Tender Offer

Who Will Win The Self-Driving Taxi Race?

While Uber is the largest ride-hailing company in the world, Lyft doesn’t seem to have an intention for going that route. Perhaps becoming the largest, or a close second, ride-hailing company in North America, would be sufficient.

Herbalife Surges After Announcing $600MM Stock Buyback, Failed LBO Transaction

Herbalife announced that while the company had tried and failed to pursue an LBO, it has instead entered into a pact with Carl Icahn and unveiled a "self-tender" offer according to which it would pursue a whopping $600 million buyback, equivalent to about 10% of its market cap, purchasing shares at a price between $60 and $68

Don't Google "How SEC Detect Unusual Trade" Before Insider Trading

The first rule of insider trading is never to buy calls on the target of an acquisition announcement. The second rule, as Chinese research scientist Fei Yan just found out, is to never google "how sec detect unusual trade" before (while and after) trading on inside information.

Frontrunning: May 31

  • Trump Faces Instability as Russia Probe Expands to Inner Circle (WSJ)
  • Huge bomb in sewage tanker kills at least 80, wounds hundreds in Afghan capital (Reuters)
  • Russia fires cruise missiles at Islamic State targets from Mediterranean (Reuters)
  • Trump blasts Russia probe, urges testimony from former adviser Page (Reuters)
  • Activist probing factories making Ivanka Trump shoes in China arrested (Reuters)

S&P Futures Fade Overnight Gains As Euro Slides; China Stumbles

Asian shares and oil are lower, European shares are little changed, and S&P futures are fractionally in the red after gaining for most of the overnight session, perhaps troubled by warnings by two Fed presidents who warned that markets and valuations appear frothy, and the Federal Reserve may have to raise rates more times than currently forecast.

Johnson & Johnson Acquires European Biotech Giant Actelion For $30 Billion

Concluding weeks of speculation, overnight Johnson & Johnson announced it agreed to acquire Actelion Pharmaceuticals, Europe’s biggest biotech company, for $30 billion, or CHF280 per share, expanding the U.S. pharma giant’s portfolio of rare-disease treatments as its top-selling drug faces new competition.

M&A Rush Continues: Oracle Buys "Very First Cloud Company" NetSuite For $9.3 Billion

Today the debt-funded M&A scramble continued, when moments ago software giant Oracle announced it would acquire the "very first cloud company" NetSuite,  a deal that some analysts thought was inevitable while panned by others. The transaction price of $109 represents a nearly 20% premium to yesterday's closing print, and is expected to be immediately accretive to Oracle.