Mergers

Cypress Semiconductor Aims for Scale, Cost Cuts With Spansion Takeover

December 8, 2014

Cypress Semiconductor Corp.’s $1.6 billion deal on Dec. 1 for Spansion Inc. showed both the need and the likely benefits of consolidation in the semiconductor industry. Cypress, like many smaller chipmakers, has lowered costs and raised dividends since 2005. This modestly raised its valuation multiple. The deal could further enhance Cypress’s cost profile due to benefits

Advertising Merger Volume Is Rising as Shift to Digital Media Drives Strategies

November 10, 2014

Advertising M&A could be back with Publicis Groupe SA’s $3.3 billion agreement last week to buy Sapient Corp. The announcement came six months after Publicis and Omnicom Group Inc. called off the $35 billion merger they announced last year. The Sapient takeover is the third largest pending or completed deal by an advertising firm since

Federal-Mogul Eyes $1.6 Billion Loan Refinancing

January 21, 2014

Federal-Mogul, the auto-parts supplier controlled by billionaire investor Carl Icahn, expects to refinance a $1.6 billion term loan before it matures in December, said CFO Rajesh Shah. Read More

Main Underwriters Buck Consensus on Loan, Bond Returns

January 14, 2014

Most sell-side strategists expect loan returns to beat bonds this year. BAML and JPMorgan disagree. Read More