DoomwatchTM vs. Timesizing®
[Commentary] ©1999-1999 Phil Hyde, The Timesizing Wire, Box 622, Cambridge MA 02140 USA (617) 623-8080
Mergers&Acquisitions - September/99
9/30/99 10 More Takeovers Reported (total $1.548B + $$undisclosed) -
9/29 10 Takeovers Reported (total $5.541B + $$undisclosed) -
- Nabisco buys a candy company [Favorite Brands International] for $475m, Bridge News via NYT, C4.
- SLC Technologies to be acquired by ITI Technologies [for $397.1m], Dow Jones via NYT, C4.
- [Wells Fargo] Bank to buy Seattle brokerage firm [Ragen MacKenzie Group] for $240m, Reuers via NYT, C4.
- La-Z-Boy in $197.8m deal for Ladd Furniture, AP via NYT, C4.
- Scana to sell some assets to Suburban Propane [for $86m], Dow Jones via NYT, C4.
- Smithfield in [$80m] stock deal for Tyson's hog operations, AP via NYT, C4.
- [NPS Pharmaceuticals] Utah biotechnology company in Canadian acquisition [of Allelix Biopharmaceuticals, for $45.5m], AP via NYT, C4.
- [Protection One of California] alarm company to sell some Canadian operations to Voxcom [of Alberta for $27m], Bloomberg via NYT, C4.
- Diageo sells last of four liquor brands [including Cinzano & Metaxa, to Campari International of Italy for $??], Bloomberg via NYT, C4.
- Mpath changes name, buys software maker [Resounding Technology, for $??], by Hiawatha Bray, Boston Globe, D9.
9/28 12 Takeovers Reported (total $16.688B + $$undisclosed) -
- Alcatel plans to buy Genesys for $1.5B, Bloomberg via NYT, C4.
- Chase agrees to acquire Hambrecht & Quist [for $1.35B], by Kahn and McGeehan, NYT, C1.
- Japan gives American-led group right to acquire big bank [Long-Term Credit Bank of Japan for $9.4M + $1.13B = $1.224B], by Calvin Sims, NYT, C4.
- Tyco International in $1.1B deal for Siemens [electromechanical] unit, Reuters via NYT, C4.
- [Haitai Beverage,] Korean beverage maker sold [to Clarion Capital for $255M], by Samual Len, NYT, C4.
- Brentwood to buy 10 fitness clubs from Sports Club [for $49M], Dow Jones via NYT, C4.
- Geerlings & Wade agrees to a [$40M takeover offer from] Liquid Holdings, Bloomberg via NYT, C4.
- Todhunter International Inc. [distillers, to buy Monarch Wine Co. for $23M], NYT, C4.
- Kroger Co. [to sell its Memphis bakery to Flowers Industries for $??], NYT, C4.
- Sparta Foods Inc. [to acquire assets of Food Products Corp. for $??], NYT, C4.
9/25 5 Takeovers Reported (total $481M + $$undisclosed) -
- [CEOs are trapped in a spreading web of their own devising...]
Growing competitive pressure fuses 2 German conglomerates [- Veba & Viag blend for $14.1B], by Edmund Andrews, NYT, C4.
- DQE to sell 7 power plants to Orion for $1.71B, Bloomberg via NYT, C4.
- Role reversal in merger deal [- Westinghouse Air Brake switched who takes over who with Motivepower Industries in revised $475.3M stockswap], Bloomberg via NYT, C2.
- Kellogg to sell bagel unit to Aurora for $275M, Reuters via NYT, C4.
- EGlobe to buy Trans Global for about $80M, Bloomberg via NYT, C4.
- NetManage Inc. [of Cupertino to buy Simware of Ottawa for $28M], NYT, C4.
- Exide Corp. [auto batteries, to buy majority stake in Lion Compact Energy for $20M], NYT, C4.
- Arch Chemicals buys business from Eastman Chemical [for $??], Bloomberg via NYT, C4.
- Zuckerman reluctantly sells Atlantic [Monthly magazine to David Bradley for $??], by Leslie Kaufman, NYT, C1.
- Chevron is buying Argentine oil exporter [Petrolera Argentina San Jorge, for $??], Reuters via NYT, C24.
- Rockland [Mass.-based Independent Bank, for $??,] to buy 12 branches from Fleet, by Lynnley Browning, Boston Globe, C9.
