy a huge stake in Uber. Benchmark, Uber's largest shareholder, wants to sell to SoftBank. Wait, Benchmark doesn't want to sell to SoftBank. There are so many questions about Uber, its valuation, and its future. Bloomberg technology reporter Eric Newcomer has been breaking news on Uber for months. He joins host Alex Sherman to explain the contradictions around Uber and the complicated deal SoftBank is attempting to pull off.
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Nine months of Donald Trump’s presidency hasn’t revealed much on his administration’s antitrust attitudes. While AT&T’s deal for Time Warner appears on pace to close this year, a Sprint and T-Mobile tie-up would serve as a true barometer for how Trump’s antitrust decision makers view competition. The administration’s take on that deal, if it’s announced later this month, could pave the way for future megadeals or chill other attempts. John Oliver railed against corporate consolidation on a recent episode of HBO’s Last Week Tonight. Kevin Carty, a reporter-researcher with The Open Markets Institute, echoes Oliver’s concerns to host Alex Sherman and specifically explains why Sprint and T-Mobile shouldn’t be allowed to merge.
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T-Mobile US Inc. and Sprint Corp. could be just weeks from finally announcing a merger. It would be the largest deal of the year, but even if a deal is announced, there’s no certainty it will happen. Regulatory approval is far from assured. Veteran telecommunications analyst Craig Moffett explains why the companies want to merge now and how the government may interpret a merger. He also gives a gloomy outlook for the entire U.S. wireless industry to host Alex Sherman.
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How does it feel to watch your company ripped away from you and then merged with an arch-rival in an ill-conceived deal? George Zimmer, founder of Men's Wearhouse, knows firsthand. He not so fondly reminisces about his final days at Men's Wearhouse (let's just say he finds a special place for his old board in Dante's Ninth Circle of Hell) and looks to the future with his new company Generation Tux. He even has some deal news to share!
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Australian company Amcor may be interested in adding plastics to its packaging portfolio with a deal for Bemis. Bloomberg reporters Ed Hammond and Kiel Porter broke the news that Amcor is exploring a takeover of the Wisconsin-based company. They join host Alex Sherman, back from vacation, to explain why plastics are en vogue again, 50 years after The Graduate made them famous.
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Ed Hammond talks to Bloomberg Gadfly's Brooke Sutherland and Gillian Tan about United Technologies' $30 billion takeover of Rockwell Collins and takes a look at the reasons so many deals leak before their announcements.
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Paul Taubman, the legendary rainmaker and founder of PJT Partners, talks to Bloomberg's Ed Hammond about the challenges of building an investment bank, what will drive the next wave of M&A, and what it takes to advise companies on their biggest transactions.
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Guest host Ed Hammond talks to Bloomberg's Scott Deveau and Tara Lachapelle about how Sempra won out in the closely contested battle to acquire $9.45 billion Texas electricity supplier Oncor and what the deal means for Warren Buffett.
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It's the 25th anniversary of strategic communications firm Sard Verbinnen, a company that specializes in explaining the rationale for large M&A to investors and the media. George Sard and Paul Verbinnen, the firm's co-founders, have spent countless hours in board rooms right next to bankers, lawyers and executives, brainstorming potential messaging strategies for the world. They share advice for CEOs about how to prepare for a Donald Trump tweet and how to plan for the future.
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As The Bachelorette wraps up another season, a mating dance is developing in the telecommunications world. SoftBank is desperate to find a match for Sprint, the fourth-largest U.S. wireless company, of which it owns 84 percent. It has at least two potential suitors in mind: T-Mobile, the No. 3 U.S. wireless company, or Charter, the second-largest U.S. cable company. With T-Mobile, SoftBank founder and CEO Masayoshi Son would probably have to sell majority control of Sprint. Charter, on the other hand, would be a takeover target -- and would come with an enterprise value price tag of $200 billion or more. Will Sprint find a match, or will both partners turn down Son's money-losing asset? Bloomberg reporters Gerry Smith and Scott Moritz give host Alex Sherman their predictions.
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Longtime Silicon Valley lawyer Rick Climan and his team have worked on some of tech's biggest-ever deals, including Facebook's acquisition of WhatsApp and Intel's takeover of Altera. His experience working with tech's largest clients led him to champion a study showing that buying power -- the relative difference in size between buyer and seller -- should be used more carefully as a tool when negotiating sale prices in deals. He talks about the results, his long career, and his recent decision to leave Weil Gotshal for Hogan Lovells.
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Scripps Networks's HGTV has become a household name (pun intended) through its popular reality programming, including Property Brothers and House Hunters. Viacom and Discovery are circling the family-owned cable programmer, which is in advanced talks to sell, according to people familiar with the matter. Bloomberg media reporter Gerry Smith and media analyst Paul Sweeney join host Alex Sherman to discuss why a deal is overdue for all three companies.
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For U.S. IPOs, 2017 has been the year of the flop. Blue Apron has tanked since it started trading last month. Shares of Snap fetch less than $15, the lowest since its debut in March. And the Bloomberg U.S. IPO index has risen just 1.5 percent this year, underperforming the S&P 500's 10 percent gain. What's going on? Bloomberg IPO reporter Alex Barinka joins host Alex Sherman to explain the lackluster performance of Blue Apron and Snap, and how MuleSoft and Canada Goose have avoided the same fate.
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Culture seems like a soft, intangible byproduct of mergers and acquisitions. Synergies. Tax efficiencies. Accretion. Those are empirical. That's what drives Wall Street and gives jobs to investment bankers and lawyers. But culture matters to employees, much more than financial engineering. When Trello co-founder Michael Pryor had to decide to sell his enterprise software company to Atlassian earlier this year, his decision centered around cultural fit. Atlassian president Jay Simons and Pryor recount to host Alex Sherman the ways they were convinced an acquisition was right for both companies.
