M & A wrap: HP confusion
While some investors applaud HP CEO Leo Apotheker’s long-term plan to get out of the PC business, the $11.7 billion bill for Autonomy and haphazard articulation of the spin-off strategy left many shaking their heads. Even more worrying, HP’s new strategic road map marks an about-face on several crucial fronts, signaling a lack of direction, writes Poornima Gupta.
Breakingviews columnist Robert Cyran, however, says the stock is now oversold.
Vitaliy N. Katsenelson, Chief Investment Officer at Investment Management Associates, has a hold recommendation on HP’s stock, but is seething mad in this post.
Investors were cautious on the prospect of rivals challenging Peabody Energy’s bid for Macarthur Coal, though sources familiar with the matter said potential suitor Anglo American was studying the books.
Private equity firm Bain Capital has clinched a deal to buy Australian accounting software company MYOB for about $1.3 billion, trumping UK’s Sage Group and Kohlberg Kravis Roberts & Co.
“Long after star analysts of the dot-com era self-destructed, along with Pets.com and its sock puppet, a new generation of Wall Street researchers is grabbing attention — and a lot of money,” reports DealBook.
“AT&T’s proposed $39 billion acquisition of T-Mobile USA appears to have re-gained momentum just weeks after encountering its first significant resistance on Capitol Hill,” reports The Hill.
The Deal Journal caught up with Doug Edwards, Google employee number 59, to reminisce and ask him about the fresh crop of hot tech companies.