- FamilyEducation.com expands with purchase [of Information Please LLC for $??], by Ronald Rosenberg, Bos Globe, C9.
9/24/99 10 Takeovers Reported (total $19.734B) -
- Security First Technologies adds Verticalone [for $166m], Bloomberg via NYT, B3.
- S3 Inc. [to acquire Diamond Multimedia Systems for $165m], NYT, B3.
- Cendant to sell unit [North American Outdoor Group, for $150m,] to Doughty Hanson of London, Bloomberg via NYT, B3.
- LVMH acquires shirt maker [Thomas Pink Holdings, for $??], by Andrew Sorkin, NYT, B2.
- Bank merger completed [- Bank of Western Massachusetts merges with United Bank for $??], AP via Boston Globe, A13.
9/23 Another 8 Takeovers Reported (total $2.499B) -
- Peco and Unicom to merge in big [$16b] bet on nuclear, by Agis Salpukas, NYT, C5.
[Talk about a "fool's bet"!]
- 2 providers of net access set to merge... A $1.7b stock swap for Earthlink & Mindspring, by Matt Richtel, NYT, C6.
- Westwood completes its [$1.2b] purchase of Metro Networks, Bloomberg via NYT, C4.
- Newsprint mill to be sold [ - Smurfit-Stone Container to sell one to Southeast Paper Mfg for $220m], Bloomberg via NYT, C5.
- CMGI picks a partner in Asia [& affiliate Engage Technologies to buy AdKnowledge for $193m], by Hiawatha Bray, Boston Globe, E3. (Fuller presentation next day in "Engage Technologies agrees to buy Adknowledge," Bloomberg via NYT, B3, 9/25.)
- ITT Industries is buying [space & military operations] from Stanford [Telecoms for $191m], Dow Jones via NYT, C4.
- Textron Financial agrees to buy Litchfield Financial [for $183m], Bloomberg via NYT, C4.
- North Carolina radio sale [- Cumulus Media to buy 6 NC radio stations for $47m], Bloomberg via NYT, C3.
- Holiday RV Superstores [to buy rival County Line Select Cars & RV's for $??], NYT, C$.
- Sweden-Norway phone merger [- Telia & Telenor, for $??], AP via NYT, C4.
9/22 8 Takeovers Reported (total $70.658B) -
- Xerox to pay $950m for color printer business - Tektronix deal to lift market share to 30%, by Claudia Deutsch, NYT, C8.
["Don't develop market share, stupid - just acquire it!"]
- 2 companies to buy Royal Bank properties, Bloomberg via NYT, C4.
The Oxford Properties Corp. and the Ontario Municipal Employees Retirement System said yesterday that they had agreed to buy 33 properties from Royal Bank of Canada for...$559m. The companies will then sell 22 of the properties to a group led by GE Capital Canada Inc. for C$216m.... Royal Bank said it would lease back all the space it occupies.
[So its point would be...? All this type of churn, which is increasingly common in the US as well as Canada, goes into the GDP & makes the geniuses at the Fed think we're growing.]
- Medimmune to acquire U.S. Bioscience for $492m - Acquiring drugs rather than developing them, by Lawrence Fisher, NYT, C14.
...Increasingly, large pharmaceutical companies, as well as some of the few profitable biotechnology concerns, are buying up smaller companies to add new drug candidates to their product pipelines. For companies like Medimmune..., such deals are less costly and less risky than developing drugs from scratch.
The year began with Warner-Lambert's announcement on Jan. 26 that it would pay $2.1b for Agouron Pharmaceuticals, a San Diego company with a single marketed AIDS drug and a cancer research program. Since then, Pharmacia & Upjohn has bought Sugen Inc.; Abbott Labs has bought Alza, which had itself acquired Sequus, and Johnson & Johnson has acquired Centocor. Analysts say there will be many more such deals because drug companies are under pressure to increase earnings faster than they can develop new products....
[Under pressure from whom? Yoooooou guessed it - from the analysts themselves, of course. Wall Street is driving the whole economy into Short Term Mode, to match its own speculative "pillage & run" thinking. Is this a formula for the long run? Did Adam Smith say the "invisible hand" of short-run thinking would automatically take care of the long run, just as the "invisible hand" of narrow self-interest was supposed to automatically take care of the whole system's interest?]