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A trifecta of deal news late last week brings Bloomberg M&A reporter Ed Hammond into the studio. He expresses admiration over the price Staples was able to get -- $6.9 billion -- from Sycamore Partners and optimism about Fox's chances to get its Sky acquisition approved. But the news isn't as rosy for Rite Aid and a smaller drugstore company called Fred's.
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TPG's latest $450 million investment values Vice Media at a whopping $5.7 billion. That's about double the size of the New York Times. One explanation: Vice's access to millennials, according to Bloomberg media reporter Gerry Smith and Bloomberg Intelligence analyst Paul Sweeney. Still, it's hard to make the numbers add up without taking a giant leap of faith. Gerry and Paul discuss with host Alex Sherman.
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"The Everything Store" no longer comes close to describing the totality of Amazon. The company's web services drive enterprise cloud computing. Its video and music services compete with the nation's top media companies. Now Amazon is spending $13.7 billion to own Whole Foods. What won't this company do? And why do shareholders seemingly cheer every move? Bloomberg Gadfly columnists Shira Ovide and Shelly Banjo try to get their hands around all that is Amazon and explain what motivated founder and CEO Jeff Bezos's biggest acquisition bet ever.
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Sirius XM has explored an acquisition of Pandora for at least two years. Last year, Sirius floated a $15-per-share offer for Pandora. More recently, the CEO of Liberty Media, Sirius's majority shareholder, said it would buy Pandora for $10 per share. CNBC reported Sirius's final acquisition offer valued Pandora at $8. After all the negotiation, Pandora reached a deal to sell about 20 percent of the business to Sirius for $480 million, valuing the company around $2.4 billion, or just under $10 per share. Plus, Sirius's investment comes with a 6 percent dividend on its preferred shares. Bloomberg entertainment reporter Lucas Shaw tells host Alex Sherman that evidence indicates Sirius got the better of Pandora in its deal negotiations.
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Is Blue Apron a technology company or a grocery delivery service? How investors answer that question will go a long way toward setting a valuation for the venture capital-backed startup that's gearing up to go public. Blue Apron filed its S-1 last week, a proverbial box of goodies (not food) for potential shareholders. Bloomberg reporter Alex Barinka explains Blue Apron's growth story, its considerable challenges, and its plan to become a multibillion dollar public company to host Alex Sherman.
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Most mergers and acquisitions don't involve nationalistic pride and potential government intervention. Toshiba's potential sale of its memory-chip business is different. Bloomberg's Ian King explains why Toshiba's struggles embody Japan's technological downfall, and how that could affect which company or private equity firm ultimately buys its crown jewel. He also explains why SoftBank is interested in owning a stake in Nvidia, following up on his scoops from last week.
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Aaron Kirchfeld, Bloomberg's global M&A executive editor, joins Ed Hammond, filling in for host Alex Sherman, to discuss the recent surge in deals between U.S. and European companies, and the different approaches governments take to acquirers coming from overseas.
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It was once a scent-filled mecca of teenage coolness. Now, Abercrombie & Fitch stores are, well, that's part of the problem. It's not exactly clear what Abercrombie & Fitch's future is, according to Bloomberg apparel reporter Lindsey Rupp, co-host of the Material World podcast. She joins host Alex Sherman to explain why Abercrombie's stores always smelled of that strange perfume and why apparel mergers and acquisitions have been difficult to consummate.
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Just weeks ago, Straight Path Communications was an obscure telecommunications company with a $400 million market capitalization. Today, it has a equity valuation of about $3 billion, and it's only climbing higher. What happened? A bidding war between AT&T and Verizon, according to people familiar with the matter. Bloomberg Gadfly columnist Tara Lachapelle and Bloomberg wireless reporter Scott Moritz explain why Verizon is forcing AT&T to pay top dollar for a little-known owner of wireless licenses and airwaves.
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Time and Meredith tried and tried to merge, but the marriage wasn't to be. Greg Mason, CEO of digital media company Purch, tells host Alex Sherman the problem is magazine companies just aren't very good businesses. That makes it difficult to find a price where banks are willing to provide financing and both sides want to strike a deal. Legacy publishing companies with big brand names should turn to technology developed by digital media companies...perhaps like his own.
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Round and round it goes, and where will it stop? Nobody knows! Spin the wheel of telecom M&A. Will it match T-Mobile and Sprint? T-Mobile and Dish? Verizon and Dish? Verizon and Charter? Comcast and Charter? Or something else entirely? More than a year has passed since these companies were allowed to discuss merging, a byproduct of the government's wireless spectrum auction. That all ends April 27, when the anti-collusion quiet period concludes. Will the telecommunications world see major changes? Bloomberg reporters Scott Moritz and Gerry Smith discuss with host Alex Sherman.
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This week featured a clash of the retail titans in M&A land. Amazon has reportedly looked at buying both Whole Foods and BJ's Wholesale Club. Meanwhile, Walmart is nearing a deal to buy men's fashion retailer Bonobos for about $300 million. Does Amazon want to be Walmart, and vice versa? Bloomberg consumer team leader Nick Turner and Gadfly columnist Shelly Banjo explain both companies might be thinking to host Alex Sherman.
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Company A buys Company B. That's the headline. The reality is more complex. Employee benefits must be transferred, 401(K)s rolled over to new plans, pensions are extended. In many cases, employees are terminated. All of these issues -- standard to any takeover -- can doom a deal. That's why Sean Feller, a partner at Gibson, Dunn & Crutcher, gets hired. He's a member of the firm's executive compensation and employee benefits practice group. Feller tells host Alex Sherman about how executive compensation can act as a motivating factor to sell, although not usually a defining one, and explains the many employee-related concerns that must be dealt with when companies merge.
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If the FCC rolls back TV regulations this month, as anticipated, broadcasters may jump at the chance to get bigger. The first deal to be announced may be Sinclair Broadcast Group acquiring Tribune Media. But 21st Century Fox is concerned the deal could give the combination too much leverage in so-called retransmission fee negotiations. It's not just boring jargon, as Bloomberg media reporter Gerry Smith, FCC reporter Todd Shields and host Alex Sherman explain.
