DoomwatchTM vs. Timesizing®
[Commentary] ©1999-1999 Phil Hyde, The Timesizing Wire, Box 622, Cambridge MA 02140 USA (617) 623-8080
Mergers&Acquisitions - Jul.16-31/99
7/31 10 Takeovers Reported (totalling $4.623b +$??) -
7/30/99 15 Takeovers Reported - as Dave Barry would say, "we are not making this up" - totalling $878m +$?? -
- Merger in Britain creates largest publisher, by Andrew Sorkin, NYT, B2.
LONDON, July 30 - Trinity PLC, Britain's largest regional newspaper company, announced today that it would acquire Mirror Group PLC, owner of one of Britain's oldest tabloid newspapers, for £1.24 billion, or about $2 billion. The deal will create the largest newspaper publisher in the country.... A takeover by Trinity illustrates how topsy-turvy the British newspaper industry has become.... Regional newspapers have thrived in recent years while the big national newspapers have suffered from stiff competition....
[Just what we writers need, more big publishers.]
- Canadian cellular company sold, Bloomberg via NYT, B2.
Canada's largest phone company, Bell Canada, agreed to buy the 35% of the cellular provider BCE Mobilie Communications Inc. that it does not already own for about $1.6 billion Canadian, or $1.06 billion U.S....
- Coca-Cola completes purchase of Cadbury [Schweppes for $700m], Bloomberg via NYT, B3.
- USWeb/CKS to buy Mitchell Madison, a consulting firm [for $299.3m], Dow Jones via NYT, B3.
- Old National Bancorp agrees to buy ANB in [$212.4m] stock deal, Reuters via NYT, B3.
[What is it with the "Old" banks today? Here's another one:]
- Old Kent Financial will acquire Merchants Bancorp [for $189m], Dow Jones via NYT, B3.
- Liberty Media Group to acquire control of Todd-AO [for $92.5m], Bloomberg via NYT, B3.
- Oak Technology agrees to acquire Xionics [for $70.2m], Bloomberg via NYT, B3.
- KLM-Alitalia [$0? so far] deal, by John Tagliabue, NYT, B2.
Two of Europe's biggest airlines, KLM of the Netherlands and Alitalia of Italy, will start in November to operate their passenger and cargo services under a single management, share profits and make joint decisions about aircraft and other equipment purchases. Company executives said they would not exclude a full merger in the future....
- Vans Inc...Calif., a maker of footwear and clothing, acquired High Cascade Snowboard Camp Inc., Ore...for an undisclosed amount, NYT, B3.
7/29 8 Takeovers Reported (totalling $969.4b +$undisclosed) -
- Wells Fargo in $245 million deal for Prime Bancshares, Bloomberg via NYT, C4.
- Allied Waste is selling some operations to Republic [for $230m], Dow Jones via NYT, C4.
...Republic, based in Fort Lauderdale, Fla., said the assets it had agreed to buy included four landfill operations, 11 transfer stations and several small-container hauling businesses....
- Kirby agrees to pay $225 million for Hollywood Marine, Dow Jones via NYT, C4.
- Moore agrees to sell 2 businesses to Vista Information [for min. $57m], Bloomberg via NYT, C4.
...The world's top business-forms maker agreed yesterday to sell its Cyberhomes Internet real estate listing service and a real estate software business....
- Fairchild sells its minority stake in Turkish can maker [for $48m], Bloomberg via NYT, C4.
- Home Properties Inc., NYT, C4. ...Rochester, a REIT, bought four apartment complexes in suburban Philadelphia from the closely held Ridley Management Group Inc. for $32.3 million....
- Camden National plans to buy KSB Bankcorp [for $28.1m], AP via Bos Globe, E5.
...Executives said any job cuts would be handled through attrition, but declined to estimate that number....
- Structural Dynamics Research Corp., NYT, C4. ...Ohio, which develops CAE software, agreed to buy the closely held TD Technologies Inc. for about $12.6 million....
