M & A wrap: Olympus seen vulnerable to takeover
Japan’s disgraced Olympus Corp is suing its president and 18 other executives, past and present, for up to $47 million in compensation, as it struggles to recover from one of the nation’s worst accounting scandals.
“Essentially, everyone feels they are on death row. It does seem extremely strange to have the death row cell inside the company,” said Nicholas Smith, head of Japanese equity strategy at CLSA in Tokyo. “Having nobody at the helm makes it easier for a takeover.”
WebMD Health Corp ends talks with with potential acquirers and and warns that 2012 profit would be significantly lower.
Meanwhile, Eastman Kodak announces a new management structure as the once-iconic photography company tries to refocus as a digital company to help fend off financial difficulties.
DealBook writes about a boom in starter capital for hedge funds, despite the industry’s disappointing returns.
Hostess Brands, the maker of Twinkies and Wonder Bread, is preparing to file for Chapter 11 bankruptcy protection as soon as this week, The Wall Street Journal reports, citing people familiar with the matter.