- Cisco Systems set to buy Webline for $325m, Bloomberg via NYT, C4.
...to offer more on-line products that help businesses streamline operations....
[Don't bother developing products, acquire them! What does this say about the rate of innovation and creativity in one of these depression-inducing periods?]
- City National to buy Pacific Bank for $153m, Bloomberg via NYT, C4.
...to enter Northern California markets....
[The laziness spreads, to more and more aspects of management, as CEOs get more and more spoiled by the vast, denied, global labor surplus.]
- Autoweb.com Inc., NYT, C4.
...an Internet car-shopping service, agreed to buy Automotive Information Center, Westborough, Mass., the automotive-data unit of Thompson Corp. of Canada, for $20m in cash and stock.
- I.B.M. agrees to acquire Internet security company [for $??], Bloomberg via NYT, C4.
...Dascom Inc. [which] develops technology to help businesses safely connect computer systems to the Internet.... Said Megan Graham-Hackett, an analyst at S.&P. Equity Group who rates IBM a "buy"..."It's definitely an area where they need to own that technology. They've probably discovered that."
[No, we'll wager that analysts have been beating them over the head with this "need" for months, maybe years, to jiggle the stock. As labor surplus intensifies, income and wealth concentrate on outlandish levels and have nowhere to go at these levels except into the stock market, which becomes increasingly powerful, despite its detachment and increasingly short-term orientation (driven by spreading corporate casualities resulting from its own facile advice).
- UAM sells unit back to its principals [for $??], Bloomberg via Bos Globe, F5.
United Asset Management Corp. of Boston said yesterday it sold the Nelson, Benson & Zellner Inc. money management unit back to its principals....
9/21 12 Takeovers Reported (total $6.144B) -
- [$70b] Deal to create biggest U.S. wireless network [between Bell Atlantic (US) & Vodafone Airtouch (UK) to be called Verizon Wireless, as Bell Atlantic & GTE complete $90B merger next yr & rename to Verizon as of 4/4/2000], by Laura Holson, NYT, C1.
- GTE to sell [58,723] Nebraska phone lines to Citizens Utilities [for $204m to shed slowgrow units], Bloomberg via NYT, C3.
- Getty Images to buy Eastman Kodak's stock photo unit [Image Bank, for $183m], Reuters via NYT, C3.
- BCE Emergis in $160m deal for 2 Canadian companies [= SNS/Assure & Assure Health], Bloomberg via NYT, C3.
- CMS Energy Corp.[of Mich. to buy 77% stake in Grupo Companhia Paulista de Energia Electrica of São Paulo for $85m], NYT, C3.
- International Multifoods Corp. [vending-machine foods, to buy Better Brands for $26m], Bloomberg via NYT, C3.
- Suiza is in [$??] deal to become top dairy producer [by buying Southern Foods Group, which currently has Borden & Elsie brands], Reuters via NYT, C3.
- Teco Energy Inc. [to sell its Tecom subsidiary to a unit of Invensys PLC, for $??], NYT, C3.
9/18 8 Takeovers Reported (total $918m) -
- Voicestream Wireless to buy Aerial Communications [for $3b], Bloomberg via NYT, C4.
- Rolls-Royce to buy Vickers for $933m, Dow Jones via NYT, C4.
- Norton, Saint-Gobain subsidiary, buying Furon [for 472+116+29= $617m], Dow Jones via NYT, C4.
- CMGI to acquire on-line company [Adforce, for $500m], by Robyn Meredith, NYT, C10., Bloomberg via NYT, C4.
- Jefferson-Pilot, underwriter, to buy Guarantee Life [for 296+115= $411m], Reuters via NYT, C4.
- Computer Sciences agrees to buy Nichols Research [for $391m], Bloomberg via NYT, C4.
- Suez Lyonnaise buying out [the remaining 47% of] Trigen Energy shares [for $129m], Bloomberg via NYT, C4.
- Schering to acquire Diatide, biotechnology concern [for $100m], Reuters via NYT, C4.
- El Paso Energy Corp. [to buy Bonneville Pacific for $63m], NYT, C4.
- Microsoft buying assets of Softway Systems [for $??], Bloomberg via NYT, C4.
