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ETF Selloff Outpacing Junk Signaling More Losses

jcrombie8 — Fri, 07 Jun 2013 14:14:24 +0000

Losses on junk-bond ETFs are outpacing the broader U.S. high-yield market by the most in three years, signaling a deepening slump for debt that traded at record-high prices less than a month ago.

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CP All Dream Turns Nightmare for Holders

Bloomberg Brief — Thu, 25 Apr 2013 14:48:57 +0000

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.

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Tiffany Takeover Whispers Buoying Value

Bloomberg Brief — Tue, 15 Jan 2013 14:29:59 +0000

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 2014 projections were too high, the jewelry seller fetches 18.6 times earnings, according to data compiled by Bloomberg. That’s only 0.4 point lower than the multiple in March, when the shortfalls started, as takeover speculation helps support the shares, Ariel Investments LLC said.

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Talisman Falling 48% Seen as Best Bet in Takeover

Bloomberg Brief — Fri, 11 Jan 2013 14:17:04 +0000

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 North American explorers and producers of its size, according to data compiled by Bloomberg. Analysts project that the stock will trade at C$14.05 a year from now, the lowest average estimate since 2005 and below its 52-week high, the data show.

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Mergers 2012 Review & 2013 Outlook

Bloomberg Brief — Fri, 04 Jan 2013 14:57:30 +0000

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Mergers 2012 Review from Bloomberg Briefs

CME Seen as Next Bidder for NYSE

Bloomberg Brief — Fri, 21 Dec 2012 15:47:14 +0000

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 boost sales almost three times faster through 2015 than CME, which has suffered from less trading of interest-rate futures.

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Deal Roster: Bank of America Helps Sell Alterra Capital, the Reinsurer It Helped Form

Bloomberg Brief — Fri, 21 Dec 2012 14:27:53 +0000

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.

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Ralcorp Didn’t Seek Other Bidders Before ConAgra Deal

Bloomberg Brief — Fri, 14 Dec 2012 15:11:09 +0000

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.

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HP Breakup Mooted as Takeovers Exceed Equity

Bloomberg Brief — Fri, 07 Dec 2012 15:38:17 +0000

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.

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DEAL ROSTER: Credit Suisse Advises Freeport on McMoRan and Plains Acquisitions

Bloomberg Brief — Fri, 07 Dec 2012 15:32:34 +0000

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 21 percent in two trading days after the deals were disclosed. The all-cash deal for the shares of McMoRan that the buyers don’t already own is valued at $2.6 billion.

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