- Alltel Corp., NYT, C4. ...Little Rock [which sells telephone services] in the Southeast and Midwest, agreed to buy Advanced Information Resources Ltd., San Diego. Terms were not disclosed.
- Grey acquires data-base company [Marketdata Solutions, for $undisclosed], NYT, C4.
- [Kirkpatrick & Lockhart, Pittsburgh] law firm acquires Warner & Stackpole [of Boston for $undisclosed] - Consolidation trend is expected to accelerate, by Steven Wilmsen, Bos Globe, E1.
...the latest in what legal industry observers [or ANY industry observers, for that matter] say is likely to become a frenzy of...mergers in the city [which city? - never mind, probably BOTH].... In the deal, the smaller Warner & Stackpole will gain the national presence many small and midsize firms say are now necessary to survive...but it will lose its 125-year-old name....
["What shall it profit a firm, if it shall gain the whole world and lose its own name." Adapted from Mark 8:36.]
- Pension adviser buys Boston Financial Group [for $undisclosed], Bloomberg via Bos Globe, E5.
- Hologic sells data unit [Medical Data Mgmt, to Synarc for $unspecified], Dow Jones via Bos Globe, E5.
- Good Samaritan [Hospital in Brockton, Mass., for $??, to cede management to] Caritas Christi network, by Alex Pham, Bos Globe, E5.
...The proposal, which was approved by the boards...calls for Caritas to assume those controls [in managerial and financial authority which it has not had despite technically being half owner of the community hospital]....
- Oak Technology to buy Xionics Document [for $unspecified], Bos Globe, E5.
7/28 Record 35 Takeovers Reported (totalling $72.44b +$undisclosed), demonstrating how conservative our numbers usually are (like, only half of actual?)
- Brazil energy deal, by Simon Romero, NYT, C4.
...The Duke Energy Co. paid 1.2 billion reals, or $684 million, for Companhia de Energia Elétria Paranapanema....
- Caradon of Britain to acquire Easco [of Ohio] for $155 million, Dow Jones via NYT, C4.
- Investment group [Dicom + Dresdner Kleinwort Benson Private Equity Partners] agrees to buy Kofax Image Products [for $70.4 million], Dow Jones via NYT, C4.
- V.I. Technologies buys Cambridge [Mass.'s] Pentose [for $45m], Bos Globe, D7.
...to broaden its line of potential products that eliminate viruses in the blood....
- Gaylord Entertainment Co., Nashville, owner of the Grand Ole Opry, bought 51% of GBRJ Music LLC, operator of a Christian music website, for about $15 million, NYT, C4.
- Sentry Insurance to purchase a Deere subsidiary [John Deere Insurance Group for $undisclosed], Bloomberg via NYT, C4.
- Barnes Group Inc. [of Conn. agreed to buy the nitrogen gas springs business of Allegheny Teledyne Inc., Pittsburgh, for an undisclosed price], NYT, C4.
- PP&L services deal, NYT, C8.
...A utility company has agreed to buy closely held Western Mass. Holdings Inc., [with 200 employees] which provides construction and other services, for an undisclosed price....
7/27 Record 20 Takeovers Reported (totalling $17.448b +$undisclosed)
- Advertising - What's in a name? Well, no more TCI, After acquisition, AT&T goes on a rebranding tear, by Stuart Elliott, NYT, C11.
...The AT&T Corp. is [changing] the name of all products and services offered by Tele-Communications Inc. [TCI], which AT&T acquired in March for $59.4 billion....
[Though we had a mention of this biggy from the Boston Globe on 3/23 in the context of a slightly smaller takeover, we did not count it since we could not pin down even its month. So we're counting it now.]
- British cell phone deal [British Telecom will buy remaining 40% of BT Cellnet from Securicor for $5.12B], by Andrew Sorkin, NYT, C4.
[Another one we didn't count when it got its majority interest, so we count it now.]
