MediaFile

from DealZone:

Comcast: the antitrust sequel and the M&A trilogy

If you were all twitchy with anticipation about Comcast's NBC Universal deal, just wait for parts two and three! The gathering storm over the merger in Washington and other political power points not only promises to be more riveting, but the rights to part three are already being sold to a wave of media mergers hanging on the outcome.

As Anupreeta Das reports, media dealmaking could pick up if regulators impose minimal conditions on the NBC Universal transaction. But U.S. regulatory scrutiny is expected to be heavy, and the deal could take more than a year to be cleared. The LegalTimes blog notes that even the beauty contest among regulators hoping to oversee the process promises to have many twists and turns.

That might sound like a long wait, but it's not likely to stop M&A lawyers from booking lunches and logging hours to get the balls in place to roll if the deal goes through. That kind or pressure could also work its way behind the scenes in Washington, where lobbyists will be armed with the argument that the merger will save capitalism as we know it by reigniting the dealmaking powderkeg of the early part of this century.

from DealZone:

Truth in tender offers? An eyewitness account.

U.S. Securities regulators on Thursday sued a well-connected Kuwaiti financier, saying he reaped millions in suspicious profits after false takeover reports briefly sent shares of Harman International Industries soaring this week.

Reuters reporter Ransdell Pierson was in the office working the Sunday shift when he received a fax with the purported takeover offer.  Unable to verify the authenticity of the fax, Reuters did not publish the story.  Here is Ransdell's first person account of what happened, and a copy of the fax. Would you have questioned its veracity?

Ransdell Pierson:

I was scouring newspapers on a Sunday shift in the Reuters New York bureau and waiting for news about distressed lender CIT Group, when the phone finally rang and broke my reverie. "Newsroom," I said, and the caller replied, "Your Jeddah bureau is closed today. Can I send you a fax?" The male caller, who I imagined to be a middle-aged office aide frustrated by the thankless chore of delivering his fax, said it was a press release about a deal. Something about one company buying another for about $3 billion.
"If it's such a big transaction, shouldn't this news be coming over the PRNewswire or BusinessWire?" I asked him. He explained that it was the weekend, so faxing a press release was the best route.
I gave him a fax number and he called back, irritated the document hadn't gone through. I gave him another fax number and he soon called back again, more irritated than before. So I gave him the number of a third Reuters fax machine, but told him that it needed to include contact information for all the parties. "Otherwise, we can't authenticate it." "OK, you'll have it," he replied.