DoomwatchTM vs. Timesizing®
[Commentary] ©1999-1999 Phil Hyde, The Timesizing Wire, Box 622, Cambridge MA 02140 USA (617) 623-8080
Mergers&Acquisitions - August/99
8/31/99 16 Takeovers Reported (totalling $18.784b +$undisclosed) -
[Late-reported Fri. takeover - ]
- French chains plan to merge into a giant - Union [of Carrefour and Promodès, for $16.6b] would create No. 2 retailer in world [after Wal-Mart], by Alan Crowell, NYT, C1.
- AFC Cable Systems accepts all-stock offer [for $576m to be bought by unidentified company], Bloomberg via NYT, C4.
[...self-identified as Tyco International (the "spider company") the next day again on p. C4.]
- North Fork Bank is buying Reliance Bancorp [for $352m], Reuters via NYT, C4.
- Guidant to buy surgical instrument maker [Cardiothoracic Corp., for $313m], Reuters via NYT, C4.
- Bathroom fixture sale [- Roca Radiadores to buy Keramik Holding AG Laufen, for $276m], Bloomberg via NYT, C4.
- Georgia Gulf getting U.S. vinyl business of RWE [for $270m], Bloomberg via NYT, C4.
- Biomet is acquiring Implant Innovations [for $175m], Dow Jones via NYT, C4.
- ITT Industries is buying keypad operation [of San Teh, for $118.8m], Dow Jones via NYT, C4.
- Outlook Sports to buy Madison & Wall [for $103m], Bloomberg via NYT, C4.
- Textron Inc. [to buy the aircraft and commercial-franchise finance units of Green Tree Financial Servicing, for $??], Bloomberg via NYT, C4.
- JPS Industries [sold its Borden factory in Kingsport, Tenn. to Chiquola Fabrics, for $??], Bloomberg via NYT, C4.
- American Greetings Corp. [to buy Contempo Colours, for $??], Bloomberg via NYT, C4.
- A strong Latin presence is about to get stronger [as Carrefour buys 3 supermarket chains in Rio, for $??], Bloomberg via NYT, C4.
- Bally Shoes sold [by Oerlikon-Buehrle to Texas Pacific, for $??], by Andrew Sorkin, NYT, C4.
- Acquisition by Sara Lee [of D. Canale Food Services, for $??], Bloomberg via NYT, C7.
- MediaOne completes cable swap with Cox [- gives Cox $?? and franchises in 3 scattered towns & gets cable systems in 9 towns SW of Boston], by Peter Howe via Bos Globe, D9.
8/30 San Francisco [ad agency, Zuckerman Fernandes & Partners, for $??] bought by Marc USA, by Jane Levere, NY Times, C13.
8/28 10 Takeovers Reported (totalling $1.947b +$undisclosed) -
the names keep pouring by, like imaginings from a Bunuel dream sequence, or ominous details at finer levels of fracteling -
8/27 8 Takeovers Reported (totalling $2.578b +$undisclosed) -
- In latest move to diversify, Medtronic will buy Xomed - Cardiac device maker to pay $800 million, Dow Jones via NYT, B14.
- Viatel agrees to purchase of Destia [for $600 million], Reuters via NYT, B3.
- Calpine, a power producer, to add Cogeneration [for $145m], Dow Jones via NYT, B3.
- BP Amoco fabrics unit to sell operations [to Monitor Clipper Partners for $100m], Dow Jones via NYT, B3.
- SFX Entertainment Inc., [New York, completed its purchase of most of the assets of Livent Inc., Toronto, for $96m], NYT, B3.
- Champion Enterprises, [the nation's largest mobile home maker, received Federal approval to buy the majority of Ted Parker Home Sales Inc. for $90m], NYT, B3.
- Netrix sets [$64m] acquisition of Openroute Networks, Dow Jones via NYT, B3.
- Crown Group to expand used-car business [by taking control of Smart Choice Automotive Group, for $52.4m], Bloomberg via NYT, B3.
- Valvoline unit to be sold [to Safety-Kleen, for $??], Bloomberg via NYT, B14.
- G.M. finance unit in [$??] deal [- GM Acceptance to take over operations of Nippon Asset Mgmt, née Japan Leasing, which sold most of its business to GE Capital in Jan.], Dow Jones via NYT, B14.
8/26 12 Takeovers Reported (totalling $9.4444b! +$undisclosed) -
- Metropolitan Life is acquiring General American [for $1.2b], AP via NYT, C4.
- British Telecom buys U.S. directory publisher [Yellow Book USA, for $665m], Bridge News via NYT, C4.
- Canfor agrees to buy joint venture of Mead and Nexfor [Northwood pulp & paper, for $425m], Dow Jones via NYT, C4.
- Procter & Gamble is buying maker of water filters [Recovery Engineering, for $213m], Dow Jones via NYT, C4.
- Young & Rubicam buys Rainey Kelly [for $40m], by Robyn Meredith, NYT, C4.
- N.E. Envelope will be acquired by Westvaco [for $13m], Bloomber via Boston Globe, F7.
- Ericsson A.B. [Stockholm, to acquire two divisions of Va.-based LCC International for $22m], NYT, C4.