- Cleaning products merger [Reckitt & Colman of Britain will buy Benckiser of Holland for $3.2B], by Andrew Sorkin, NYT, C4.
- Cox is in deal with Gannett for cable-TV subscribers - $2.7 billion cash price is considered high, by Geraldine Fabrikant, NYT, C2.
- Entercom to buy 43 Sinclair radio stations [in nine markets for $821.5M], Reuters via NYT, C4.
- Cooper Tire and Rubber to acquire Standard Products [for $584.4M], Dow Jones via NYT, C4.
- I.B.M. to buy Mylex, maker of computer storage systems [for $240M], Reuters via NYT, C4.
- Global Pharmaceutical to buy Imipax Pharmaceuticals [for $120M], Dow Jones via NYT, C4.
- Sprint to acquire operating units of WBS America [for $108M less assumed debt], Bloomberg via NYT, C4.
- MessageMedia to buy Revnet Systems for $66 million, Dow Jones via NYT, C4.
- Asahi Organic seeks rest of Asahi/America [for as much as $32.5M], Bloomberg via Bos Globe, E6.
- Thrustmaster Inc., Portland, Ore...to sell assets of its game-controller hardware business for $15M to Guillemot Corp. of France, NYT, C4.
- AHL Services Inc., Atlanta...bought closely held Draefern Holdings PLC for $14M, NYT, C4.
- Genzyme purchases Peptimmune for $5-10M, Bloomberg via Bos Globe, E6.
...Cambridge, MA-based Genzyme..\..develops treatments for rare diseases that most drug companies ignore because the markets are too small....
- Datek chooses Bozell and 24/7 in NYC expands [and acquires Clickthrough Interactive in Toronto for $5M], by Stuart Elliott, NYT, C11.
- National City Corp., Cleveland, agreed to buy First Franklin Financial [for $undisclosed], NYT, C4.
- Deal for bagel maker - New World Coffee-Manhattan Bagel...to buy the Chesapeake Bagel Bakery from AFC Enterprises of Atlanta [for $undisclosed], Dow Jones via NYT, C2.
- Hasbro unit to buy England's Europress [for $??], AP via Bos Globe, E6.
- United Rentals, on buying spree, acquires 17 companies, Bloomberg via NYT, C4.
...The No. 1 U.S. [construction and landscaping] equipment-rental company said it had bought 17 companies with combined annual revenue of $150 million as it moves to dominate the traffic-safety market.... The 17 companies combined will give United Rentals 103 more sites in 23 states..\.. Six of the companies are traffic-equipment rental companies, which rent barricades, warning lights and other items, with about $110 million in annual revenue....
[We ordinarily don't include takeovers unless both parties are named, but the next sentence convinced us that would be leaving out too much in this case - ]
United Rentals, based in Greenwich, has been on a buying spree since Jan.1, buying 63 companies with combined annual revenue of $495 million.
[We have caught some of these 63 in the past, seven on 5/25 (counted together as only one takeover), but as noted then, this company is basically the corporate incarnation of Chainsaw "PacMan" Dunlap.]
7/24 10 Takeovers Reported (totalling $1.681b +$undisclosed)
- NTL to buy Cable and Wireless [Communications] unit in $13 billion deal, by Andrew Sorkin, NYT, C4.
- Texas Instruments to buy chip maker Unitrode [for $1.2b], Reuters via NYT, C4.
- Shire to buy Roberts Pharmaceuticals for $1 billion, AP via NYT, C4.
- Autogrill to pay $929m for Host Mariott chain, Bloomberg via Bos Globe, D2.
[Differing (by $400m) price, decidedness & source with NYT - kinda shakes your confidence in the media...]
Autogrill to make [$529m] offer for Host Marriott Services, AP via NYT, C4.
- Bausch & Lomb finds buyer for animal research unit [Charles River Labs, for $443m], Reuters via NYT, C4.