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It's a common love story: PPG, the Pittsburgh-based paint and glass maker, offers to buy rival Akzo Nobel. Akzo Nobel says no, PPG sweetens offer, Akzo Nobel says no, an activist shareholder puts pressure on Akzo Nobel, Akzo Nobel says it'll split the company in two to avoid takeover and may invoke something called a stichting...OK, it's not that common. That's why we've got Bloomberg M&A reporter Ed Hammond to explain it all to host Alex Sherman.
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Did Intel yet again overpay for an acquisition with its $15 billion purchase of Mobileye? The takeover aims to give Intel a leg up in the automotive chip industry. Yet some analysts say it's another example of Intel's suspect M&A strategy, Bloomberg's Ian King tells host Alex Sherman. Also, King and Sherman discuss why SoftBank's new $100 billion Vision fund is probably just weeks away from shaking up the technology industry.
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Time Inc. has four options: Sell itself, sell some magazines, take a private investment... or do nothing at all. It's decision time for the iconic magazine publisher, whose board is evaluating bids this week. Time's digital advertising growth is promising, but shareholders may be hoping for a sale, says Bloomberg Gadfly columnist Tara Lachapelle and Americas telecommunications and media industry Team Leader Crayton Harrison.
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Is Snap Inc. the next Facebook or the next Twitter (or worse)? Bloomberg reporters Sarah Frier and Alex Barinka each take a side, giving listeners the bear and the bull arguments for investing in the technology industry's biggest initial public offering in more than three years. Snap's looking to raise about $3.2 billion, offering 200 million share for $14 to $16 each. But the company's long-term future is the real question. Frier and Barinka debate, moderated by host Alex Sherman.
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It would have been among the biggest deals ever. Instead, Kraft Heinz's pursuit of Unilever will become a footnote in history. Kraft Heinz, whose two largest shareholders are 3G Capital and Warren Buffett's Berkshire Hathaway, pulled its $143 billion offer after news of its takeover offer leaked. Now, Kraft Heinz will look for new targets, and they're probably going to be big, Bloomberg Gadfly columnist Tara Lachapelle tells Alex Sherman. She gives her predictions for what's next on the wish list and explains why 3G's other deal this week -- Restaurant Brands's $1.8 billion deal for Popeyes Louisiana Kitchen -- reminds her of Kraft Heinz's M&A strategy.
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General Motors Co. hasn't turned a profit in Europe since the late 1990s. Still, the business is improving. GM's European division lost only $257 million in 2016 after $813 million a year earlier. That's why carmaker PSA Group, which owns Peugeot and Citroen, is in talks with GM to buy the business. Analysts estimate GM's European unit, known as Opel, could be worth about $2.8 billion. That may not sound like a lot, but the division brought in a whopping $18.7 billion in total revenue last year. Bloomberg reporter Ed Hammond and Executive Editor Jeff McCracken tell Alex Sherman why GM has struggled for so long in Europe and why it wants to finally exit the region.
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Here's what we know: Verizon Chief Executive Officer Lowell McAdam asked Liberty Media CEO Greg Maffei to discuss acquiring Charter Communications, the $100 billion U.S. cable provider that bought Time Warner Cable last year. Liberty is Charter's largest shareholder. The government's ongoing wireless spectrum auction forbids Verizon from speaking directly to Charter until March, according to people familiar with the matter. We also know Verizon is contemplating more than a dozen purchases -- both large and small -- now that Donald Trump has become U.S. president. Trump-appointed regulators may be more likely to allow telecommunications megadeals than Obama's administrators. Still, Charter may not be Verizon's top takeover choice. Bloomberg wireless reporter Scott Moritz and media reporter Gerry Smith discuss the art of the deal and the art of the possible with host Alex Sherman.
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AppDynamics was set to be the first technology initial public offering in 2017 -- and then it was over. Cisco swooped in and bought the technology "unicorn" for $3.7 billion on the eve of its IPO. That's almost $2 billion more than AppDyanmics's most recent private valuation. Dozens of AppDynamics employees were on a plane heading to New York to ring the bell at the Nasdaq, only to learn that the company had sold itself. Will we see more 11th-hour sales of companies set to IPO? Bloomberg's Alex Barinka speaks with host Alex Sherman.
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Aetna and Humana won't be stronger together. A federal judge blocked Aetna's $37 billion deal for Humana, probably ending a deal that was announced way back in July 2015. The transaction would violate antitrust laws by reducing competition among insurers, particularly among elderly users of Medicare Advantage, a U.S. district judge ruled earlier this week. Bloomberg reporter Ed Hammond, who covers health-care M&A, tells host Alex Sherman that Anthem's $48 billion deal for Cigna is almost certainly dead in the water with the decision. The two discuss what other deals may or may not make it through a new Donald Trump-led regulatory administration.
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Neither Bloomberg's M&A executive editor Jeff McCracken nor host Alex Sherman can remember a deal quite like Johnson & Johnson's pursuit of Swiss drugmaker Actelion. First J&J publicly stated it was in talks with Actelion. Then, J&J said talks were over, and another party (Sanofi) had entered talks to buy Actelion. But just a week later, J&J and Actelion announced they'd re-entered talks. Now Bloomberg reports the sides have reached a tentative agreement on price, and a deal may be announced before the end of the month. McCracken explains why Actelion is such a coveted asset and what other large health care deals may emerge in 2017.
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At first blush, it's not obvious why Mars, the owner of M&Ms and Snickers, agreed to pay more than $9 billion including debt to acquire animal hospital-owner VCA. Bloomberg consumer reporter Craig Giammona didn't even realize closely held Mars already owned 900 animal health clinics, many of which reside in PetSmart retail stores. Still, the deal pushes Mars away from its core food business. Is it a signal we could be seeing a new wave of consumer conglomerates? Or is it unfair to say this deal is trend-setting? Giammona discusses with host Alex Sherman.
