Olivia's Feed
Aug 13, 2014

InterMune taps banks as it braces for buyout bids: sources

NEW YORK (Reuters) – Biotechnology company InterMune Inc is working with financial advisers to evaluate strategic options as it braces for potential takeover interest from larger drugmakers, people familiar with the matter said.

InterMune is in the early stages of considering options, including a potential sale, and is not soliciting takeover offers, the people said on Wednesday, asking not to be named because the matter is not public.

Aug 11, 2014

Cutrale and Safra make offer for Chiquita Brands

Aug 11 (Reuters) – Juice maker Cutrale and investment firm
Safra Group said on Monday they offered to acquire Chiquita
Brands International Inc in a $610.5 million cash deal
that rivaled an all-stock agreement with Irish tropical fruit
company Fyffes Plc.

The offer comes as Charlotte, North Carolina-based Chiquita
is attempting to close a merger with Dublin, Ireland-based
Fyffes, which the two companies announced in March. The combined
market value of Chiquita and Fyffes is currently close to $1
billion.

Aug 8, 2014

Exclusive: ConAgra CEO Rodkin expected to retire in months – sources

By Olivia Oran and Nadia Damouni

(Reuters) – ConAgra Foods Inc’s long-time chief executive, Gary Rodkin, is expected to retire in the next several months, according to two people familiar with the matter, paving the way for a successor who investors hope can turn around the ailing packaged foods company.

The Chef Boyardee maker, which has a market capitalization of $13 billion, is in the early stages of reaching out to potential candidates to succeed Rodkin, the people said, asking not to be named since the matter is confidential.

Aug 5, 2014

Walgreen retreats from plan to move tax domicile abroad

WASHINGTON/NEW YORK (Reuters) – U.S. retailer Walgreen Co (WAG.N: Quote, Profile, Research, Stock Buzz) on Tuesday backed away from a plan to reincorporate abroad to cut its U.S. tax bill, while the Obama administration said it was considering steps to curb such corporate tax domicile-shifting deals.

Walgreen, the operator of the largest U.S. pharmacy chain, will buy the 55 percent it does not already own of European rival Alliance Boots ABN.UL, but the U.S. company will not use the deal to move its tax domicile overseas, said a person familiar with the matter.

Aug 4, 2014

Onex explores $1 billion sale of its ResCare holding: sources

NEW YORK (Reuters) – ResCare, which provides home care services to the elderly and disabled, is in the early stages of exploring a sale that could fetch more than $1 billion, according to people familiar with the matter.

The Louisville, Kentucky-based company, which is owned by Canadian private equity firm Onex Corp (OCX.TO: Quote, Profile, Research, Stock Buzz), is working with investment banks Goldman Sachs Group (GS.N: Quote, Profile, Research, Stock Buzz) and Jefferies on the potential sale, the people said on Monday, asking not to be named because the matter is private.

Jul 29, 2014

Flash sale site Rue La La explores sale; Gilt interested: sources

By Liana B. Baker and Olivia Oran

(Reuters) – Online flash sale site Rue La La, which counts eBay as an investor, is exploring a sale that could value the company at around $400 million, people familiar with the matter said on Monday.

Boston-based Rue La La, which has attracted interest from online shopping site Gilt Groupe, has hired JPMorgan Chase & Co to advise a potential sale, the people said.

Jul 28, 2014

Exclusive: Flash sale site Rue La La explores sale; Gilt interested – sources

By Liana B. Baker and Olivia Oran

(Reuters) – Online flash sale site Rue La La, which counts eBay as an investor, is exploring a sale that could value the company at around $400 million, people familiar with the matter said on Monday.

Boston-based Rue La La, which has attracted interest from online shopping site Gilt Groupe, has hired JPMorgan Chase & Co to advise a potential sale, the people said.

Jul 24, 2014

Irish, Dutch, UK law firms in tax inversion beauty contest in U.S.

NEW YORK (Reuters) – A series of European law firms are aggressively pitching low corporate taxes in their countries to prospective U.S. clients, seeking to tap into the tax inversion frenzy that has seized Corporate America in recent months.

At least eight European law firms are pitching their services to major U.S. law firms and Wall Street banks, hoping that U.S. companies considering an inversion choose Ireland, Britain or the Netherlands for their new tax domicile, according to people with knowledge of the matter.

Jul 22, 2014

PetSmart hires bank to study buyback, deal options: sources

NEW YORK (Reuters) – PetSmart Inc has hired investment bank JPMorgan Chase & Co to evaluate a range of alternatives, including a leveraged share buyback and a potential deal with private equity, according to people familiar with the matter.

PetSmart’s hiring of JPMorgan in recent weeks comes as investor pressure mounts on the pet supply store chain to sell itself, at a time when fierce competition from large retailers including Wal-Mart and Amazon squeezes specialty stores.

Jul 17, 2014

Shire, AbbVie to announce $53 billion merger by Friday: sources

By Olivia Oran and Soyoung Kim

(Reuters) – Shire Plc (SHP.L: Quote, Profile, Research, Stock Buzz) and U.S. drugmaker Abbvie Inc (ABBV.N: Quote, Profile, Research, Stock Buzz) plan to announce a $53 billion merger as soon as Friday morning, two people said on Thursday.

Dublin-based Shire, which sells drugs for rare diseases, said earlier this week it was ready to recommend a deal to shareholders after AbbVie increased its offer.