[Here we go again - the Boston Globe has this listed at $43m cheaper from different newswire - ]
Bausch & Lomb to sell Charles River unit - Investment group to pay $400m for Wilmington company, by Michael Lovell, Bloomberg via Bos Globe, D5.
- Pechiney agrees to buy two aluminum fabrication units [from Century Aluminum for $248m], Reuters via NYT, C4.
- Biovail [of Toronto (save us a buttertart!)] to buy Fuisz Technologies [of Chantilly, Va.] for $154 million [+ $91m debt], Dow Jones via NYT, C4.
- Seagram to sell [Universal] Concerts unit to restaurant operator [House of Blues Entertainment, for $190m], Bloomberg via NYT, C4.
- Sonoco Products to buy packaging business from ACX [for about $105m], Bloomberg via NYT, C4.
- Compass bancshares to buy Western [Bancshares] for $88 million, Bloomberg via NYT, C4.
- Unifi Inc., NYT, C4.
...Greensboro, NC, the nation's biggest maker of polyester and nylon fiber, plans to sell its covered-yarn factory in Archdate, NC, and relocate production to its plant in Mayodan, NC, to lower operating costs. The move will affect about 236 people, who will be allowed to transfer to Mayodan.
[And how long a commute will that be?]
- Schuler Homes Inc., NYT, C4.
...Honololu, a builder of single-family homes and condominiums, acquired assets of Rielly [sic] Homes Inc. for an undisclosed price to enter the home-building market in Southern California and Arizona.
[Whaddaya wanna bet it's actually "Reilly"? Is there a full moon or something?]
- Madison Avenue sees another spate of deals [all for $undisclosed, e.g., Grey Advertising in NYC acquires Beyond Interactive with 80 employees in Ann Arbor], all by Stuart Elliott, NYT, C2.
- Madison Ave...deals [e.g., JDA Advertising with over 50 employees in San Francisco bought Hurst Group with 12 employees in Salt Lake City].
- Madison Ave...deals [e.g., Earle Palmer Brown Cos. in NYC bought KSK Communications in Va.]
- Madison Ave...deals [e.g., Jack Morton Co. in NYC bought Instructional Design Group with 30 employees in N.J.]
- Madison Ave...deals [e.g., Draft Worldwide in Chicago bought Strategic Solutions to merge into a 50-employee Hong Kong office].
- Madison Ave...deals [e.g., Publicis SA in Paris bought AMA to merge into a 300-employee office in Manila].
- Madison Ave...deals [e.g., Publicis also bought a majority stake in Publi-Graphics in Beirut, with its 300 employees in 13 countries].
- Madison Ave...deals [e.g., WPP Group PLC in London bought the remaining 49% stake in Grill & Gull Thompson GmbH with its 40 employees in Vienna].
[Strictly speaking, this takeover happened when they got the first 51%, but since we didn't catch it then....]
7/23 8 Takeovers Reported (totalling $3.016b +$undisclosed)
- Safeway adding Randall's Food Markets chain [for $1.4b], AP via NYT, B3.
- Global Industries to get Mexico offshore business [of CCC Fabriciones y Construcciones for $72m+65m], Dow Jones via NYT, B3.
- IBP, [biggest] beef processor, to purchase pork plants [from bankrupt Thorn Apple Valley for $115m+$2.5m], Bloomberg via NYT, B3.
- Ride, maker of snowboards, agrees to a takeover [by K2 sporting goods for $14.3m], Reuters via NYT, B3.
- Aerospace acquisition [of Networks Electronic by GWB (USA) for $12.6m], Bloomberg via NYT, B3.
- Suiza Foods to buy Valley of Virginia Milk [for $undisclosed], Reuters via NYT, B3.
- Magnetek buys closely held EMS group of companies [for $undisclosed], Bloomberg via NYT, B3.
...A maker of energy-saving electrical equipment said yesterday that it had bought [a] closely held...group of companies which specialize in parts that regulate electric motor performance....
