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Apr 27, 2015

DuPont open to last-minute settlement talks with activist-sources

NEW YORK, April 27 (Reuters) – DuPont’s board is open
to a negotiated settlement with activist Trian Fund Management
in the run-up to the company’s annual shareholder meeting in
May, sources close to the matter said on Monday.

Despite the stalemate between the chemical conglomerate and
the New York-based fund, DuPont’s “doors are not barred for
something reasonable,” one of the sources said.

Apr 24, 2015

Generic drugmaker Mylan goes hostile in bid for Perrigo

By Ankur Banerjee and Nadia Damouni

(Reuters) – Generic drugmaker Mylan NV said on Friday it would take its $31 billion offer for Perrigo Co Plc directly to shareholders, in what is set to be one of the most high-profile hostile takeover attempts of the year.

Mylan, which itself is the target of an unsolicited $40 billion bid from larger rival Teva Pharmaceutical Industries Ltd, said it would offer $60 in cash and 2.2 of its shares for each Perrigo share.

Apr 23, 2015

Exclusive: Proxy firm Egan-Jones withdraws recommendation on Tempur Sealy

By Nadia Damouni

(Reuters) – Egan-Jones Ratings Company said on Thursday it had withdrawn a proxy advisory report that recommended shareholders vote in favor of the board directors nominated by Tempur Sealy International Inc.

The report, which has now been taken down from the Egan-Jones website, did not take into account an April 2 regulatory filing by H Partners Management LLC, Kevin McManus, vice president and director of proxy services at Egan-Jones, told Reuters.

Apr 21, 2015

Top Mylan shareholders seek deal with Teva -sources

April 21 (Reuters) – Some of the top investors at Mylan NV
, including Paulson & Co, are encouraging its board of
directors to consider a takeover proposal from rival Teva
Pharmaceutical Industries Inc, according to people
familiar with the matter.

A handful of these investors have expressed their support in
recent weeks for the creation of the world’s largest generic
drug maker by sales, these people said, declining to be named
because they were not authorized to speak to the media.

Apr 21, 2015

Exclusive: Top Mylan shareholders seek deal with Teva – sources

By Olivia Oran and Nadia Damouni

(Reuters) – Some of the top investors at Mylan NV (MYL.O: Quote, Profile, Research, Stock Buzz), including Paulson & Co, are encouraging its board of directors to consider a takeover proposal from rival Teva Pharmaceutical Industries Inc (TEVA.TA: Quote, Profile, Research, Stock Buzz), according to people familiar with the matter.

A handful of these investors have expressed their support for such a deal in the last few weeks, even before Teva unveiled an unsolicited $40 billion takeover proposal on Tuesday for the Canonsburg, Pennsylvania-based company, these people said, declining to be named because they were not authorized to speak to the media.

Apr 21, 2015

Exclusive: Perrigo expected to reject Mylan offer as soon as this week – source

By Nadia Damouni and Olivia Oran

(Reuters) – Perrigo Company PLC is set to reject a $29 billion unsolicited takeover offer from generics drugmaker Mylan NV as soon as this week, according to a source familiar with the matter.

A rejection leaves Mylan with no immediate alternative to a takeover offer from Teva Pharmaceutical Industries Ltd which went public on Tuesday with a $40 billion unsolicited proposal for the Canonsburg, Pennsylvania-based rival.

Apr 21, 2015

Perrigo expected to reject Mylan offer as soon as this week -source

April 21 (Reuters) – Perrigo Company PLC is set to
reject a $29 billion unsolicited takeover offer from generics
drugmaker Mylan NV as soon as this week, according to a
source familiar with the matter.

A rejection leaves Mylan with no immediate alternative to a
takeover offer from Teva Pharmaceutical Industries Ltd
which went public on Tuesday with a $40 billion unsolicited
proposal for the Canonsburg, Pennsylvania-based rival.

Apr 14, 2015

Insight – Banks see talent flee amid healthcare M&A boom

NEW YORK (Reuters) – Several high-ranking bankers have left their jobs at major investment banks in the last 13 months amid a surge in U.S. healthcare deal activity to seek better compensation at boutique investment banks as well as to participate in the growth of the industry at biotech companies themselves.

JPMorgan Chase & Co and Bank of America have both lost senior healthcare investment bankers to boutique investment bank Guggenheim Partners, showing that banks face challenges in being able to pay competitive rates. The biggest U.S. banks are under pressure from regulators to preserve more capital, rather than use M&A fees to pay higher bonuses.

Apr 14, 2015

Banks see talent flee amid healthcare M&A boom

NEW YORK, April 14 (Reuters) – Several high-ranking bankers
have left their jobs at major investment banks in the last 13
months amid a surge in U.S. healthcare deal activity to seek
better compensation at boutique investment banks as well as to
participate in the growth of the industry at biotech companies
themselves.

JPMorgan Chase & Co and Bank of America have both lost
senior healthcare investment bankers to boutique investment bank
Guggenheim Partners, showing that banks face challenges in being
able to pay competitive rates. The biggest U.S. banks are under
pressure from regulators to preserve more capital, rather than
use M&A fees to pay higher bonuses.

Apr 13, 2015

Trian complains about executive pay at DuPont

NEW YORK (Reuters) – Trian Fund Management, fighting for seats on the board at chemicals and agricultural conglomerate giant DuPont, said top company executives were still well paid last year even though the board acknowledged that the operating performance was poor.

The hedge fund said in a presentation filed with the Securities and Exchange Commission on Monday that the board’s compensation committee exercised “negative discretion” and gave management a 0 percent payout for “corporate performance” under the company’s short-term incentive program.