- [Prince bin Talal] Saudi tycoon buys rest of Fairmont Copley [Hotel in Boston for $??], Reuters via Boston Globe, C9.
- Atlanta firm buys 76% of 125 High Street [for $??], by Richard Kindleberger, Bos Globe, C9.
9/17 7 Takeovers Reported (total $441.6m) -
- U.S. firm has control of Korea First Bank [is this an asset or a liability?] - Seoul sells 51% stake to Newbridge Capital for $417 million, by Stephanie Strom, NYT, B2.
- Brera Capital Partners to acquire insurance unit [GAB Robins, from SGS Holding for $165m], Bloomberg via NYT, B3.
- Happy Kids, children's wear company, accepts bid [of $125m from an affiliate of HIG Capital LLC], Reuters via NYT, B3.
- Whisky maker is sold [for $120m - Allied Domecq PLC bought a 70% stake in the whisky division of South Korea's largest liquor maker, Jinro Ltd], by Samuel Len, NYT, B2.
- IDT in $51 million deal [to sell its microprocessor unit to Via Technology], Bloomberg via NYT, B3.
- Acuson to purchase Ecton [heart imaging machines, for $40m], Bloomberg via NYT, B3.
- Zoots makes two acquisitions [#1 = Widmer's Inc. drycleaning in Ohio, for $??], by Chris Reidy, Boston Globe, F1.
- Zoots makes two acquisitions [#2 = Cleaner Options, cleaning pickup in Conn., for $??], by Chris Reidy, BG, F1.
9/16/1999 14 Takeovers Reported (total $15.0649b) -
- Visual Networks in [$177m] stock deal for Inverse Network, Bloomberg via NYT, C4.
- Inktomi to buy Webspective Software for $106 million, Bloomberg via NYT, C4.
- Viewlogic, Oregon firm [Summit Design] ink $57.6m stock deal, by Ross Kerber, Boston Globe, E7.
- Rowecom to add subscription business from Dawson [Holdings, for $56m], Bloomberg via NYT, C4.
- Freedom Securities plans to acquire a Jersey City firm [for $45m], Bloomberg via NYT, C4.
- Cal-Maine Foods Inc. [a big Miss. egg producer, lays another one by acquiring rival Smith Farms of Tex. for $??], NYT, C4.
- Cape Cod Bank buys two Fleet branches [for $??], by Alex Pham?, Bos Globe, E7.
[Can anyone tell us what's the net difference after a huge merger, like Fleet-BankBoston, if they have to sell off a bunch of branches anyway? CEOs call this "efficiency." We call it wasteful busywork.]
9/15 9 Takeovers Reported (total $4.15b) -
- Motorola confirms a [$11b] deal to buy General Instrument, NYT, C1>C6.
- Dime [Bancorp] to diversify with $1.9b Hudson United buyout, by Caroline Van Hasselt, Boston Globe, E6.
- Microsoft in a [$1.3b] stock deal for Visio, NYT, C1>C10.
- Delancey plans deal [to buy Milner Estates for $278.4m], Dow Jones via NYT, C4.]
- Longs to acquire 38 Rite Aid stores [for $186m], Bloomberg via NYT, C22.
- Rent-Way agrees to acquire Rentavision for $92 million, Bloomberg via NYT, C4.
- Informix is in $86.9 million stock deal for Cloudscape, Reuters via NYT, C4.
- Accrue Software to buy Marketwave for $70 million, Reuters via NYT, C4.
- Cisco to acquire Copenhagen Internet access provider [Cocom of Copenhagen, for $65.6m], Reuters via NYT, C4.
- Weatherford is in $64 million deal for Williams Tool, Dow Jones via NYT, C4.
- Fibermark Inc. [of VT bought Papierfabrik Lahnstein of Germany from Sihl Group for $22m], NYT, C4.
- Lear Corp. [vehicle interiors, bought remaining 50% ownership in its overhead-systems joint venture with Donnelly Corp. for $??], NYT, C4.
- Tradepoint in talks [- 3 major banks to join for $?? - Merrill Lynch, Dresdner and Credit Suisse First Boston], by Alan Cowell, NYT, C4.
- Fleet to sell 4 branches to Eastern Bank [for $??], Bos Globe, E6.