- Lee Hecht Harrison [Lausanne-based, world's biggest temp agency, buys Chicago-based Jarosz Assocs. employment services for $undisclosed], NYT, B3.
- Lee Hecht Harrison [buys Cleveland-based Russell-Rogat employment services for $undisclosed], NYT, B3.
- Boston Private [Financial Holdings] acquires Rinet [financial consulting for $undisclosed], Dow Jones via Bos Globe, C1.
7/22 10 Takeovers Reported (totalling $7.951b +$undisclosed)
- [Here's a weird one - ]
It's magic: Aetna buys Prudential Health Care ["Prucare"] for $1 billion and, analysts say, gets it for nothing, by Milt Freudenheim, NYT, C9.
...Seven months after the agreement was announced...neither side has disclosed the full details.... Even though Aetna calls it a billion-dollar deal, the company...says the Prudential purchase is not big enough to have to be reported to the SEC.... Analysts say that the parent, the Prudential Insurance Co. of America, in fact, is paying Aetna to take the money-losing health care business off its hands and [even] that Aetna will inherit more than $600 million in cash that Prucare...set aside to pay future medical claims. In addition, half the announced purchase price is being financed by a three-year $500 million loan to Aetna by Prudential, which has been urgently seeking a buyer for at least two years. And Prudential has agreed to pay Aetna to make up for the bulk of expected operating losses in the first 18 months.
"The bottom line is that Aetna is essentially getting this business for free," said Jac Reichman [of Standard & Poor's]....
- CSX is selling [its Sea-Land Service's international] liner business for $800 million, AP via NYT, C4.
...to the Maersk Line unit of the A.P. Moller Group of Copenhagen.... The deal includes about 70 container vessels, about 200,000 containers, related container terminals and certain lease obigations from CSX....
[So why are they calling it a "liner" business like it's the Queen Mary and the SS Normandie? It's only container ships for gosh sakes.]
- [Heinz losing some weight? - ]
Heinz selling its Weight Watchers unit [for $735m], by Sholnn Freeman, NYT, C2.
- Reliastar [Financial] is acquiring Pilgrim Capital for $258 million, Bloomberg via NYT, C4.
- [Whoah, a Canuck company buying a Limey!]
GEAC Computer agrees to buy JBA Holdings of Britain [for $137m], Dow Jones via NYT, C4.
...A Canadian company that specializes in hardware and software for libraries said yesterday that it had agreed to acquire [a seller of] software to manage inventories, payrolls and other functions known as "enterprise resource planning"..\..based in Birmingham, England.... Geac Computer [is] based in Markham, Ontario [just NE of Toronto aka "New York run by the Swiss," as Peter Ustinov calls the big T-O].
- Intelliquest agrees to sell direct-marketing division [IQ2.net, for $46.5m], Bloomberg via NYT, C2.
...A technology market-research company [based in Austin] agreed yesterday to sell...to Naviant Technology Solutions...a closely held technology consulting company in...Pa....
- Herman Miller Inc., Zeeland, Mich., the No. 2 maker of office furniture, said it would acquire Geiger Group Inc. for about $39 million in stock and cash to expand its wood furniture product lines.
- Merit Medical Systems Inc., South Jordan, Utah, a maker of cardiology and radiology products, said that it would buy a catheter plant in Angleton, Tex., from Mallinkrodt Inc. for an undisclosed price.
7/21 8 Takeovers Reported (totalling $1.55b+undisclosed), followed by 3 previously counted, now clinched deals -
- Johnson & Johnson to acquire Centocor [for $4.9b], by David Morrow, NYT, C2.
- Merger deal with plenty of intrigue [Cincinnati Bell to buy IXC Communications for $2.1b], by Seth Schiesel, C1.
- Ryder in deal to sell [school]bus unit for $940 million, Bloomberg via NYT, C3.
- Caldor sells 8 stores to Wal-Mart, others [for 11.1m], Bloomberg via Bos Globe, C7.