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Is 2017 the year big energy deals come back? What about monster food mergers? Bloomberg Gadfly columnist Brooke Sutherland gave us five M&A deal predictions for 2016 back in December 2015. Now she returns to give us "Brooke's Five Bold Predictions" (trademark!) for 2017. She joins host Alex Sherman to explain why she was right -- and wrong -- in 2016, and explains what's behind her guesses for the coming year.
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AT&T's acquisition of Time Warner led the way as the biggest deal of 2016. The implications of the deals that did -- and didn't -- get announced this year set up 2017 as a year of uncertainty for mergers and acquisitions. That's usually a bad sign for deal volume, as chief executive officers like certainty when deciding to spend billions. Still, equity markets are booming, and there's a lot of optimism for a very big 2017 among M&A bankers and lawyers. Bloomberg M&A Executive Editor Jeff McCracken, M&A Managing Editor Aaron Kirchfeld and host Alex Sherman run down the biggest and most influential deals of 2016 and what the domino effects could be in 2017.
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The fallout from AT&T's $85 billion deal for Time Warner has begun, but maybe not how investors expected. 21st Century Fox has reached a preliminary deal to buy the 61 percent of Sky it didn't already own for $14.1 billion. But Fox may need to boost its bid to convince Sky shareholders they're paying a high enough price. Meanwhile, Shari Redstone, who controls CBS and Viacom with her father, Sumner, pulled the plug on her proposal to merge the companies. Bloomberg entertainment reporter Lucas Shaw and host Alex Sherman discuss what CBS and Viacom may do now without a combination, and why Fox moved on Sky.
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It's the big question everyone's asking in the M&A world: Will Donald Trump stay true to his business roots and champion mega-mergers, or will his protectionist, anti-media, anti-lobbyist tendencies lead to an administration that's tough on big corporations? Bloomberg Gadfly columnists Tara Lachapelle and Max Nisen give their opinions to host Alex Sherman.
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This week's episode functions as a companion piece to a television interview between Methuselah Advisors managing partner, John Chachas, and host Alex Sherman earlier this week. Chachas, who has advised media companies on M&A for more than two decades, has a lot to say on how Donald Trump's election outed the news media as increasingly marginalized among all Americans as arbiters of truth. He says some news organizations will need to change how they report the news or lose ground to direct-to-consumer mouthpieces like Twitter. Plus, he says newer digital media companies such as Netflix may be the big acquirers, rather than the sellers, in 2017.
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At long last, FanDuel and DraftKings have finally agreed to merge. But that doesn't mean the deal will actually happen. Bloomberg sports business reporters Eben Novy-Williams and Scott Soshnick tell host Alex Sherman that the future of both companies rests on the FTC's conception of fantasy sports and the future of legalized sports gambling.
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Need a break from politics? Relax and have a Twinkie with Hostess Brands CEO Bill Toler, who stops by Deal of the Week to explain why his company went public again. Hostess almost liquidated in 2012, sparking a brief consumer panic that Ho Hos and Ding Dongs would go the way of the Dodo. But Apollo Global Management and Metropoulos & Co. acquired the company for $410 million in 2013, saving the brands. Earlier this year, they agreed with the Gores Group, a special purpose acquisition company, to take Hostess public. Now that Hostess is trading under the ticker TWNK, Toler explains to host Alex Sherman how the new company is different from the past -- even if the brands remain the same.
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M&A is a rigged game and the losers are shareholders of companies that do the acquiring, according to Aswath Damodaran, a professor of corporate finance and valuation at New York University. He tells host Alex Sherman that conflicts of interest among advisers, misaligned executive incentives and a refusal to involve the market in decision-making has led to a history of value-destroying deals. Still, October was the biggest month ever in terms of deal volume. Why do companies keep making big purchases when some evidence suggests it's bad for shareholders? Damodaran explains on this week's episode.
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For our 50th episode extravaganza, you get two deals for the price of one (which is nothing!). CenturyLink is buying Level 3 for $34 billion in cash and stock, including debt. Surprised Level 3 is so big? We were too. Bloomberg Gadfly columnist Tara Lachapelle and telecom reporter Scott Moritz explain the businesses of CenturyLink and Level 3 and why a merger makes sense, although maybe not at $34 billion. Plus, Gannett's attempt to buy Tronc has officially failed. Bloomberg Gadfly columnist Brooke Sutherland joins host Alex Sherman once more to shake their heads at the name Tronc...and talk about why the deal failed.
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M&A reporter Ed Hammond and Executive Editor Jeff McCracken join host Alex Sherman for a behind-the-scenes look at how we broke the biggest deal of the year, AT&T's plan to buy Time Warner. The trio discuss how sometimes what people don't say can be as telling as what they do. Plus, we discuss whether the deal will lead to even more mega-media mergers.
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Snapchat (OK, Snap Inc.) has hired banks to run its initial public offering. Morgan Stanley is running the show, a return to potential glory after fumbling Facebook's IPO. Meanwhile, Twitter, whose IPO with Goldman Sachs garnered praise, is publicly stumbling in its quest to find a buyer. Bloomberg IPO reporter Alex Barinka tells host Alex Sherman why Snap is looking to both social media companies for lessons -- not just on how to go public but how to operate as a public company.
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Qualcomm is making progress on acquiring NXP -- a deal that could be worth about $47 billion including debt. That would make it the largest tech deal of the year and the second-largest ever. Bloomberg's Ian King and Brooke Sutherland explain to host Alex Sherman why a deal makes sense for both sides, even if it comes with some major integration challenges. If there's an agreement, Qualcomm would become the largest supplier of chips used in cars, a stated interest of the San Diego-based chipmaker.