9/14 15 Takeovers Reported (total $53.414b) -
- Scottish & Newcastle in $1.8 billion pub deal [with the ailing Greenalls Group PLC], by Alan Cowell, NYT, C3.
- Kohlberg Kravis to acquire Alliance Imaging [for $313.5m cash + 17.8m stock + 520.1m debt], Bloomberg via NYT, C3.
- Aetna U.S. Healthcare to sell [NYLCare] Texas operations [to Blue Cross/Blue Shield of Texas for $500m], Dow Jones via NYT, C3.
- Deal to create [world's largest] moving concern [- Clayton Dublier & Rice, of NY, to buy Allied Pickfords from NFC PLC for $450m], Bloomberg via NYT, C5.
- Cendant to sell unit that publishes coupon books [- Entertainment Publications going to Carlyle Group for $345m], Dow Jones via NYT, C3.
- Onex unit agrees to buy Nelson Metal Products [for $180m], Bloomberg via NYT, C3.
- Sale of  radio stations [- by New Wave Broadcasting to Regent Communications for $23.5m], Bloomberg via NYT, C4.
- Leggett & Platt announces purchase of 6 companies [in 7 weeks, for $??], Reuters via NYT, C3.
- Swatch to buy luxury brand [Groupe Horloger Breguet, from Investcorp for $??], Bloomberg via NYT, C3.
9/11 9 Takeovers Reported (total $7.439b) -
- Total Fina is victorious with its [$48.8b] hostile bid for Elf Aquitaine, by Edmund Andrews, NYT, C1.
[The Boston Globe has this at $54b = different currency exchange? Look at the photo of these two young-looking chairmen. Honestly, they look like they're getting married. There's a metaphor for you! - mergers as masked gay marriages of alpha males.]
- Solectron to buy Smart Modular for $2 billion, Bloomberg via NYT, C4.
- Laidlaw selling 2 businesses... [Stagecoach Holdings PLC bought Coach USA for $1.88b in June (but not counted then)], by Timothy Pritchard, NYT, C4.
- American Tower in $260 million deal with unit of AT&T [to acquire 1,942 microwave towers], Dow Jones via NYT, C4.
- Mark IV sells filter unit to Clarcor for $144.8 million, Dow Jones via NYT, C4.
- Affymetrix [Daffymetrix??] to buy Genetic MicroSystems - Firm to pay $121m for Woburn, Mass. company, by Samantha Zee, Bos Globe, D8.
- Harvard Industries agrees to sell sealant subsidiary [to Hutchinson SA of France, for $115m], Dow Jones via NYT, C4.
- Lincoln National Corp. [life insurance, will buy John Alden Financial from Belgium-based Fortis for $41.5 million], NYT, C4.
- National Information to buy on-line services company [Electronic Press, for $29.6m], Dow Jones via NYT, C4.
- Station Casinos Inc. [to buy the Flamingo riverboat casino in Kansas City, Mo., from Hilton for $22.5m], NYT, C4.
- Ralcorp Holdings [to buy Ripon Foods, for $??], NYT, C4.
- Keyspan Corp. [gas & electric utilities, bought Delta Mechanical for $??], NYT, C4.
- Freedom Securities seen near 5th buy in 18 months [- Freedom bought Cleary Gull & Reiland last year for $??], by Kathie O'Donnell, Bos Globe, D9.
[We don't count "near buy's" but we do pick up mergers we didn't count before.]
- Freedom Securities [bought Hopper Soliday & Co. earlier this year for $??], by Kathie O'Donnell, Bos Globe, D9.
- Freedom Securities [bought Charter Investment Group earlier this year for $??], by Kathie O'Donnell, Bos Globe, D9.
9/10 11 Takeovers Reported (total $4.776b) -
- Chiefs of 2 utilities [American Electric Power + Central & Southwest Corp.] criticize regulators for delaying [1997-planned, but still uncounted by us, $4.9b] merger, Reuters via NYT, B2. [We're WITH YOU, regulators! Block these blockheads! Oops, per 11/6/99 NYT B3, last regulators (Texas) caved in.]
- [$1.4b First Choice Holidays - Airtours] British travel merger has uphill battle - The European Commission may be adopting a tougher antitrust stance, by Alan Cowell, NYT, B2. [About time!]
