Fight! Community Health and Tenet Hurl Accusations

May 7, 2011

I’ve posted about Community Health’s hostile bid for Tenet.  Footnoted.org is on top of the latest SEC filings that has the companies hurling accusations of corporate espionage at each other.  This is highly unusual for SEC filings.  And, for investors, this is entertaining, but not great news. CEOs talk  a lot about shielding their companies from […]

Share
Read the full article →

My Company is Committing Securities Fraud: SEC Whistleblower Law

May 6, 2011

As part of the Dodd-Frank Act, Congress passed a law that will allow individuals who observe securities fraud to anonymously alert the SEC.  If the SEC/DOJ eventually recovers money from the whistleblower’s information, the individual can receive a portion of that recovery.  Specifically, the SEC announced that: To be considered for an award, a whistleblower […]

Share
Read the full article →

NASDAQ Going Hostile

May 6, 2011

In response to NYSE consistently rejecting NASDAQ’s offers to for a friendly takeover in favor of an existing deal with Deutsche Borse, NASDAQ has decided to take its bid directly to NYSE’s shareholders with a hostile takeover.  With a restructured deal, NASDAQ believes it can avoid antitrust scrutiny.

Share
Read the full article →

NYSE Hears it from Investors

May 5, 2011

I’ve posted about the NYSE buyout here and here.  Seems like everyday investors are starting to realize that NASDAQ is lurking with more cash.  The NY Times Dealbook reports that: But the anger that some shareholders felt over NYSE Euronext’s refusal to even negotiate with its unwanted suitors colored the meeting. Some investors voted against […]

Share
Read the full article →

Just Say No: Tenet Says Bid “Grossly Undervalues” the Company

April 26, 2011

In a great job of negotiating strategy and/or board restraint, Tenet rejected a revised $3.3 billion offer from Community Health Systems. Tenet’s Board felt that $6 per share was insufficient.  Hopefully, the Board holds out for substantially more.

Share
Read the full article →

Apple on the Prowl?

April 26, 2011

The NY Times Dealbook recently wrote about Apple Inc.‘s excess cash.  The Dealbook opines that Apple is currently undervalued because of the idle cash and speculates that Apple is set to go on a major buying spree.  Apple could also 1) declare a dividend (which it currently does not); or 2) repurchase shares. Good companies […]

Share
Read the full article →

NYSE Keeps Fighting Off NASDAQ

April 25, 2011

I’ve posted about NASDAQ’s competing bid for NYSE and its possible risks.  Seems that the NYSE board feels the same way, announcing: This proposal does not provide compelling value, has unacceptable execution risk and is therefore not in the best interests of NYSE Euronext shareholders. Ultimately, any litigation will turn on the “unacceptable execution risk” […]

Share
Read the full article →

Why is a Lawsuit Filed for Every Deal? – The Deal Professor Examines Bankrate

April 21, 2011

The Deal Professor examines another deal where management and the board put their own interests above shareholders.  Despite Bankrate’s hasty and flawed sales process a couple of years ago, it’s now filing for an IPO.   Specfically: The Bankrate board appeared to abdicate its responsibility to run a sale process that was open and without […]

Share
Read the full article →

Another Wrinkle in NASDAQ’s Bid for NYSE

April 20, 2011

I briefly posted about the decision the NYSE board has to make from a purely investor/corporate governance perspective.  The Deal Professor offers another perspective: The NYSE board also has to consider the antitrust issues involved with agreeing to be bought by NASDAQ.  Right now, NASDAQ and NYSE are two, direct, competitors in that industry.  Therefore, […]

Share
Read the full article →

Why is a Lawsuit Filed for Every Deal? – J. Crew Foreign Expansion Edition

April 19, 2011

I’ve posted about J.Crew’s takeover by TPG (a private equity firm).  J. Crew’s CEO has stayed on, and is now crowing about how happy he is that he took J. Crew private.  Not coincidentally, J. Crew’s CEO (who almost certainly has an interest in the new company) announced J. Crew’s expansion into China. So, right […]

Share
Read the full article →

← Previous Entries

Next Entries →