...US Bankruptcy Judge James Garrity appoved the sales yesterday at a hearing in Manhattan. ...Caldor, which entered bankruptcy proceedings in 1995, has sold many of its 145 stores in the Northeast to collect cash to repay creditors....
- Toys 'R' Us to buy Imaginarium, an educational toy chain [for $undisclosed], AP via NYT, C3.
- Unicom to acquire a hearing and cooling contractor [Midwest Mechanical, for $undisclosed], Bloomberg via NYT, C3.
...Unicom...said it would retain Midwest Mechanical's 250 employees.
[Shouldn't that go without saying? After all, without its employees, a 'company' would be just a name.]
- Mail-Well Inc., NYT, C3.
...Englewood, Colo., an envelope maker, will acquire the closely held Direct Graphics, Sidney, Ohio, for an undisclosed price to increase its direct-mail sales.
[Note this doesn't really increase direct-mail sales absolutely. It just increases Mail-Well's and zeroes Direct Graphics'. As a period of labor surplus, wage stagnation, and market stagnation wears on, it gets harder for CEOs to increase absolute sales of their own, and so more of them redirect their energy to acquiring the sales - i.e., market share - of others. The total sales of the industry don't grow. But the most aggressive CEOs in the industry give themselves the illusion of growth by acquiring more and more other companies in that industry - and those companies' market share. All the while, Wall Street and the media trumpet this growth-replacing acquisition activity as if it's real expansion, when it's actually stasis (which, ecologically, is not at all bad) or even contraction (which, like decay, is as natural as growth, but to our present-day rigid corporate thinking is very depressing).]
- European [$??] legal merger, Bloomberg via NYT, C3.
The European law firm Linklaters & Alliance said it would add Italy's No. 2 legal firm to its network of lawyers in Britain, Germany, Holland, Belgium, France and Sweden. London-based Linklaters said it would merge with Gianni Origoni & Partners, which has 145 lawyers, in September. The combined firm would be the world's third biggest with 2,200 lawyers.
- Hallmark buys a rival, [Dayspring Cards, from Cook Communications for $undisclosed], Bloomberg via NYT, C23.
...Dayspring, based in...Arkansas, employs 400 people....
- DeWolfe buys R.I. firm [Yorktown Assocs. for $undisclosed], AP via Bos Globe, C7.
...No layoffs are expected at Yorktown, said Paul Harrington, a spokesman for DeWolfe....
7/20 13 Takeovers Reported (totalling $2.373b) -
- PNC agrees to buy First Data Mutual Fund Services [for $1.1b], Reuters via NYT, C4.
- Terex to buy Raytheon unit for $170 million, Dow Jones via NYT, C4.
- Steris to get Isotron of Britain for $110 million, Dow Jones via NYT, C4.
- Levitz Furniture Inc., NYT, C4.
...Boca Raton, Fla., sold two portfolios of furniture stores and warehouses to a joint venture of Klaff Reality LP, Chicago, and Adler Funds, for an undisclosed amount of cash, and assumption of debts totaling $93 million, as part of its bankruptcy reorganization plan.
- Sonic Automotive to buy 11 [independent?] dealerships for $54 million, Bloomberg via NYT, C4.
- MCI Worldcom Inc., NYT, C4.
...Jackson, Miss., for $23 million in cash and the assumption of an undisclosed amount of debt.
- Bell Atlantic to buy remaining [50%] stake in Frontier unit [for $undisclosed], Bloomberg via NYT, C4.
- Harrah's Entertainment Inc., NYT, C4.
...Memphis, said its showboat unit had agreed to sell the Showboat Las Vegas Hotel, Casino and Bowling Center to VSS Enterprises LLC, a group of private investors. Terms were not disclosed.
[counted on 3/09] Justice Department approves merger of Allied Waste and Browning-Ferris [for $7.3b], by Joseph Treaster, NYT, C11.
...a leverage takeover [LBO]...announced in early March [when it was valued at $9.1b]....