- German-Austrian deal [- Agiv energy & electronics to sell its Austrian unit, Andritz, to an Austrian consortium led by Unternehmens Invest for $485m], Dow Jones via NYT, B2.
- Old Kent Financial adds Grand Premier [Financial] for $389 million, Dow Jones via NYT, B3.
- [Canada's biggest meat processor] Maple Leaf Foods agrees to buy Landmark Group [for $101.4m], Bloomberg via NYT, B3.
- [St. Jude Medical heart valves to buy Vascular Science for $100m -] St. Jude's stock falls after acquisition report, Bloomberg via NYT, B3. [Good!]
- Old National Bancorp to buy Heritage Financial [for $63.2m], Bloomberg via NYT, B3.
- Hudson United Bancorp in deal to take over Lyon Credit [from France's Crédit Lyonnais for $??], Bloomberg via NYT, B3. [That's the 3rd bank merger in a row - just like the 1920s! Oops, here's another, but with some goodnews attached.]
- Boston Bank of Commerce inks buyout - Acquires People's National Bank of Commerce in Miami [for $??], by Kimberly Blanton, Boston Globe, C1. ...The deal would make it "America's first interstate African-American owned bank"....
9/9 13 More Takeovers Reported (totalling only $1.223b today) -
- Illinois Tool in $3.4 billion deal for Premark, Bloomberg via NYT, C4.
- LTV agrees to pay $650 million for 2 Imetal businesses [Copperweld & Copperweld Canada], Bloomberg via NYT, C4.
- Hasbro agrees to buy maker of role-playing games [Wizards of the Coast, for $325m], Reuters via NYT, C4.
- [In UK,] Prada in $170 million deal for Church, the shoemaker, by Alan Cowell, NYT, C6.
- Novacare Employee Services agrees to $75.7 million sale [to investors Patricof & Co. Ventures, Fidelity Ventures, & Aflac, Dow Jones via NYT, C4.
- Utilicorp agrees to sell a division to Allegheny Energy [for $75m], Reuters via NYT, C4.
- Broadcasting purchase [- Corus Entertainment to buy broadcasting assets of Power Corp. of Canada for US$72.6m], Bloomberg via NYT, C6.
- OneSource to acquire Woburn, Mass. research firm [Corporate Technology Information Services, for $8m], Dow Jones via Boston Globe, C9.
- Conagra Inc. [Omaha, has bought Choice One Foods, LA, for $??], NYT, C4.
- [Helmut Lang & Patrizio Bertelli finally air March sale details -] 51% Lang stake is sold to Prada [of Milan, for $??], by Cathy Horyn, NYT, C6.
- State Street to acquire Wachovia [institutional trust & custody units, for $??], Bloomberg via NYT, C7.
Note short-timeframe, pro-merger cheerleading in Boston Globe today, "Capitalism American style" by Syre & Stein, C1 -
9/08 13 Takeovers Reported (totalling $43.103B!) -
- Dell to acquire data storage company [ConvergeNet Technologies, for $340m], Bloomberg via NYT, C4.
- Concentric Network to buy British internet provider [Internet Technology Grp, for $235m], Bloomberg via NYT, C4.
- Polo Ralph Lauren to buy European licensee [Poloco, for $200m cash + $30m debt], Bloomberg via NYT, C4.
- Prodigy to buy small-business web-host company [Bizonthe.net, from Vartec Telecom, for $100m], Reuters via NYT, C4.
- Charles E. Smith [Residential Realty, for $85m,] to add Miami [Beach high-rise] apartment complex, Bloomberg via NYT, C4.
- Dynatech to buy Applied Digital Access for $80 million, Bloomberg via NYT, C4.
- Lycos to buy stock quote service [Quote.com, for $78m,] for its web site, AP via NYT, C4.
- Pinnacle Holdings to buy  communication towers [in 20 separate transactions, for $50m], Bloomberg via NYT, C4.
- Infocure Corp. [of Atlanta, to buy Datamedic Holding Corp. of Waltham, Mass. for $25.4m], NYT, C4.
- American General Corp. [to buy Financial Life Cos. for $??], NYT, C4.
- Cordant Technologies Inc. [to buy Continental/Midland Group Cos. for $??], NYT, C4.
- Tempus unit [CIA VSM Media] acquiring CPM [Media, for $??], by Stuart Elliott, NYT, C6.