- Mascotech acquires closely held Windfall Products [for $??], Bloomberg via NYT, C4.
8/25 8 Takeovers Reported (totalling $1.355b +$undisclosed) -
- Cisco Systems expected to buy [Cerent for $6.9b], by Laura Holson, NYT, C1.
- [To owner of first 50%, Telewest Communications, for $685m, last 50%] Cable [London] stake to be sold, Bloomberg via NYT, C4.
- [British-based Cabot Square Capital buys UK unit of US firm in $520m] Money Store deal, by Andrew Sorkin, NYT, C4.
- Cisco Systems expected to buy [Monterey Networks for $500m], by Laura Holson, NYT, C1.
- Newbridge Networks moves on Internet strategy [- Ont.-based firm plans to buy another Ont.-based firm, Timestep, + Mass.-based Northchurch Communications, for $235m], Reuters via NYT, C4.
- Sonic Automotive buying First America Automotive [for $232.4m], Reuters via NYT, C4.
- Borg-Warner selling Coleman Cable to [its management for $140m], Bloomberg via NYT, C4.
- Apartment Investment agrees to buy 8 [apt. complexes & stakes in 2 others for $131m from Dreyfuss Mgmt], Bloomberg via NYT, C4.
- Glaxo selling a U.S. [biopharmaceutical] plant to American Home Products [for $60m], Reuters via NYT, C4.
- Calpine to add Sheridan Energy, a natural gas concern [for $41m], Reuters via NYT, C4.
- Axent to acquire 2 Alta Vista security software lines [from Compaq for $??], Bloomberg via NYT, C4.
- United News buys magazine publisher [MP&A Editorial, for $??], Bloomberg via NYT, C7.
8/24/99 17 Takeovers Reported (totalling $9.119b +$undisclosed) - every 70 years or so, frenzied mating precedes mass die-off ...
- Nortel Networks to buy Periphonics [for $436m], Dow Jones via NYT, C3.
- PMC-Sierra to pay $400 million for Abrizio, Bloomberg via NYT, C3.
- AT&T deal in Brazil [- to buy Netstream for $300m], by Simon Romero, NYT, C3.
- Louisiana-Pacific to buy Evans Forest Products [for $90m], Dow Jones via NYT, C3.
- Citadel Communications in accord to buy Caribou[for $60m], Dow Jones via NYT, C3.
- Disney to buy biggest stakes [60% for $20m+$25m] in on-line toy retailer [Toysmart.com], Bloomberg via NYT, C3.
- Exchange Applications buys CGI, a software vendor [for $24m], Reuters via NYT, C3.
- Jacobs Engineering to acquire Stork engineering unit [for $??], Bloomberg via NYT, C3.
8/21 10 Takeovers Reported (totalling $2.632b +$undisclosed) -
- Carolina Power in $5.3b deal - Buys Florida Progress to double customers, Bloomberg via Boston Globe, D3.
- Suez Lyonnaise buys water concern [United Water Resources, for $1b], by John Tagliabue, NYT, C4.
- PSInet agrees to buy data service provider [Transaction Network Services, for $720m], Bloomberg via NYT, C4.
- Centura Banks to buy Triangle Bancorp [for $608.4m], Reuters via NYT, C4.
- Sun Microsystems to buy Forte in $540 million deal, by Lawrence Fisher, NYT, C2.
- Textron buying construction equipment maker [Omniquip, for $307m], Dow Jones via NYT, C4.
- Willis Stein forms unit to buy Aavid Thermal [for $260m], Bloomberg via Bos Globe, D9.
- CSK Auto to buy Paccar's parts subsidiary [192 Grand Auto Supply and Al's Auto Supply stores in 6 western states, for $143.2m], Dow Jones via NYT, C4.
- Tyco buying General Surgical Innovations [for $100m], Reuters via NYT, C4.
- Maxtor to buy network storage company [Creative Design Solutions, for $57m], Bloomberg via NYT, C4.
- Cytec Industries buying BIP Resins unit [for $42.4m], AP via NYT, C4.
- Alcoa to buy ACX Technologies [aluminum-]rolling unit [for $41m], Bloomberg via NYT, C4.
- American Re Corp. [to buy United National Group, for $??], NYT, C4.
[The value of this deal was finally reported as $350m when it was halted on 8/12/2000.]
- Disney's Britain Internet deal [- Disney unit Buena Vista Internet Group acquired 60% of website Soccernet from Daily Mail & General Trust PLC for $??], by Andrew Sorkin, NYT, C4.
- Danaher [maker of Sears Craftsman handtools] to acquire Atlas Copco unit [for $??], Bloomberg via NYT, C3.
- Two agencies expand operations - EPB Communications [acquired Pagano Schenk & Kay, for $??], Bloomberg via NYT, C4.
- Rail contractor in deal [- Railworks to buy W.T. Byler for $??], Bloomberg via NYT, C19.
8/20/99 9 Takeovers Reported (totalling $6.859b +$undisclosed) -
- Comsat shareholders back the [$2.2b] sale to Lockheed, Reuters via NYT, B4.