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When CBS and Viacom split more than 10 years ago, Viacom was supposed to be the crown jewel. It had the cable networks, the media industry's money-makers. Fast-forward to today, and Viacom is floundering as millennials ditch cable TV and Paramount Pictures struggles. CBS, meanwhile, is flourishing from must-see broadcast network programming and hit shows on Showtime. Now, controlling shareholder National Amusements is calling for the two companies to explore coming together again. Bloomberg reporter Lucas Shaw and editor Crayton Harrison explain the pluses and minuses of a merger to Deal of the Week host Alex Sherman.
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CBOE's $3.2 billion acquisition of Bats Global Markets may sound like a wonky financial transaction. That isn't really the case, Bloomberg M&A reporter Matt Monks tells Deal of the Week host Alex Sherman. Actually, you can view it as a technology deal. Monks and Sherman discuss why stock and options exchanges are consolidating and explain why technological changes have upended the industry.
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Maybe you've watched "Old Jews Telling Jokes" on YouTube. But have you heard Morgan Stanley M&A head Rob Kindler and his brother, stand-up comedian Andy Kindler, telling jokes about old Jews? Yes, the Kindler brothers are this week's Deal of the Week guests. You can even rate their jokes (listen until the end!). Rob is one of the world's renowned M&A bankers after spending 20 years as a corporate lawyer at Cravath Swaine & Moore. Andy is one of the world's funniest people. He delivers a hilarious annual keynote speech on the state of the comedy world at Montreal's "Just for Laughs" festival. How did their parents produce these two people, whose professions aren't exactly similar? And for M&A diehards, Rob gives a prediction on if we'll see any more megadeals in 2016. They chat with host Alex Sherman.
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The numbers speak for themselves. So far this year, just 70 companies sold shares to the public for the first time. That's half the pace of last year and a fraction of the 213 IPOs during the same period in 2014. Why are companies staying private longer, or selling themselves, instead of going public? Does 2017 herald a revival of the IPO market, or should we expect more of the same? Bloomberg IPO reporter Alex Barinka explains to host Alex Sherman why companies decide to go public and what's on tap for next year.
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Investors seem to be praying Twitter will sell itself. The stock jumps almost 5 percent at every rumor or vague hope the company is engaging the prospect of selling, according to research by Bloomberg Gadfly columnists Shira Ovide and Brooke Sutherland. But the rumors are never true (yet!), even though "market deal chatter," whatever that is, happens all the time. Why is Twitter M&A speculation so rampant and unreliable, and how can investors use Twitter as a money-making tool? Sutherland and Ovide chat with host Alex Sherman.
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Hershey's has once again managed to fend off the takeover efforts of a rival. On Monday, Mondelez, the snack company, said it had abandoned its pursuit of Hershey's, becoming the fourth company to have tried - and failed - to buy the chocolate-maker. Here, Ed Hammond and Craig Giammona discuss what makes Hershey's such a tough takeover target and look at the broader trends in food M&A.
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As the number of media outlets -- and reporters -- covering deals has risen, so the news flow has boomed, creating what at times feels like an information overload. Looking for an example? Sanofi's attempted takeover of Medivation has yielded no fewer than 1,500 news stories since Bloomberg’s first report back in March -- an average of 10 stories a day for five months. Here, Jeff McCracken, Bloomberg's executive editor of deals, discusses the right and wrong ways to cover a fast-moving M&A story.
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This much is for sure: If CVC Capital Partners decides to sell its 35 percent stake in Formula One, it's going to make billions. What's a lot less certain is who's going to buy it, how the new owner will change F1 and how much longer 85-year-old Bernie Ecclestone will continue to run the sport. Bloomberg private equity reporter Kiel Porter and sports business reporter Eben Novy-Williams sit down with host Alex Sherman to explain why F1's business boomed and how Ecclestone is, let's say, a bit of a character.
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The first time banker Mark Patricof sat down with Gawker founder Nick Denton, before the company had filed for bankruptcy, Patricof said Ziff Davis should acquire Gawker. Now, one week away from Gawker's auction out of bankruptcy, Patricof tells Deal of the Week host Alex Sherman that Ziff Davis has earned the right to own Gawker because it's a good strategic and cultural fit. Still, the winner will be decided by the all mighty dollar, says Patricof. He explains how he started and sold his media investment banking firm to Houlihan Lokey, and he explains how Time Warner's Hulu investment may pave the way for the next landscape shift in media.
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After losing $2 billion in China, Uber threw in the towel this week, agreeing to merge with rival Didi Chuxing. Uber China will still own almost 20 percent of the new $35 billion company, which may mean Uber shareholders will still get rich off Didi's success. But for now, Uber joins Ebay, Yahoo and Google among other Silicon Valley giants that have failed to flourish in China. Bloomberg technology reporter Eric Newcomer, who broke the details on the terms of the deal, discusses Uber's future and China's obstacles with host Alex Sherman.
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First, Verizon bought AOL for $4.4 billion. This week, the largest U.S. Wireless provider acquired Yahoo's Internet business for $4.8 billion. The deal makes Verizon the third-largest digital advertising company by revenue, far behind Google and Facebook. Verizon isn't content to stay number three, and that means there may be more acquisitions to come after Yahoo is integrated. What might Verizon buy next? And is it fair to say Marissa Mayer was a failure as Yahoo CEO? Bloomberg wireless reporter Scott Moritz and Bloomberg technology executive editor Tom Giles discuss with host Alex Sherman.
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SoftBank is turning its attention -- and $32 billion -- to the Internet of Things with its deal for ARM Holdings. The move seems like founder and Chief Executive Officer Masayoshi Son is moving away from spending the bulk of his time, and money, on Sprint. SoftBank spent more than $20 billion on a majority stake in the money-losing U.S. wireless provider in 2013. Should Sprint shareholders see ARM as a warning sign that an eventual deal for T-Mobile is less likely? New Street Research analyst Jonathan Chaplin discusses with host Alex Sherman.
