Robert's Feed
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.

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.

Apr 7, 2014
via Breakingviews

Grubby assets shine in $5.6 bln tax arbitrage deal

Photo

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

Grubby assets are being given a shine in a $5.6 billion tax arbitrage deal. Mallinckrodt, a specialty drugs company, is paying a 27 percent premium for Questcor, a rival barraged by regulatory inquiries. Why do it? The transaction moves profits to Ireland, where the acquirer is domiciled for tax purposes. It may be buying as many problems as taxman savings, however.

Apr 7, 2014
via Breakingviews

Grubby assets shine in $5.6 bln tax arbitrage deal

Photo

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

Grubby assets are being given a shine in a $5.6 billion tax arbitrage deal. Mallinckrodt, a specialty drugs company, is paying a 27 percent premium for Questcor, a rival barraged by regulatory inquiries. Why do it? The transaction moves profits to Ireland, where the acquirer is domiciled for tax purposes. It may be buying as many problems as taxman savings, however.

Apr 7, 2014
via Breakingviews

Grubby assets shine in $5.6 bln tax arbitrage deal

Photo

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

Grubby assets are being given a shine in a $5.6 billion tax arbitrage deal. Mallinckrodt, a specialty drugs company, is paying a 27 percent premium for Questcor, a rival barraged by regulatory inquiries. Why do it? The transaction moves profits to Ireland, where the acquirer is domiciled for tax purposes. It may be buying as many problems as taxman savings, however.

Mar 27, 2014
via Breakingviews

Baxter puts conscious uncoupling on pharma radar

Photo

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

Baxter International has put conscious uncoupling on pharma’s radar. The $40 billion healthcare giant is separating its biotech and medical products units. Baxter’s spinoff history suggests this latest move will create value for shareholders. This, and the success of Pfizer’s and Abbott’s recent splits, will encourage other pharma giants to follow.

Mar 27, 2014
via Breakingviews

Baxter puts conscious uncoupling on pharma radar

Photo

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

Baxter International has put conscious uncoupling on pharma’s radar. The $40 billion healthcare giant is separating its biotech and medical products units. Baxter’s spinoff history suggests this latest move will create value for shareholders. This, and the success of Pfizer’s and Abbott’s recent splits, will encourage other pharma giants to follow.

Mar 12, 2014
via Breakingviews

Candy Crush maker picks $7.6 bln IPO from thin air

Photo

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

The maker of the popular game “Candy Crush Saga” has picked $7.6 billion out of the thin air for its initial public offering. King Digital Entertainment uses creative metrics to justify its whopping valuation. But there’s no way to calculate what an enterprise is worth when its profit can skyrocket 70-fold one year and could collapse the next. Rival Zynga’s IPO flub serves as an apposite warning.

Mar 12, 2014
via Breakingviews

Candy Crush maker picks $7.6 bln IPO from thin air

Photo

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

The maker of the popular game “Candy Crush Saga” has picked $7.6 billion out of the thin air for its initial public offering. King Digital Entertainment uses creative metrics to justify its whopping valuation. But there’s no way to calculate what an enterprise is worth when its profit can skyrocket 70-fold one year and could collapse the next. Rival Zynga’s IPO flub serves as an apposite warning.

Mar 7, 2014
via Breakingviews

Wal-Mart puts collar on Cerberus price for Safeway

Photo

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

Could Cerberus pay more for Safeway? Based on the 2007 A&P-Pathmark merger, synergies could be worth more than half the $9.4 billion that the private equity firm’s Albertsons supermarket is paying for its U.S. rival. In theory that leaves room for a higher offer. But competition from the likes of Wal-Mart means cost savings may need to go to shoppers, not investors.

    • 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."
    • Follow Robert