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Mergers & Acquisitions News: January 22 2016

Deals

Struggling electronics group Sharp has become the object of a bidding war between Taiwan’s Hon Hai Precision Industry and a Japanese state-backed fund, reports the reports the Financial Times. 

Canada’s Suncor Energy finalised a $4.6 billion takeover of Canadian Oil Sands, in a deal that will make it the biggest player in one of Alberta’s main oil sands operations, reports the FT.

For years, companies have complained that nearly every acquisition attracts a flurry of lawsuits. Nearly 95 percent of all deals in 2014 had a lawsuit, writes Steven Davidoff Solomon in the New York Times Dealbook. But a new study finds that this all changed in 2015. A Delaware court crackdown on takeover litigation has driven the litigation rate to less than 22 percent.

Microchip Technology agreed to acquire Atmel for $8.15 per share in a cash and stock deal that values the smaller rival at about $3.6 billion, reports the Financial Times.

Japan’s biggest brewer and a Thai rival are competing with at least four private equity firms to buy the Peroni, Grolsch and Meantime beer brands from Anheuser-Busch InBev, reports the FT.

The American International Group is getting more prodding for radical change from the activist investor Carl C. Icahn just one week before management is scheduled to unveil its vision for the insurer’s future, reports Dealbook.

Philips, the Dutch electronics giant, said that it had terminated an agreement to sell a controlling stake in its automotive and LED components business because of regulatory concerns raised in the United States, reports Dealbook.

Corbis, the image licensing company owned by Bill Gates, has sold its picture library business to Visual China Group in the latest US media acquisition by a Chinese buyer, reports the FT.

Comcast’s failed $45 billion merger with Time Warner Cable collapsed last year under pressure from regulators, who found that the combined company would have had both the power and incentive to inhibit the future of streaming video, reports Dealbook. Now, as rival Charter Communications seeks approval for its $67.1 billion takeover of Time Warner Cable and Bright House Networks, critics point to the same potential for harm.

With the market for higher risk junk bonds in a state of disarray, private equity firms are finding their most highly leveraged buyouts left hanging by a thread, as big banks become reluctant to lend them money to close the deals, reports the FT.

The Spanish-language media giant Univision Communications announced that it had acquired a large stake in The Onion, the comedy and satirical digital media group, as part of the company’s efforts to extend its digital reach and strengthen its portfolio of comedy outlets, reports Dealbook.

The British bank Barclays has completed the sale of a controlling stake in its trust business to an independent investor group led by the Nielsen and Sarikhani families for an undisclosed amount, reports Dealbook.

Jay Ellis, an investment fund founder, may be the only person in Texas who is giddy about collapsing oil prices, reports Dealbook.

People

M&A was bigger in 2015, but its banks were smaller. Boutiques, upstart, niche advisory shops that have charged hard up the Wall Street rankings, nabbed a record 19 percent of M&A advisory revenues last year, according to Dealogic. That’s a small bump from 2014 but more than double their 8 percent haul in 2008.

Barclays plans to scale back its operations in Asia, end its physical presence in several countries and eliminate what could be hundreds of jobs in the latest reshaping of its investment bank under a new chief executive, James E. Staley, reports Dealbook.

Goldman Sachs is lowering the annual compensation of its chief executive, Lloyd C. Blankfein, for the first time since 2011, bringing his annual pay to $23 million, rpeorts Dealbook.

JPMorgan Chase paid Jamie Dimon, its chairman and chief executive, 35 percent more in 2015 than the previous year’s compensation package, which was only narrowly approved by shareholders, reports Dealbook.

As energy companies continue to struggle with the sharp drop in oil prices, Lazard is beefing up its restructuring business by hiring a new managing director: Ken Ziman of Skadden, Arps, Slate, Meagher & Flom, reports Dealbook.

 

 

 

 


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