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You may know WME-IMG as a Hollywood talent agency, but those days are officially over. Teamed with private equity firms, WME-IMG agreed to buy Ultimate Fighting Championship for $4 billion this week, pushing Ari Emanuel's company further toward ESPN or WWE. The mixed martial arts franchise was acquired by Frank and Lorenzo Fertitta for $2 million in 2000. Bloomberg sports business reporter Scott Soshnick discusses how UFC exploded in popularity and in value, explaining to Alex Sherman how the organization may grow, or stumble, in the future.
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A company whose name sounds like a disease, according to investor Nelson Peltz, is trying to buy Hershey. Mondelez offered about $23 billion to acquire Hershey in an unsolicited bid that was unanimously rejected by the famed chocolate maker. Will Mondelez bump up its bid? Even if it does, will the Hershey Trust, which controls the voting shares, agree to sell the company? Bloomberg reporter Craig Giammona takes a deep dive into a potential Mondelez-Hershey tie up with Deal of the Week host Alex Sherman.
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Sanofi and Boehringer Ingelheim agreed to a $25 billion dollar trade of big business units this week, the conclusion of a deal that first surfaced in December. Asset swaps, while complicated, could be an increasingly popular maneuver among pharmaceutical companies, Bloomberg M&A reporter Ed Hammond tells host and colleague Alex Sherman. That's partially because the biggest takeovers in the industry can't seem to get done. Hammond explains why they've failed and what pharma deals might actually get done in the second half of 2016.
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You probably wouldn’t have guessed the first European technology startup to pass the $10 billion valuation mark would be the maker of “Boom Beach,” whose name makes Deal of the Week host Alex Sherman laugh. China’s largest internet company, Tencent, is leading a group that will buy 84 percent of Supercell for $8.6 billion. Most of that is being sold by SoftBank, the majority holder of the Finnish gaming company. Bloomberg managing editor Peter Elstrom happens to be visiting from Japan, just in time to give us his expert analysis on why SoftBank is selling now and why the company’s CEO heir apparent -- Nikesh Arora -- surprisingly quit.\u0010\u0010(Corrects title in second sentence)
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Microsoft spent $16.9 billion in the past four years to buy Skype, Yammer and Nokia's phone and tablet business. None lived up to the hype. Is there any reason to think Microsoft's $26 billion purchase of LinkedIn will work out any better? Gadfly columnist Shira Ovide and Deal of the Week host Alex Sherman hash out some possible answers. Plus, Bloomberg broke the news that daily fantasy sports behemoths FanDuel and DraftKings have started merger talks. Bloomberg sports reporter Eben Novy-Williams explains why antitrust concerns may hinder a deal.
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Roy Behren and Mike Shannon, professional merger arbitrage investors, make money by placing on bets on how likely it is that a deal will get completed. They do this by investing in targeted companies and sometimes shorting potential acquirers. What's unusual about them is they also give retail investors a way to profit from their decisions through the Merger Fund, a publicly traded mutual fund they run through Westchester Capital Management. Plus, Behren and Shannon give Deal of the Week host Alex Sherman opinions how to reap gains from Yahoo's sale process, the merger of Dupont and Dow Chemical's and Bayer's pursuit of Monsanto.
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While they aren't household names, but utility deals are likely to drive 2016 M&A, reporter Matt Monks tells Deal of the Week host Alex Sherman. They discuss why an $8.6 billion takeover of Midwestern energy producer Westar by Great Plains Energy proves industry consolidation isn't slowing down, and Monks offers a few suggestions for future deal targets. Plus, Gadfly columnist Max Nisen says he can't see a situation where anyone buys Valeant, even though the stock spiked on last week's Wall Street Journal report that Japanese pharma firm Takeda and private equity giant TPG approached the floundering company about a possible takeover.
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Welcome back, megadeals! Bayer wants to buy Monsanto for at least $62 billion. It would be the year's largest, and the biggest in German history. But Monsanto has rejected Bayer's offer, although it's still open to talks. Will a deal happen? Bloomberg Executive Editor Jeff McCracken says... Well, you'll just have to listen. Plus, Men's Warehouse founder George Zimmer guarantees you'll like the way you look, loves marijuana and wants to buy back his company after a disastrous deal with Joseph A. Bank. Bloomberg Gadfly columnist Tara Lachapelle and Deal of the Week host Alex Sherman examine how he might be able to retake the business he founded.
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Warren Buffett's decision to back a bid for Yahoo might seem to violate some of the billionaire investor's cardinal rules: Don't invest in tech, and don't touch companies whose businesses you don't understand. As Bloomberg reporter Noah Buhayar tells Deal of the Week host Alex Sherman, though, Buffett no doubt extracted a low-risk deal to help finance the bid for Quicken Loans founder Dan Gilbert. Plus, Bloomberg Gadfly columnist Brooke Sutherland offers her thoughts on Gannett's improved hostile offer for Tribune, following up on last week's episode.
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Newspapers might have a future. Surprised? There's more! Two of the last remaining big publishers -- Tribune, owner of the LA Times and Chicago Tribune, and Gannett, publisher of USA Today, are embroiled in merger talks. Here's the intrigue: In February, Tribune sold 5.2 million new shares to its chairman for just $8.50 each. And now, Tribune says Gannett's hostile offer of $12.25 per share ``understates the company's true value.'' Deal of the Week host Alex Sherman and media reporter Gerry Smith discuss Tribune's tactics -- and whether the two sides can ultimately strike a deal.
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Halliburton's quest to buy Baker Hughes is over. Joining this week's episode is Bloomberg M&A Matthew Monks, who was first to report that the deal had died. Monks talks with host Alex Sherman and fellow reporter Ed Hammond to discuss why the companies couldn't find a path forward, even when faced with a $3.5 billion breakup fee.