- Rolls-Royce to buy Cooper Cameron stake in [gas-processing] venture [for $180m, giving it full control], Bloomberg via NYT, B4.
- Bentall, a Canadian retailer, is in U.S. acquisition [of LA office building from Walton St Capital & Goldman Sachs, for $111m], Reuters via NYT, B4.
- Home Hardware Stores to take over Beaver Lumber [for $46m], Bloomberg via NYT, B4.
- Lady Luck Gaming to add Las Vegas [Lady Luck] Casino and Hotel [& trademark, for $45.5m], Bloomberg via NYT, B4.
- Polyvision, educational concern, to expand [& buy A. Lawer Corp. for $30m], Bloomberg via NYT, B4.
- Synovus Financial is acquiring Horizon Bancshares [for $19.9m], Bloomberg via NYT, B4.
- [Fuji, Industrial of Japan & Dai-Ichi Kangyo] Japanese banks' [$??] link seen as first of many mergers - Winnowing of weakest financial institutions, by Calvin Sims, NYT, A1. [The Darwinian biological model here ("winnowing of weakest" < "survival of fittest") is false. There is nothing like this kind of merging in the natural sciences after the most primitive stages of planetary formation in the physical sciences.]
- Phelps Dodge offers to acquire two merging copper companies [Cyprus Amax Minerals & Asarco for $??] - Consolidation in an industry in which prices have hit rock bottom, by Leslie Wayne, NYT, B1. ...There is global overcapacity and there are no apparent prospects for a change in this dismal combination.... ["Prices hitting rock bottom"? "Overcapacity"? Depression-language alert!]
- Papermaker's ambitions [- Stora Enso was formed when Stora of Sweden merged with Enso Oy of Finland for $??], by Andrew Sorkin, NYT, B4. [Not real recent but within the last couple of years and uncounted by us.]
8/19 10 Takeovers Reported (totalling $6.796b +$undisclosed) -
- Alcoa and Reynolds reach [$5.9b] merger agreement, by Leslie Wayne, NYT, C1.
- Merger planned for 2 giants of fashion publishing [- Disney sells Fairchild Publications to Advance Publications' Condé Nast unit for $650m], by Alex Kuczynski, NYT, A1.
[This deal was clinched on 8/25, per "Fashion magazine industry consolidates with a big deal" by Felicity Barringer, NYT, C4.]
- [Cable co.] NTL says it is buying Workplace Technologies of Britain [for $130m], Bloomberg via NYT, C3.
- Motorola agrees to buy Metrowerks for $95 million, Dow Jones via NYT, C3.
- Staten Island Bancorp is buying First State Bancorp [for $84m], Bloomberg via NYT, C3.
- United Dominion is acquiring Bran & Luebbe of Germany [for $??], Bloomberg via NYT, C3.
- Reliance Steel and Aluminum Co. [will buy Indiana Steel Distributors for $??], NYT, C3.
- Century Business Services Inc. [bought 6 accounting, consulting and insurance firms for $??], NYT, C3.
- RoweCom acquires Australian company [for$??], Reuters via Boston Globe, C5.
8/18 12 Takeovers Reported (totalling $1.527b +$undisclosed) -
- Food Lion [unit of Delhaize Frères-Le Lion of Belgium] to acquire Hannaford Brothers - $3.3 billion deal to form nation's 6th-largest supermarket chain, by Dana Canedy, NYT, C6.
- Lucent buying Excel Switching for $1.7 billion, Dow Jones via NYT, C4.
- Olsten to sell staffing operations for $710 million [cash + $750m debt=$1.46b total, to Swiss-based Adecco], AP via NYT, C4. Consolidation in the global temporary staffing industry continued yesterday.... Olsten operates more than 1,000 offices in 14 countries....
- Cisco Systems to pay $143 million for MaxComm, Bloomberg via NYT, C4.
- Liz Claiborne gives details of deal with jeans maker [- $135m for Lucky Brand Dugarees], Bloomberg via NYT, C4. [Prev. ref. 5/27.]
- Watkins-Johnson selling [for $57.9m, its telecomms] unit to GEC of Britain, Bloomberg via NYT, C4.
- Warnaco plans an acquisition [- clothier "ABS by Allen B. Schwartz," for $??], Bloomberg via NYT, C6.
- Compaq selling chip unit [from DEC to Smart Modular Technologies, for $??], Bloomberg via NYT, C6.
- Euro RSCG makes German acquisition [- Kremer Foerster Hintze & its 28 employees - for $??], by Edwin McDowell, NYT, C8.
- NY company buys Agnew Carter McCarthy [for $??], by Chris Reidy, Boston Globe, D9.
8/17 15 Takeovers Reported (totalling $9.875b +$undisclosed) -
- Joseph Littlejohn and Iasis to acquire 15 hospitals [for $817m], Reuters via NYT, C4.
- World Access to purchase Facilicom for $436 million, Reuters via NYT, C4.
- Ameren to pay $435 million for 8 new generators, Dow Jones via NYT, C4.
- Report of move by Prada [- bought 52% of Jil Sander for $109m], AP via NYT, C4.
