Billionaire Dhanin Chearavanont’s ambitions to create Southeast Asia’s largest retailer already wiped out $2.3 billion for CP All Pcl investors. Now, funding the industry’s most expensive bid may put more value at risk. Click here to continue reading.
In the eye of the investor, Tiffany & Co.’s blue-boxed gifts are so alluring to potential suitors that not even the worst earnings stretch in at least a decade has put a dent in its valuation. Even though the $7.6 billion company has missed profit estimates in four straight quarters and said last week that analysts’ fiscal [...]
A sale is becoming Talisman Energy Inc.’s best bet as analysts turn more bearish on the Canadian oil and gas producer than at any time in almost eight years. After plunging 48 percent in two years, the C$12 billion ($12 billion) company with projects worldwide is valued at a lower multiple of Ebitda than 92 percent of [...]
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IntercontinentalExchange Inc.’s deal to buy NYSE Euronext is pressuring CME Group Inc., the world’s largest operator of futures exchanges, to mount a response. ICE is purchasing NYSE Euronext in an $8.2 billion transaction announced yesterday to expand into European derivatives as well as U.S. stocks and options. Even before the bid, Atlanta-based ICE was forecast to [...]
Bank of America Corp. bankers helped form the reinsurer Alterra Capital Holdings Ltd. in 2010, advising Moore Bacon’s Max Capital Group Ltd. on its $1.5 billion combination with Harbor Point Ltd. that became Alterra. Their firm also worked with Max Capital Group in 2009 on a $1 billion merger offer from IPC Holdings Ltd. that IPC’s shareholders ultimately rejected. Click here to continue reading [...]
Ralcorp Holdings Inc., the maker of store-brand foods that agreed to a $6.7 billion acquisition by ConAgra Foods Inc. last month, didn’t contact any other potential buyers because it had received no other overtures in the year and a half since ConAgra’s interest became public, according to a Dec. 12 preliminary proxy filing. To continue reading click here.
Hewlett-Packard Co.’s value has plunged to less than the $31 billion it spent during a five-year takeover binge, the strongest evidence yet that investors would be better served by disassembling the maker of consumer laptops, printers and corporate servers. To continue reading click here
Freeport-McMoRan Copper & Gold Inc., a global mining company, agreed Dec. 5 to buy two related oil and gas companies: Plains Exploration & Production Co. and McMoRan Exploration Co. The cash-and-stock Plains acquisition was valued at $10.2 billion at announcement, including debt, but that fell to about $9.5 billion yesterday after investors drove down Freeport’s shares [...]
When ConAgra Foods Inc. said on Nov. 27 it would buy Ralcorp Holdings Inc. for $6.7 billion, ConAgra’s stock climbed 4.7 percent. Similarly, when M&T Bank Corp. agreed to buy Hudson City Bancorp for about $4.3 billion Aug. 27, M&T shares shot up 4.6 percent the day of the announcement. To continue reading click here