MARKET CURRENTS
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MARKET CURRENTS
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Today - Thursday, February 23, 2012
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9:59 AM Buyout shops will increasingly zero in on telecom and mobile equipment firms as deal targets as share prices swoon, Silver Lake's Charles Giancarlo tells Bloomberg. Speculated targets include Alcatel-Lucent (ALU +1.2%), seen by some as very cheap after a 50% drop in shares in the past year, and perennial rumor target RIMM. Comment!
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8:49 AM FedEx (FDX) is not likely to bid for Dutch delivery firm TNT Express in an effort to trump a $6.4B bid from UPS, according to Reuters. TNT's shares had jumped to an all-time high in Amsterdam trading partly on hopes that FedEx, which has flirted with the idea of buying TNT for years, might trigger a bidding war. Comment!
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8:28 AM Onvia (ONVI) +35.3% after rejecting an unsolicited takeover proposal from PE firm Symphony Technology Group, calling the $4.25/share bid inadequate. Onvia, which helps businesses secure government contracts and agencies find suppliers online, is in the midst of a turnaround plan to reduce costs and focus on a smaller, targeted market. Comment!
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8:11 AM Liberty Global (LBTYA) is reportedly considering a bid for Dutch cable firm Ziggo, estimated to be worth €8B ($10.6B). According to Dutch daily De Telegraaf, Liberty Global is the only company capable of buying Ziggo, which is too expensive for strategic buyers because of its advanced network. Comment!
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Wednesday, February 22, 2012
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12:32 PM South African retailer Massmart (MMRTY.PK) says it's going ahead with operational changes under Wal-Mart's (WMT) purchase of a majority stake even though the deal hasn't received a final ruling. The South African government is trying to impose stricter guidelines on the deal, while unions are seeking to have it overturned. Comment!
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11:41 AM Sysco (SYY) is acquiring European Imports, a Chicago-based distributor of specialty, high-end food items purchased from across the pond. European Imports, which will be run as a standalone business, generated revenue of $124M in its most recent fiscal year. Comment!
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10:34 AM Juniper (JNPR) is acquiring Mykonos Software, a provider of intrusion detection software for protecting web site and applications, for $80M in cash. Juniper boasts Mykonos' software is the only solution of its kind "capable of detecting an attacker before an attack is in progress." Juniper's security solutions division has recently become a drag on growth - sales fell 4% Y/Y in Q4. Comment!
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8:48 AM Johnson & Johnson (JNJ) has submitted concessions in a bid to ease EU regulatory concerns over its $21.3B purchase of Swiss medical device maker Synthes, the EC says. Analysts speculate that JNJ may have to divest some trauma assets to win regulatory approval. Comment!
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4:52 AM Shell (RDS.A) offers to buy African explorer Cove Energy (CNVGF.PK) for £994.4M ($1.6B) to expand its footprint in Mozambique and Kenya. The 195 pence/share offer is a 26% premium to Cove's closing price in London yesterday. Cove's board expects to recommend the acquisition. Cove +25.1% in London trading. Comment!
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3:41 AM BofA (BAC) and Barclays (BAC) grant Equity Residential (EQR) more time to submit a bid for their 26.5% stake in Archstone, but at a higher minimum price of $1.485B. EQR will have until April 19 to bid, and may use the extra time to prepare an offer for all of Archstone; the remaining stake is held by Lehman. (previously) Comment!
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3:21 AM South Korea's KB Financial (KB) is interested in buying ING's (ING) South Korean insurance operations, said chairman Euh Yoon-dae, as the company seeks to diversify revenue sources heavily dependent on its banking business. Euh added KB Financial would need to find a partner if ING's entire Asia-Pacific operations were put on sale as a package. Comment!
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3:06 AM Alibaba bid as much as HK$19.6B ($2.5B) to take Alibaba.com private, offering minority shareholders HK$13.50/share for the 27% of shares it doesn't already own. Gaining control of Alibaba.com would make it easier for Alibaba to reorganize its assets, a flexibility that could be useful in Alibaba's negotiations with Yahoo (YHOO). Comment!
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Tuesday, February 21, 2012
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4:44 PM Tangoe (TNGO), which shot higher last week after reporting earnings, announces it's acquiring ttMobiles, a U.K.-based provider of management software for mobile devices and services. Tangoe expects the deal, which increases its European footprint, to boost its 2012 revenue by $4.5M and EPS by a penny. Shares +1.5% AH. Comment!
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4:00 PM Anheuser-Busch (BUD) - on the lookout for assets in faster-growing markers - is eying up Czech brewer StarBev in a deal that could be valued as high as $3B. The brewer is owned by CVC Capital Partners, which took it private in late 2009. Others with interest: SABMiller (SBMRY.PK), Heineken (HINKY.PK), and Molson Coors (TAP). Comment!
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2:39 PM F5 Networks (FFIV) is moving to expand its presence in the mobile infrastructure market. F5, whose applications delivery controllers often interface with servers delivering mobile content, is acquiring Traffix Systems, a provider of traffic signaling software for 4G networks. F5 is also announcing partnerships with several providers of mobile device management software. Comment!
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1:43 PM eBay (EBAY) is acquiring WHI Solutions, a provider of software and digital catalogs for auto parts distributors and retailers. The company says the purchase will allow it to expand the catalog of items for sale on eBay Motors, which is locked in touch competition with AutoTrader and Cars.com, and to also make it easier for sellers to list inventory. Comment!
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12:32 PM Research In Motion (RIMM +1.1%) has rolled out a long-awaited software upgrade for the PlayBook, and (in spite of the PlayBook's meager sales) is also unveiling a splashy ad campaign to go with it. Meanwhile, rumors of new buyout interest (previously) from Microsoft (MSFT) are reportedly making the rounds, but RIM shares are only getting a slight lift this time. 1 Comment
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12:21 PM eBay (EBAY) agrees to acquire WHI Solutions, "a provider of software and digital catalog solutions for auto parts distributors and retailers." The purchase should allow eBay Motors offer improved parts selection to buyers and enable retailers and distributors to reach more customers. (PR) Comment!
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12:07 PM Fusion-io (FIO -4.6%) gives back some of Friday's big gains after Craig-Hallum's Richard Shannon expresses skepticism about rumors of a bid from Intel (INTC). Shannon's logic: Intel isn't traditionally a buyer of technologies complementary to its server CPU business (though recent examples to the contrary exist), and is a supporter of the NVMe standard, which will enable hardware that competes with Fusion-io's solutions. Comment!
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