- Meadowbrook and investor to buy KSL golf course unit [for over $100m], Bloomberg via NYT, C4.
- Bank of New York to buy Estabrook, a money manager [for est. $65m], Bloomberg via NYT, C4.
- Tyco International sheds some nonvalve businesses [for $undisclosed to a firm formed by DLJ Merchant Banking Partners], Bloomberg via NYT, C4.
- [Fenway Partners, the] Majority owner of Simmons to add a bedding retailer [Mattress Giant, for $undisclosed], Bloomberg via NYT, C4.
- French pressure on merger, Bloomberg via NYT, C4.
The French government is determined to force Société Générale [for $??, to merge] with Banque Nationale de Paris SA to create the world's biggest bank...a very French solution.... [Oh? We thought the "world's biggest" everything was American, or was it Russian, or German, or Texan, or Alaskan, or... (or ridiculous!).]
- Media services firm [R J Palmer, for $??,] acquired by EPB, by Bob Tedeschi, NYT, C6.
- Hotel update [- Bass Hotels & Resorts took over Central Park Inter-Continental New York, née Ritz-Carlton, for $??], by Jane Levere, NYT, C6. [This renaming looks even more suicidal than renaming Boston Chicken to Boston Market.]
- Praxair buys [for $undisclosed, Tafa Group] subsidiary of Eutectic Castolin, Bloomberg via Boston Globe, F7.
When are these guys gonna stop merging and start managing?! -
[1 weekend takeover to count next week - ]
- Dutch concern to buy Nielsen Media Research [for $2.5b], by Andrew Sorkin, NYT, C8.
- Burlington Resources to buy Poco Petroleums [for $2.5b (1.75 stock + .75 debt)], Bloomberg via NYT, C4.
- B F Goodrich to cut jobs and close plants [as it digests its $2.2b purchase of Coltec Industries], Bloomberg via NYT, C20.
- Markel to buy Terra Nova, another specialty insurer [for $905m], Dow Jones via NYT, C4.
- North Fork Bancorp buying JSB Financial [for $570m], Reuters via NYT, C4.
- Harrah's to acquire Players International [for $425m (275+150)], Reuters via NYT, C4.
- Hochtief agrees to acquire Turner, U.S. builder [for $263m], Bloomberg via NYT, C4.
...Turner officials said there were no plans to dismiss any of its 3,300 workers....
- Provident Financial buying Fidelity, an Ohio bank [for $192m], Reuters via NYT, C4.
- NBT agrees to buy Lake Ariel Bancorp [for $92.8m], Dow Jones via NYT, C4.
- Houston-based auto retailer [Group 1, for $67.8m] acquires Ira Automotive Group, by Heather Kamins, Boston Globe, D1.
- Calista, phone technology concern, bought by Cisco [for $55m], AP via NYT, C4.
- CHS Electronics Inc. [said it was selling a business unit that markets products in 4 European countries to an undisclosed party for $50m], NYT, C4.
[Here's a switch. Usually they disclose the parties but not the amount.]
- Infospace.com Inc., Redmond, Wash. [agreed to acquire Inex Corp., Toronto, for $37.6 m], Bloomberg via NYT, C4.
- Geltex Pharmaceuticals Inc., [Waltham, Mass. agreed to buy SunPharmCorp, Fla. for $16.5m], NYT, C4.
- Nextcard Inc. [agreed to buy Textron National Bank for $undisclosed], NYT, C4.
[We would like to congratulate the NY Times editors for getting all their 14 takeovers absolutely right today in terms of order of declining valuation.]
8/15 French bank makes half of a takeover, Reuters via NYT, 5.
The Banque Nationale de Paris won a majority stake in Paribas [for $undisclosed], one target of its takeover bid....
8/14 9 Takeovers Reported (totalling $4.683b +$undisclosed) -
8/13 4 Takeovers Reported (totalling $959m +$undisclosed) -
- [For $3.2b, Walid Alomar & Assocs., a] California group, to buy Daewoo Electronics, by Andrew Pollack, NYT, B2.
- Pentair, a tools maker, is making acquisition [of air power tools unit of Falcon Building Products, for $460m], Bridge News via NYT, B3.
- Sbarro Inc. [Italian restaurants, gained shareholder approval for its proposed merger with a newly formed entity owned by Sbarro family members for $381m + $undisclosed], NYT, B3.
- Cort Business Services accepts higher offer [of $376m from same suitor as in March, Brook Furniture Rental], Bloomberg via NYT, B3.
- Lucent Technologies in [$246m] deal to take over Xedia, Reuters via NYT, B3.
- TAG Aviation is set to purchase Wayfarer [for >$20m], Bloomberg via NYT, B3.
- Dana, maker of axles, expanding its business [by buying Innovative Engineering for $undisclosed], Bloomberg NYT, B3.
- Newspaper group grows [- Journal Register of NJ bought Hometown Newspapers of RI for $undisclosed], AP via NYT, B2.
- Fight for Groupe Forex ends [- Louisiana-Pacific to get Québec firm for C$33/share, ??total], by Timothy Pritchard, NYT, B2.
