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Apr 24, 2014
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U.S. investors see yet another big acquirer as hip

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By Robert Cyran
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

 

U.S. investors are seeing yet another big acquirer as hip. Zimmer’s $13.4 billion deal for rival Biomet promises savings. But the maker of knee and other joint replacements and other medical devices is giving too much away for that to justify a 15 percent, or $2.3 billion, pop in its market value, before the stock slipped back slightly in Thursday morning trading. This time, enthusiastic share buyers are betting on growth.

Apr 24, 2014
via Breakingviews

U.S. investors see yet another big acquirer as hip

Photo

By Robert Cyran
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

 

U.S. investors are seeing yet another big acquirer as hip. Zimmer’s $13.4 billion deal for rival Biomet promises savings. But the maker of knee and other joint replacements and other medical devices is giving too much away for that to justify a 15 percent, or $2.3 billion, pop in its market value, before the stock slipped back slightly in Thursday morning trading. This time, enthusiastic share buyers are betting on growth.

Apr 22, 2014
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Valeant can boost its $47 bln bid for Allergan

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By Robert Cyran
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Valeant Pharmaceuticals has plenty of room to boost its bid for Allergan. The acquisition machine, working with hedge fund manager Bill Ackman, thinks it can cut at least $2.7 billion of costs from the Botox maker. At Valeant’s single-digit tax rate, that’s worth nearly $25 billion. And the potential benefits go on from there. The $47 billion deal, based on Monday’s closing price for Valeant stock, would still add up with a much bigger premium.

Apr 22, 2014
via Breakingviews

Valeant can boost its $47 bln bid for Allergan

Photo

By Robert Cyran
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Valeant Pharmaceuticals has plenty of room to boost its bid for Allergan. The acquisition machine, working with hedge fund manager Bill Ackman, thinks it can cut at least $2.7 billion of costs from the Botox maker. At Valeant’s single-digit tax rate, that’s worth nearly $25 billion. And the potential benefits go on from there. The $47 billion deal, based on Monday’s closing price for Valeant stock, would still add up with a much bigger premium.

Apr 22, 2014
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Dawn raid makes comeback via activist drone strike

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By Robert Cyran and Richard Beales
The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

Remember the dawn raid, when a would-be acquirer built up a stake before the target realized it was under attack? Activist investor Bill Ackman has come up with a kind of drone strike version. His Pershing Square Capital Management hedge fund and Valeant Pharmaceuticals have teamed up to grab a potential 9.7 percent stake in Allergan, with a hostile takeover by Valeant ready for deployment.

Apr 22, 2014
via Breakingviews

Dawn raid makes comeback via activist drone strike

Photo

By Robert Cyran and Richard Beales
The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

Remember the dawn raid, when a would-be acquirer built up a stake before the target realized it was under attack? Activist investor Bill Ackman has come up with a kind of drone strike version. His Pershing Square Capital Management hedge fund and Valeant Pharmaceuticals have teamed up to grab a potential 9.7 percent stake in Allergan, with a hostile takeover by Valeant ready for deployment.

Apr 15, 2014
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From Ally to Zoe’s, IPOs hint at back to basics

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By Robert Cyran

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

From Ally Financial to Zoe’s Kitchen, initial public offerings may be getting back to basics. Investors had an appetite for almost any new issue until last week. Six of 10 offerings couldn’t fetch the desired price and six were yanked as fear again mingled with greed. A fresh crop of eager sellers, including Moelis and Weibo, may encounter a more rational market than expected.

Apr 15, 2014
via Breakingviews

From Ally to Zoe’s, IPOs hint at back to basics

Photo

By Robert Cyran

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

From Ally Financial to Zoe’s Kitchen, initial public offerings may be getting back to basics. Investors had an appetite for almost any new issue until last week. Six of 10 offerings couldn’t fetch the desired price and six were yanked as fear again mingled with greed. A fresh crop of eager sellers, including Moelis and Weibo, may encounter a more rational market than expected.

Apr 10, 2014
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Icahn loses battle of bluster at eBay

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By Robert Cyran
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Carl Icahn has lost the battle of bluster at eBay. The activist investor is quitting his proxy fight now that the company is appointing one new director and agreeing to talk to him. Considering Icahn had “never seen worse governance” and was broadly right about the benefits of eBay separating its PayPal unit, that’s a retreat. But he may yet win the war.

Apr 10, 2014
via Breakingviews

Icahn loses battle of bluster at eBay

Photo

By Robert Cyran
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Carl Icahn has lost the battle of bluster at eBay. The activist investor is quitting his proxy fight now that the company is appointing one new director and agreeing to talk to him. Considering Icahn had “never seen worse governance” and was broadly right about the benefits of eBay separating its PayPal unit, that’s a retreat. But he may yet win the war.

    • About Robert

      "Robert Cyran, U.S. tech columnist, joined Breakingviews in London in 2003 and moved four years later to New York, where he continues to cover global technology, pharmaceuticals and special situations. Robert began his career at Forbes magazine, where he assisted in the start-up of the international version of the magazine. Before working at Breakingviews he worked as a market researcher and reporter covering the pharmaceutical industry. Robert has a Masters degree in economics from Birmingham University and an undergraduate degree from George Washington University."
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