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Was there something in the water? Brazilian-born Osmar Abib graduated from the same Houston high school with three other men -- Ralph Eades, Hugh "Skip" McGee, and Greg Pipkin -- who, like him, became prominent investment bankers specializing in energy. They even played on the same basketball team! Three decades later, the Credit Suisse banker joins the show to talk about opportunities in the industry, and how he made the transition from oilfield engineer. Abib also contrasts Credit Suisse to Perella Weinberg and Tudor Pickering, two firms that have begun merger talks to strengthen their position in the M&A advisory world.
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Verizon is the frontrunner to acquire Yahoo. But what will the largest U.S. wireless company do with it? Bloomberg telecom reporter Scott Moritz and Deal of the Week host Alex Sherman decide it's all about mobile video... they think. Plus, Bob Teitelman discusses his new book "Bloodsport," which details the characters that developed modern M&A, including Marty Lipton, Felix Rohatyn, Michael Milkin and Joseph Flom. It's a must-read for avid listeners of the podcast.
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Canadian Pacific Railway's chief said this week the deck was stacked against'' his pursuit of Norfolk Southern. Shouldn't that have been obvious months ago? Bloomberg Gadfly columnist Brooke Sutherland and Deal of the Week host Alex Sherman examine the failed railroad merger. Plus, TSG Consumer Partners' Hadley Mullin discusses her career highlights, including ascary'' deal involving Yard House restaurants, and why she's perplexed by the lack of women in private equity.
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Airline takeovers don't have a good track record. That didn't stop Alaska Air from agreeing this week to pony up in a big way for Virgin America. Yet the combined company will still have to deal with many of the industry woes that have dogged previous mergers, including high fixed costs, strong unions and passengers wary of paying too much for tickets. Even Virgin founder Richard Branson is concerned Virgin America's customer service will suffer. Bloomberg M&A reporter Matt Monks joins Deal of the Week host Alex Sherman to discuss why Alaska nevertheless was willing to bet big on Virgin.
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Scott Rostan used to be a mergers & acquisitions banker for Merrill Lynch. Then he was a high school teacher. He eventually found a happy medium training bankers and business school students how to do their jobs. He founded Training The Street in 1999, signing up bulge-bracket banks and universities as clients and developing a 35-person global team to teach techniques on valuation, accounting and financial analysis. He explains some of his methods and shares his own experiences in boardrooms, including a tense bidding war between Norfolk Southern Corp. and CSX Corp. for Conrail Inc., and how that battle parallels today's hostile railroad consolidation talks. Plus, Bloomberg M&A reporter Ed Hammond stops by to update host Alex Sherman (back from paternity leave) on Virgin America's talks to be acquired by JetBlue Airways and Alaska Air.
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Once again, big Asian companies are eyeing trophy U.S. companies. And once again, they're paying top dollar at what may prove the market's peak. But this time, it's China, not Japan, and the prize isn't just real estate. Join Bloomberg's Ed Hammond and Tara Lachapelle to find out why Chinese insurer Anbang has joined the ranks of ``homewreckers'' on U.S. M&A deals with its battle to wrest Starwood Hotels from Marriott International. Also, hear about M&A from inside the C-suite from Priceline's Susanne Greenfield, in conversation with Jeff McCracken.
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Burger King. Pfizer. Name a major M&A deal in the past three decades and chances are Eileen Nugent played a part. Join us as the co-head of M&A at Skadden Arps explains what it was like to be a woman in the male-dominated world of the 1980s and how gender inequality is finally starting to change. Guest host Jeffrey McCracken also chats with Bloomberg M&A reporter Ed Hammond on China's growing multi-billion-dollar interest in hotel chains across the U.S.
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Tom Burnett, Vice Chairman and Director of Research at Wall Street Access joins the show this week. But first, guest co-host Jeffrey McCracken kicks things off with Bloomberg M&A reporter Ed Hammond discussing the potential deal between BASF and DuPont.
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Cate Ambrose, president of the Latin American Private Equity & Venture Capital Association, is bullish on private investments in nations including Mexico and Brazil. Still, she's seeing the largest global private equity firms hold on to investments for longer, aiming to boost returns as Latin American currencies slide against the dollar. Deal of the Week host Alex Sherman also chats with Bloomberg M&A reporter Matt Monks, who broke the news that Intercontinental Exchange and CME Group are both interested in challenging Deutsche Boerse's offer to buy London Stock Exchange Group, a move that may prompt a bidding war for the U.K. exchange.
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Eric Zinterhofer, chairman of Charter Communications Inc. and co-founder of Searchlight Capital Partners, says Charter management was caught by surprise by Comcast Corp.'s behind-the-scenes attempt to usurp its $80 billion deal for Time Warner Cable. ``Blindsided is probably an understatement,'' he says. Zinterhofer reflects on Charter's journey from bankruptcy to potential cable giant and discusses why he left Apollo Management for Searchlight with Bloomberg's Alex Sherman and Kiel Porter. Plus, Bloomberg M&A reporter Ed Hammond chats about the likelihood of a merger between Honeywell International and United Technologies.
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The Female Founders Fund is a venture capital firm that invests seed money in companies founded by women. But the firm's motive isn't to promote women's rights -- it's to make money. Partner Sutian Dong explains why the venture capital community undervalues companies founded by women and discusses some of her fund's most interesting and potentially lucrative investments. Plus, Google buying insurance giant American International Group? It sounds crazy. Maybe it is, Bloomberg reporter Sonali Basak tells Alex Sherman, but that's not stopping Citigroup analysts from proposing what would be a $100 billion deal.
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He's worked side-by-side with George Steinbrenner and befriended Washington Redskins owner Daniel Snyder. He sold the Charlotte Bobcats to Michael Jordan and helped transform the Golden State Warriors by pushing to sell the team to Joe Lacob instead of Oracle co-founder Larry Ellison. Sal Galatioto is the man behind many of the biggest ownership switches in professional athletics, working as an M&A adviser for almost 20 years. He explains why he can identify a top-notch owner in just a few minutes and shares stories about working with some of the biggest names -- and egos -- in sports. Plus, Bloomberg reporter Brian Womack and host Alex Sherman discuss Bloomberg's latest scoop on Verizon's interest in buying Yahoo.