8/12 8 Takeovers Reported (totalling $2.917B +$undisclosed) -
- Potomac buys distribution networks in Netherlands [for $724m cash], Bloomberg via NYT, C4.
The Potomac Electric Power Co. has bought 21 natural-gas distribution networks from municipal governments in the Netherlands...further expanding in Europe's deregulating energy markets.... The systems are owned by about 50 Dutch cities and towns, which run them through four corporations. Potomac already owns a stake in a pwer plant in the Netherlands. Potomac agreed to lease back the systems to the municipalities for 25 years.
[Sounds pretty stupid, gullible and pollyanna on the part of the Dutch, and pretty inefficient all round.]
- Buyout firm in [$135m] deal to acquire HCIA and take it private, Dow Jones via NYT, C4.
...A provider of information systems to hospitals and health care companies agreed yesterday to be acquired and taken private by VS&A Communications Partners III LP.... HCIA, which is based in Baltimore, said its shareholders would receive $11 a share in the transaction....
[How do you gain share value by taking a company private? By still having stocks, but just not listing them on the public exchanges.]
- ICG says it is selling satellite unit to ATC Teleports [a unit of American Tower Corp., for $100m], Dow Jones via NYT, C4.
...The unit...employs about 90 people....
- General Mills buys Gardetto's Bakery of Milwaukee [a family-owned company, for $undisclosed], AP via NYT, C4.
...General Mills will continue production at the Gardetto's plant...and expects to retain most of the company's 235 employees....
[Only 4 takeovers reported this Friday the 13th, but still lots in the hatchery, as this article exemplifies - ]
Waiting to see Reynolds cards - Amid merger mania, Alcoa chairman seeks decision on bid, by Claudia Deutsch, NYT, C2.
...Paul O'Neill, Alcoa's chairman [is waiting] to see what the Reynolds Metals Co.'s board will do when it meets on Sunday to discuss Alcoa's $5.8 billion bid to buy their company....
8/11 10 Takeovers Reported (totalling $4.738B +$undisclosed) -
- [Cincinnati-based] Procter & Gamble is buying maker of premium pet food [Dayton-based Iams Co.] - A $2.3 billion deal would be the company's biggest, by Dana Canedy, NYT, C2.
[Today's Boston Globe has this deal on p. C2 @ $2.05B from AP, but hey, what's a paltry $250M to these cowboys?]
- Checkpoint to buy Meto of Germany for $265 million, Dow Jones via NYT, C4.
...It will also assume a debt of $35 million....
[...totalling $300M. Hmm, almost like someone didn't want them to have that cachet.]
- Broadcom to buy a maker of communication software [Altocom Inc., for est. $181M], Dow Jones via NYT, C4.
[They may finally have provided enough figures to calculate the value of an otherwise unvalued deal: 1.62m class B shares, which are equivalent to class A shares except for voting rights and not being publicly traded, and the class A closed at $111.50.]
- Staples to buy three office supply companies in Europe [from Germany's Divaco for $120M], Reuters via NYT, C4.
[We could count these as three takeovers, but they're all from one seller to one buyer, we have no separate valuations of the 3 deals, and hell, pardner (6-shooters blaze), they're "only" in Europe! However, unlike #8 below, we do have the luxury of 3 "tookover" names this time:]
...Sigma Burowelt [German for "Office World"] in Germany, Office Centre in the Netherlands and Office Centre in Portugal.
- Leap Wireless International, NYT, C4.
...San Diego, which engages in wireless telecommunications businesses and ventures, sold its Australian subsidiary, Ozphone, for $16.3 million to AAPT Ltd.
- Mattel Inc.,, NYT, C4.
...El Segundo, Calif., the world's largest toymaker, acquired the closely held 3DGreetings.com, which offers do-it-yourself electronic greetings, for an undisclosed price.
[We never did understand why anyone would want to hassle making their own greeting cards at a machine in a supermarket or pharmacy.]
- Tarrant Apparel Group, NYT, C4.
...LA, a maker of women's casual clothing, agreed to buy the closely held Grupo Famian, Tehuacan, Mexico, which operates seven factories, for an undisclosed price.
- Star Partners LP, NYT, C4.
Stamford, Conn., a leading U.S. retail distributor of home heating oil, agreed to buy an undisclosed closely held Midwestern propane distributor for an undisclosed price.
[Great. Next we'll be getting "An undisclosed retail diesel-oil distributor agreed to buy an undisclosed New England trucking company for an undisclosed price."]
8/10/99 7 More Takeovers Reported (totalling $1.98B +$undisclosed) -
- Lucent to buy consultant for $3.7 billion in stock - Giant equipment maker moves into services, by Seth Schiesel, NYT, C4. ["Into services"?? = "Out of the frying pan, into the fire."]
- Razorfish in $677 million stock deal for I-Cube, Reuters via NYT, C4.
- Teva Pharmaceutical to buy Copley for $220 million, Reuters via NYT, C4.
- Gold Banc is in $66 million deal for Union Bankshares, Dow Jones via NYT, C4.
- 24/7 Media buys e-mail marketer [Consumernet for $52M] to expand data base, Bloomberg via NYT, C4.