[counted on 4/01 (when valued at $5.6b!)] Yahoo completes deal [for Broadcast.com Inc. for $5.05b], Bloomberg via NYT, C14.
[counted on 6/24 when Whitbread seemed lucky] Pub deal [for $4.3b between Allied Domecq & Punch Taverns], by Alan Cowell, NYT, C4.
The battle over Allied Domecq's 3,500 British pubs has finally produced a deal between Allied Domecq and Punch Taverns Group Ltd. The...deal would make Punch Taverns Britain's 2nd-largest bar owner, after Nomura International PLC. The agreement followed six weeks of wrangling during which the rival suitor Whitbread PLC withdrew because of regulatory concerns.... Punch Taverns, which is privately held, said it would finance the deal in cash, assumed debt and shares in Bass PLC, which has pledged to buy as many as 650 of the Allied Domecq pubs.
[This deal was accepted by shareholders on 8/23/99 - see "Closing time in pub brawl," by Alan Cowell, NYT, C4.]
7/18-19 One new takeover -
- Vodafone to acquire CommNet Cellular [for $764m+$600m], Reuters via NYT, C4.
- Starwood buying time-share developer [Vistana for $403.9m], Dow Jones via NYT, C4.
- EG&G selling technical services division [to Carlyle Group for $250m], Reuters via NYT, C4.
- Microsoft selling city guides to Ticketmaster for $240 million, by Bob Tedeschi, NYT, C6.
- Advertising - Marketing services are gobbled up, and other tales of agency consolidation [e.g., Havas in Paris buys Lopex in London for $105m], by Stuart Elliott, NYT, C9.
- Convergence is sold to Texas firm [Ilex Oncology] - Hub company in $10m deal working on cancer drugs, by Ronald Rosenberg, Bos Globe, D1.
- Perrigo Co., NYT, C4.
...Mich., the No. 1 US maker of store-brand drugs, plans to sell its personal-care business...to Cumberland Swan Holdings [in Nashville for $undisclosed].
- Century Business Services Inc., NYT, C4.
...Cleveland...will buy Tri-Tek Information Systems Inc., St. Louis [for $undisclosed].
- Carrefour buys stores, by Simon Romero, NYT, C4.
Carrefours SA of France bought 33 supermarkets in central Brazil...from Mineirão.... The food-retailing industry in Brazil is consolidating as family-run chains have been squeezed by high interest rates. Larger companies with cash for expansion have goin on takeover sprees.
- Advertising - Marketing services are gobbled up [e.g., Medicus Group International in New York acquired Healthtech Solutions for $??], by Stuart Elliott, NYT, C9.
- Advertising - Marketing services are gobbled up [e.g., WPP Group in London acquired
PFour Consultancy in London for $??], by Stuart Elliott, NYT, C9.
- Advertising - Marketing services are gobbled up [e.g., Lighthouse Holdings Inc. in Chicago to acquire
Davidson Marketing in Chicago for $??], by Stuart Elliott, NYT, C9.
- Advertising - Marketing services are gobbled up [e.g., Cordiant Communications Group PLC in London
acquired a majority stake in Bates Clarion Ltd. in India for $??], by Stuart Elliott, NYT, C9.
- 7/19 Broadcom to buy Hothaus for $280 million in stock, Bloomberg via NYT, C2.
...agreed today [Monday]...enhancing [Broadcom's] position in the emerging market for phone calls using Internet technology....
- [And two old ones clinched - ]
7/19 Telephone rivals end fight over merger, by Laura Holson, NYT, A17.
One of the fiercest takeover battles in recent years has ended in a gentlemen's agreement [between] telecom rivals...to split the spoils..\.. Qwest Communications International Inc...said yesterday [Sunday? Oy, vaddevah happent to our Xn Shabbas?!] that US West Inc., the smallest of the regional [Bells] had agreed to a $36.5 billion strategic merger. Global Crossing [Ltd] said, in turn, that it would continue with its pending $11 billion acquisition of the Frontier Corp., a long-distance carrier. Originally, [both] rivals had hoped to acquire both [targets].... Ultimately, it was [their] two largest shareholders...who hammered out the...conmpromise....