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Kurt Simon, JPMorgan's global head of M&A, spends his days chatting with bosses of the world's biggest companies, fighting off corporate raiders like Carl Icahn and striking deals with the help of colleagues including Jamie Dimon. Simon shares his tales of a career that began during the Liars Poker era at Salomon Brothers on this episode of ``Deal of the Week.'' Plus, Bloomberg reporter Sarah Frier explains to host Alex Sherman why there seems to be a new rumor about Twitter getting sold each and every week.
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Carlyle Group's revision of its deal for Symantec Corp.'s Veritas last week made waves throughout the leveraged buyout industry. Bankers, lawyers and private equity partners are wondering whether other transactions, such as Vista Equity Partners' $6.5 billion acquisition of Solera Holdings Inc., may be rewritten with a lower price. Ropes & Gray partner Steven Rutkovsky explains why the market for deals with a lot of debt has suddenly become somewhat weak. In addition, Bloomberg reporters David Welch and Jennifer Surane take apart Johnson Controls's proposed takeover of Tyco International -- the latest deal that allows a company to shed its U.S. corporate citizenship in search of lower taxes overseas.
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When the biggest companies prepare to announce mergers and acquisitions, they frequently hire specialized public relations firms. Steve Lipin, who heads the M&A practice at Brunswick Group, talks about what happens when M&A stories leak, how he handles anxious clients and how he helps companies such as Anheuser-Busch, Pfizer and Pepsi explain to both investors and reporters why they're buying and selling businesses. Plus, Bloomberg media reporter Gerry Smith tells us why Univision, known for its Spanish-language television, is buying a large stake in The Onion, the satirical news group. Deal of the Week host Alex Sherman and Smith also share their favorite Onion headlines.
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This week we look at M&A through the lens of private equity, a $3 trillion-plus industry behind many of today's corporate takeovers. Our guest is Paul Levy, who since 1988 has led JLL Partners, a New York leveraged buyout firm. Levy, who's had a ringside seat for private equity's explosive growth and evolution, talks about the highs and lows of his colorful career. Even as he slams the buyout world's obsession with short-term profits, he stoutly defends it against the accusation that it slashes jobs and strips value from companies. We also examine the three-way merger talks involving Nexstar, Meredith and Media General.
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(Bloomberg) -- Bloomberg's three U.S. M&A reporters, Ed Hammond, Matt Monks and Alex Sherman, talk shop about their careers and shed light on the misperceptions about why sources talk and how they break stories. If you've ever been interested in how M&A news leaks, you'll want to listen to their conversation. Hammond also talks about this week's biggest deal news, and a story he helped break, Shire Plc's bid to acquire Baxalta Inc. for more than $32 billion.
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(Bloomberg) -- Intralinks doesn't own a crystal ball, yet the company says its proprietary technology comes close to predicting the future for mergers and acquisitions. Companies use Intralinks to conduct due diligence on potential M&A targets. That means Intralinks has information on what sort of deals are coming about six months before they're announced. Intralinks' Matt Porzio joins Alex Sherman to spill the beans on what kind of deals we'll see in the first half of 2016. Plus, Bloomberg's Aaron Kirchfeld helped break the news on China National Chemical Corp.'s revised bid to acquire Swiss pesticide-maker Syngenta, valued at more than $35 billion. He explains why that deal -- or one between Syngenta and Monsanto Co. -- will probably happen in the coming weeks.
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Greenhill & Co. Chief Executive Officer Scott Bok joins Alex to talk about his firm's decision to go public a decade ago and why he prefers to work on the corporate side amid the rise of activist investors such as Bill Ackman and Nelson Peltz. That's not all: Jeff McCracken, Bloomberg's managing editor for global MNA, rejoins the show after a two-week hiatus to discuss the latest megamerger in a year of megamergers.
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(Bloomberg) – Bloomberg Gadfly columnist Brooke Sutherland joins Alex Sherman for a peek into the future of mergers after a record-setting year for M&A that spanned the globe and crossed every industry. What's next following a year that saw the biggest-ever deals for drugs, food and beer? Brooke lays out her top five predictions -– and some of the names may surprise you.
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(Bloomberg) -- Rob Townsend, who co-chairs the global M&A business at Morrison & Foerster, has some gloomy news for folks chomping at the bit for more tech mergers: We may already have reached the peak. Townsend, who spent time in Tokyo working with billionaire Masayoshi Son, weighs in on whether the tech slowdown signals a slump in mergers overall. Some deals may be alive, though. We also grill Bloomberg's London-based Manuel Baigorri on his scoop that Orange SA might be considering a merger with other European telecom companies such as Telecom Italia SpA.
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(Bloomberg) -- In this episode, Alex and Global M&A Managing Editor McCracken discuss the largest deal of the year and the biggest health care deal ever, Pfizer Inc. and Allergan Plc's $160 billion merger. They ponder whether the deal, constructed so that Pfizer will pay lower taxes by domiciling in Ireland, opens the door for more so-called inversions just as the U.S. Treasury tries to crack down on them.
Frank Aquila, a partner at Sullivan & Cromwell, joins Alex and Jeff to compare M&A in the 1980s with the present day, crediting companies and their advisers for doing smarter deals now, while regretting one particular merger that never got done.
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(Bloomberg) -- In this first episode, Alex Sherman and Bloomberg's managing editor for global M&A Jeff McCracken discuss why Marriott International Inc.'s $12.2 billion purchase of Starwood Hotels & Resorts Worldwide Inc. is just the tip of the iceberg in hotel consolidation. They also speak with University of Michigan Law School professor Erik Gordon, who explains why transaction volume this year is on a record-setting pace, even though most deals ultimately fail to create value. Hint: It's all about ego.
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