- Comverse Technology buys InTouch Systems [for $23M], Bloomberg via Bos Globe, D9.
- H & R Block acquires a franchise that owns 90 offices[ for $undisclosed], Bloomberg via NYT, C4.
- Reader's Digest Association Inc. [bought Benchmark Ltd. of Hong Kong for $undisclosed], NYT, C4.
- Gardner's Simplex Time buys Mexican partner [for $??], by Brian O'Neill, Bos Globe, D4.
- Wave Systems intends to acquire Danvers firm [for $??], Bloomberg via Bos Globe, D9.
8/07/99 7 Takeovers Reported (totalling $19.266B +$undisclosed) -
- Data General sale [for $1.05B to EMC] ends era of high-tech giants, by Syre and Stein, Boston Globe, front page.
- GE Medical to buy OEC, maker of surgical equipment [for $480M], Reuters via NYT, C4.
- American Real Estate buying Reckson Morris Trust [for $300M], Dow Jones via NYT, C4.
- Eagle Pacific Industries Inc. [buying Mitsubishi Chemical's U.S. polyvinyl chloride operations, for $80M], NYT, C4.
- General Electric Co. [buying Kvaerner's hydro-power turbine & services business, for $70M], NYT, C4.
- Ford Motor Co. [buying the majority stake in PT Indonesia Republic Motor Co, for $??], NYT, C4.
- PricewaterhouseCoopers buys McGladrey [& Pullen's investment company services unit, for $undisclosed], Reuters via Bos Globe, C2.
8/06 11 Takeovers Reported (totalling $2.067b +$undisclosed) -
- Deutsche Telekom to expand into British market [& buy One 2 One for $11.1B], by Andrew Sorkin, NYT, B1.
- Volvo to buy another Swedish truck maker for $7.4 billion, by Claudia Deutsch, NYT, B2.
- Hearst to buy San Francisco Chronicle [for est. $500M] - Merger of two dailies in San Francisco predicted, by Alex Kuczynski, NYT, B1.
- Norwood Promotional to buy Advertising Unlimited [for $150M], Bloomberg via NYT, B4.
- FDX Global unit to acquire Geologistics Air [for $116M], Dow Jones via NYT, B4.
- Monsanto to sell its cotton seed subsidiary [Stoneville Pedigreed Seed Co. to buyout firm Hicks, Muse, Tate & Furst for $undisclosed], Reuters via NYT, B4.
- Miami Computer Supply Corp., Dayton [to buy Technical Industries, Atlanta for $undisclosed], NYT, B4.
8/05 15 Takeovers Reported (totalling $10.9447b +$undisclosed) -
- Cadbury [Schweppes PLC] confirms plan to buy Texas bottler [Dr Pepper Bottling Co, for as much as $900M], Bloomberg via NYT, C6.
- Cardinal Health agrees to buy drug packager [Automatic Liquid Packaging, for $390M], Bloomberg via NYT, C4.
- CCPC to acquire Ekco [for $300M], AP via Boston Globe, C7.
- Jabil Circuit in $250 million deal for GET Manufacturing, Dow Jones via NYT, C4.
- Corning Consumer is paying $133 million for Ekco, Bloomberg via NYT, C4.
- Amresco Capital Trust agrees to buy Impac Commercial [for $55.5M], Dow Jones via NYT, C4.
- Lycos buys into notion MP3 more popular than sex, by Ross Kerber, Bos Globe, C4.
Lycos Inc. plans to announce a $38.8 million acquisition [of Internet Music Distribution Inc. of San Francisco, alias Media Science, according to the 8/08 NYT p. B4] today, based on a surprising traffic pattern it says it has noticed lately on its Internet search engine: Music is more popular than sex...
- Estée Lauder says it has agreed to buy Stila Cosmetics [for $undisclosed], Bloomberg via NYT, C4.
- DuPont says it has acquired majority stake in Wirex [of Taiwan, for $undisclosed], Reuters via NYT, C4.
- LabTec Inc., [maker of computer speakers etc. bought Connector Resources Unltd. for $undisclosed], NYT, C4.
- Rosenbluth buys big stake in business travel web site [Biztravel.com, for $undisclosed], by Edwin McDowell, NYT, C2.
8/04/99 22 Takeovers Reported (totalling $30.998b +$undisclosed) -
- Dow Chemical says it plans to buy Union Carbide [for $9.3B & cut 2,000 jobs], by Claudia Deutsch, NYT, Front Page.
[This deal was finally completed on 2/06/2001 for $10B according to mention in "Dow Chemical makes deal for unit of Enichem of Italy," Bloomberg via 2/06/2001 NYT, B3.
- $700 million deal in health care properties, Bloomberg via NYT, C4.
Health Care Property Investors In. agreed yesterday to buy American Health Properties Inc...creating the largest REIT focused solely on health care properties....
- Carlisle in $350 million deal for Titan International [wheel assemblies], Dow Jones via NYT, C4.
- Two acquisitions by Palladium's media packaging unit [Mediapak], Bloomberg via NYT, C4.