7/17 8 Takeovers Reported (totalling $30.55b) -
- Qwest's deal for US West appears set - Bidding battle to end in $30 billion merger
, by Seth Schiesel, NYT, B1.
The board of US West Inc., the smallests of the regional Bell telephone companies, met last night to approve a merger with Qwest Communications International Inc., the fast-growing long-distance carrier.... The companies could announce a deal as soon as this weekend.... With this deal, a resolution of Qwest's battle against Global Crossing Ltd...to acquire US West and the Frontier Corp...will probably begin to take shape....
- Sterling Software to buy Information Advantage [for $163m], Dow Jones via NYT, B3.
...[Pre-merger, IA] has 500 employees in 27 offices worldwide....
- Pacificorp to sell its California operations [to Nor-Cal Electric Authority for $178m], Dow Jones via NYT, B3.
- Regions Financial agrees to buy Minden Bancshares [for $86.5m], Dow Jones via NYT, B3.
- American Tower inks deal [to acquire 192 comm towers in the South from Triton PCS for about $73m], Dow Jones via Bos Globe, F1.
- Integrated [Systems] buys Software Development Systems [for $40m], Bloomberg via NYT, B3.
- Rehabilicare Inc., [electrotherapeutics, of Minn. acquired...Compex SA of Switzerland for $11m], NYT, B3.
- Hoechst holders approve merger [with Rhône-Poulenc of France for $?? to form a life-sciences giant], Agence France-Presse via NYT, B3.
7/16/99 12 Takeovers Reported (totalling $1.456b) - You don't realize the diversity until you lose it! We just can't believe that there's all these companies out there to merge in the first place. We fear people must be thinking we're making it all up. But look at these names rolling in. Look at the diversity of situations. Mind boggling -
- [Document manager] Merrill Corp. takes Donaldson unit's $500 million bid, Reuters via NYT, C4.
- Victor in Morland battle - The British company Greene King PLC appears to have won the battle to tak over the pub company Morland PLC after [raising] its offer...to $284.6 million, Dow Jones via NYT, C4.
- Eastern Enterprises agrees to buy EnergyNorth [for $156m+$45.6m], Dow Jones via NYT, C4.
- Compuware to buy a software vendor [Viasoft, for $164m], NYT, C17.
- Buckeye Technologies buying Finnish operations [Walkisoft nonwovens, from UPM-Kymmene for $120m], Bloomberg via NYT, C4.
- Lucent to buy Spectran for $64 million, Dow Jones via NYT, C4.
- Orange-Co Inc., Fla...agreed to be acquired by...Reservoir Capital Group LLC for $72 million, NYT, C4.
- Advanced Communications selling [telecomms] unit to Compass [for $49.8m], Bloomberg via NYT, C4.
- Cyprus Amax Minerals and Asarco agree to merge [in a tax-free stockswap], Reuters via NYT, C4.
- Ogden Corp., New York...aircraft services [& themeparks, powerplants...] agreed to buy...Compagnie Transair [for $??], NYT, C4.
- Editor & Publisher is sold [to BPI Communications for $??], AP via New York Times, p. C17.
- New York Times Co. to acquire Abuzz Technologies [for $??] - Drawn to Cambridge [Mass.] firm's on-line software, by Hiawatha Bray, Boston Globe, p. D4.
[Whoa, we can't believe the Times left out the takeover they're doing!]
For earlier Mergers&Acquisitions, click on the desired date - July 1-15/99
Feb/99 and before
For more details, our laypersons' guide to our great economic future Timesizing, Not Downsizing is available at bookstores in Harvard Square, Cambridge, Mass. or from *Amazon.com online.
Questions, comments, feedback? Phone 617-623-8080 (Boston) or email us.
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