Dealpolitik: Coty’s Friendly Overture to Avon Anything But
One thing for sure about Coty’s next play in its fight to buy Avon: It is winning the spin war. Some news reports are saying the letter released by Avon on Thursday proposing a buyout at $24.75 per share is a “friendly” approach.
Dealpolitik: Glaxo v Human Genome: When Vulnerabilities Are Strengths
With some of the weakest takeover defenses known to man, HGS appears in a real bind. But HGS may be able to use the weakness of those defenses to its advantage.
Dealpolitik: Delaware Delivers a Thumpin’ to Martin Marietta’s Hostile Bid for Vulcan
On Friday the Delaware Court of Chancery delivered a stunning and potentially mortal blow to Martin Marietta’s hostile exchange offer for Vulcan Materials.
Dealpolitik: What Lurks Behind Delaware’s Delay on Martin Marietta?
The fate of Martin Marietta’s hostile bid for Vulcan Materials is currently in the hands of Chancellor Leo E. Strine in the Delaware Court of Chancery, who is weighing allegations that Martin Marietta violated two confidentiality agreements. What is unusual about the case is how long Strine is taking to decide it.
Dealpolitik: Disclosures Raise Questions About Great Wolf’s Use of Deal Protections
New disclosures from Great Wolf indicate Apollo and Great Wolf were very aggressive on deal protections (intended to discourage some post-signing competing bidders), the extent of which was not previously fully disclosed. And another change indicates that a Deutsche Bank valuation description wasn’t quite right as earlier described.
Dealpolitik: Could Wal-Mart Directors be in Hot Water?
Sunday’s stunning report in the New York Times of alleged bribery in Mexico, which claims the investigation of it was “hushed up” is already having a big impact on Wal-Mart, as evidenced in the decline in its stock price this week. Even if bribery is commonplace in some parts of the world, it can be...
Dealpolitik: Great Wolf Shows Shortcomings of Banker Valuation Opinions
Just a little over a month ago Great Wolf signed up a deal to sell itself in a leveraged buyout to an affiliate of Apollo for $5 in cash per share. KSL, in an unusual move for a private-equity firm, challenged Apollo’s deal and began a bidding war. Friday, Apollo topped KSL’s last bid of...
Dealpolitik: Is Human Genome Sciences Trying to ‘Roche’ Glaxo?
Illumina's management didn’t just squeak by in its proxy fight with Roche. It delivered a stunning trouncing to Roche and its $51 per share cash bid for Illumina. And the lessons learned from Roche's missteps may already be impacting the takeover world, as evidenced perhaps is Human Genome Science's handling this week of an overture...
Dealpolitik: Can Dynegy Shareholders Stick a Fork in it?
The fat lady has all but sung for Dynegy shareholders.
Dealpolitik: Martin Marietta Mired in Confidentiality Arrangements
Could Martin Marietta have any more difficulties with confidentiality agreements than it already has in its hostile bid for Vulcan Materials?
Dealpolitik: Roche’s Unusual Problem in its Bid for Illumina
Time may not be on Roche’s side in its pursuit of Illumina. Last week Roche bumped its offer for Illumina 15% to $51.
Dealpolitik: What’s H Partners Up to at Sealy?
H Partners, the owner of 15.3% of Sealy, has given that company’s directors and KKR, its controlling stockholder, a public spanking on governance, strategy and performance. In the last several weeks it has filled two letters to Sealy with criticisms and demands, including a demand for a board seat. On Friday FPR Partners, with 7.7%...