...The world's largest maker of compact-disk cases...acquired two closely held companies for $299...Alpha Enterprises and the Joyce Molding Corp. in two separate transactions....
[Well, we can't count them separately unless you give us their separate figures, oh mighty news source....]
- Wells Fargo to buy New Mexico bank [First Place Financial] for $175 million, Reuters via NYT, C4.
- Go2Net buys Dogpile [PLC] for $55 million in stock and cash, Bloomberg via NYT, C4.
- Cytec Industries, [NJ specialty chemicals, bought a Chilean mining chemicals business from Laporte PLC of Britain for about $25M], NYT, C4.
- Sunoco Inc. [Philadelphia, bought an oil pipeline network from Pride Refining of Abilene for about $20.7M + market value of oil inventory when transaction completed], NYT, C4.
- Four agencies make acquisitions [e.g., Healthworld buys Falk Communications in New York for $20M], by Stuart Elliott, NYT, C8.
- Chase to buy Mellon Bank's home mortgage unit [for $undisclosed], Bloomberg via NYT, C4.
- LTV to buy a metal fabrication company in Chicago [the Welded Tube Co. from Smorgon Steel Group for $undisclosed], Dow Jones via NYT, C4.
- Brazil steelmaker to add U.S. link to pan-American chain [as Gerdau SA acquired control of the Ameristeel Corp. for $undisclosed], by Simon Romero, NYT, C4.
- Considered a strong regional market, Atlanta is getting a new agency to develop its potential [as Bayless & Partners merges with Merkley Newman Harty's Atlanta office for $??], by Stuart Elliott, NYT, C8.
- Four agencies make acquisitions [e.g., Earle Palmer Brown bought Ketchum Advertising for $undisclosed], by Stuart Elliott, NYT, C8.
- Four agencies make acquisitions [e.g., Foote, Cone & Belding Worldwide bought McElroy Communications for $undisclosed], by Stuart Elliott, NYT, C8.
8/03/99 16 Takeovers Reported (totalling $2.732b +$undisclosed), all in complete disregard of employees -
- [Didn't catch this last month so...]
A [BAT] cigarette deal to rival Philip Morris [- Part A: last month's $8.2 billion acquisition of Rothmans], by Alan Cowell, NYT, C1.
...Since its $8.2 billion acquisition of Rothmans was completed last month, British American Tobacco has ranked as the world's 2nd-largest cigarette maker with its own brands like Lucky Strike, and Rothmans'...Dunhill....
- [Part B]
A cigarette deal to rival Philip Morris - British American [Tobacco] to buy rest [58%] of Canadian maker [Imasco, for $6.8B], by Alan Cowell, NYT, C1.
...would buy the 58% stake of Imasco Ltd. of Canada that it does not already own [to displace] Philip Morris as the world's largest cigarette maker [aka cancer sticks - what a distinction - barf].... Imasco...produces du Maurier and Player's....
- Clear Channel buying 5 FM radio stations [having bought Jacor Communications for $6.5B in May], Bloomberg via NYT, C11.
[...but we didn't catch it in May, so we're counting it now.]
- [And the beat, sorry, BAT goes on - ]
A [BAT] cigarette deal to rival Philip Morris [& sale of Canada Trust to Toronto Dominion Bank for $5.4 billion], by Alan Cowell, NYT, C1.
...would recoup part of the cost...by selling Imasco's nontobacco businesses in Canada [including] Canada Trust, the nation's oldest and largest trust company....
- Jones Apparel to close factories and cut 1,910 jobs, Bloomberg via NYT, C4.
...after its $1.5 billion purchase of the shoe retailer Nine West Group Inc. [The Pa.-based] maker of women's clothing is closing factories in Kentucky and Indiana that employ 550, a factory in the Dominican Republic that employs 1,170 and Nine West's St. Louis administrative office, which employs 190. The cuts represent 21% of Nine West's 8,900 employees....
- Brussels allows bank deal, by Al Goodman, NYT, C4.
Overruling a Portuguese Government veto, the EC authorized the alliance between Spain's largest bank, Banco Santander Central Hispano, and four big Portuguese financial services companies [for about] $1.27 billion....
[So much for our Goodnews on 7/22.]
- Borg-Warner to get Eaton Fluid Power unit [for $310M], Bloomberg via NYT, C4.
- Global to buy offshore construction company [ETPM, for $265M+$2M in debt+$25M for two ships], Dow Jones via NYT, C4.
- SFX [Entertainment] to buy Apollo Leisure for $254 million, Bloomberg via NYT, C4.
- Auto parts maker purchased, by Simon Romero, NYT, C4.
The Federal-Mogul Corp....bought one of its main rivals, Sabo Industria e Comercio Ltda. of Brazil.... Sabo [is] a $180 million company....
- National Semiconductor sets [$167M] price for Cyrix unit [for sale to Taiwan's Via Technologies], Dow Jones via NYT, C4.
...National...paid $570 million for Cyrix in 1997, lost money on the business and set June 30 of this year as a deadline for either closing or selling it....
[Oh, this is a great example of how smart a strategy takeover is - National lost $400M in two years.]
- Kobe Steel to sell [machine-tool] unit [to Mitsubishi Materials for $122M], Bloomberg via NYT, C4.
- Sara Lee to acquire 2 brands [Duofold & J E Morgan, for $95.7M] from Dawson, Bloomberg via NYT, C4.
- Clear Channel buying 5 FM radio stations [from Trumper Communications II for $55.5M], Bloomberg via NYT, C11.
...to enter the Albuquerque, NM, market. The stations - KZRR, KPEK, KTEG, KLSK and KSYU - will be Clear Channel's first in New Mexico....
- Xoom.com to acquire Liquidmarket for $46 million, Bloomberg via NYT, C4.
- Intervu Inc. [agreed to buy Netpodium software for $37.2M], NYT, C4.
- Murphy Oil sells 60 retail gas stations [to 2 undisclosed buyers for $31.5M], Bloomberg via NYT, C11.
- College Television Network Inc. [agreed to buy Armed Forcoes Communications marketing for $30M], NYT, C4.
- Gerald Stevens Inc. [bought Calyx & Corolla catalog plants for $10M], NYT, C4.
- Clear Channel buying 5 FM radio stations [having bought a radio station in Des Moines from MW Communications for $7.35M in July], Bloomberg via NYT, C11.
[...but neither the NYT nor the Boston Globe mentioned it then, so we're counting it now.]
- Coca-Cola Bottling Co. Consolidated [agreed to buy Lynchburg Coca-Cola Bottling for an undisclosed price], NYT, C4.
- 10 glass makers form one company, AP via NYT, C9.
...the largest independent glass fabricator in North America...to increase their presence in the marketplace and share new technologies..\..
[But what does "independent" mean now in this situation?!]
The companies in the merger are Glass Werks of LA, Perilstein Distributing of Pittsburgh, PDC Glass of Detroit, Hartung Glass Industries and Lami Glass Products of Seattle, TFC and Louisville Plate Glass of Louisville, Tempered Glass of Atlanta, Mid Ohio Tempering of Columbus, and Thad Ziegler Glass of San Antonio....
8/02/99 Two weekend takeovers reported -
- Amsted Industries buying Varlen, parts maker [in hostile takeover for $740m cash + $50m debt], NYT, C4.
- Montgomergy Ward emerges from bankruptcy, Bloomberg via NYT, C4.
...after being acquired by GE Capital Inc., a unit of General Elecltric Co., for more than $650 million. Montgomery Ward, the Chicago-based retailer, has closed more than 100 money-losing stores....
- Dominion selling Latin American power operations [to the Duke Energy Corp. for $405m], Reuters via NYT, C4.
...to [focus on] its planned merger with the Consolidated Natural Gas Co....
- Ocean Energy is selling natural gas fields [to Cross Timbers Oil and Lehman Bros. Holdings for $235.3m], Dow Jones via NYT, C4.
- Kohlberg Kravis unit [Corning Consumer Products] taking over General Housewares [for $145m], Bloomberg via NYT, C4.
- Inamed agrees to acquire Collagen Aesthetics [for $142m], Dow Jones via NYT, C4.
- European Internet deal, by Andrew Sorkin, NYT, C4.
Britain's largest carrier of Internet traffic, Energis PLC, will buy the pan-European telecommunications alliance Unisource NV for...$97 million....
- Merck in deal to acquire Sibia Neurosciences [for $87m], Dow Jones via NYT, C4.
- Letchworth to be bought by Tompkins Trustco [for $81.5m], Reuters via NYT, C4.
- Ametek Inc...Pa., [appliance component maker, acquired Patriot Sensors & Controls, Detroit, for $70m], NYT, C4.
- Heico Corp...Fla., [jet-engine product mfr, bought Thermal Structures, Cal. and its Quality Honeycomb affiliate for $29m], NYT, C4.
- Alcoa buys Hayes Lemmerz stake [=remaining 50%, for $undisclosed, in A-CMI,] auto parts maker, Bloomberg via NYT, C4.
...A-CMI...will now be called Alcoa Automotive Castings [and] has about 900 employees....
- Armstrong World Industries...Pa [sold its textile products unit to Day International Group, Dayton, for $undisclosed, NYT, C4.
- Brazil media deal, by Simon Romero, NYT, C4.
The investment arm of Globo, Brazil's largest media company, sold a controlling stake in its telecommunications equipment unit, NEC do Brasil, to its Japanese partner, the NEC Corp.... Terms...were not released.
- Dow-TransCanada deal, Reuters via NYT, C4.
Aug. 2 - The Dow Chemical Co. said today that it had reached an agreement with TransCanada Pipelines Ltd. to buy [from it] Canstates Holdings Inc. and its chemical subsidiary.... Terms...were not disclosed.
- Textron purchases helicopter customizer [Edwards & Assocs. for $undisclosed], Bloomberg via Boston Globe, D7.
For earlier Mergers&Acquisitions, click on the desired date -
- [London's] Regents Park Hotel to be sold for $113.5 million [by Hilton to Jarvis Hotels], Bloomberg via New York Times, p. C6.
- Fogarty Klein buys Taylor Speier Group [for $undisclosed, both in Houston], NYT, C12.
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.
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