- [Luxury Media Corp.,] Robb Report publisher buys Luxury Golf Homes [magazine, for $??], Reuters via Boston Globe, C9.
9/07/99 2 UK Takeovers Reported (totalling $28.4B!)
- Viacom to buy CBS, forming 2d largest media company - $37.3 billion deal - Purchase would create an entertainment and advertising giant, by Lawrie Mifflin, NYT, front page.
[The Boston Globe has this pegged at $37.7B, but hey, what's a paltry $400M at a time like this?!]
- Hilton to buy Promus chain [for $3.1b], creating one of biggest hotel groups, by Melody Petersen, NYT, C1. [Bos Globe has this at an even $4b.]
- Fleet selling 278 branches to Sovereign [Bancorp, for $1.4b], Reuters via NYT, C4.
- British group buys hotels [- Millennium & Copthorne Hotels to buy 29 US-Canadian hotels from Regal Hotels International Holdings for $725m], Dow Jones via NYT, C4.
- Amdocs plans acquisition [of International Telecommunication Data Systems, for $182m] to increase billing business, Bloomberg via NYT, C4.
- Mediaconsult.com agrees to buy Physicians' Online [for $166.5m in stock + $13.5m in debt], Bloomberg via NYT, C4.
- Gold Banc in stock deal for American Bancshares [for $91.4m], Bloomberg via NYT, C4.
- In bid to add Web sites, Lycos to pay $78.3m for Quote.com, by Hiawatha Bray, Boston Globe, D3.
- F & M Bancorp agrees to purchase a Maryland bank [for $45.9m], Bloomberg via NYT, C4.
- Legg Mason Inc. [brokerage & money mgmt, is buying Berkshire Asset Mgmt, for $??], NYT, C4.
- International Specialty Products Inc. [chemicals, to buy Monsanto's algins (sic) business, for $??], NYT, C4.
- General Electric to buy Kvaerner [natural gas power plant unit, for $undetermined], Bloomberg via NYT, C4.
- Compuware to acquire Cambridge's Programart [for $??], Bloomberg via Bos Globe, D9.
9/04 3 Takeovers Reported (totalling $176m +$undisclosed) -
- Natwest agrees to buy insurer, NYT, C4.
LONDON, Sept. 6 - Britain's 3rd-largest bank, National Westminster Bank PLC, formally said today that it had agreed to acquire Legal & General Group, a life insurance and pension provider, for...$17.2 billion.... Analysts said the acquisition was a defensive move against its rivals, notably Lloyds TSB Group, which recently said it would acquire the Scottish Widows Fund & Life Assurance Society....
[So Britain is making the same mistake as US & Canada in blurring the boundaries of banking, or rather, re-blurring them - after we all learned the hard way to clarify them in the Great Depression. "Those who don't learn the lessons of history are doomed to repeat them."
[10/07/99 and NatWest is dropping its now-up-to-$17.7B bid for Legal & General.>
[But wait again, did we count that Scottish Widows takeover yet? Nope. Just mentioned it in a downsizing item on 7/27, so better count it now...]
- Natwest agrees to buy insurer [to rival Lloyds' purchase of Scottish Widows], NYT, C4.
... Lloyds TSB Group [in June] said it would acquire the Scottish Widows Fund & Life Assurance Society [for £7 billion, becoming the number 2 UK insurer and manager of pension plans and mutual funds]....
[Let's see, at the exchange rate used in this admittedly late (Sept.) article, that would be a US$11.2 billion deal.]
9/03 11 Takeovers Reported (totalling $1.718b +$undisclosed) -
- Advanced Technical to be bought by Veritas Capital [for $135m cash + $? debt], Bloomberg via NYT, B4.
- BankAtlantic Bancorp agrees to buy Levitt Corp. [homebuilders, of Levittown fame, for $21m], Reuters via NYT, B4.
[Another American icon clasted! By the way, what business does a bank have buying a homebuilder?]
- ICG Communications sells fiber optic holding [to ACS Communications, for $20m], Bloomberg via NYT, B4.
[ICG - ACS - who can keep their Communications straight?]
9/02 10 Takeovers Reported (totalling $6.127b +$undisclosed) -
- Dyckerhof deal sends Lone Star stock up 42% [- Dyckerhof to buy Lone Star for $1b], Dow Jones via NYT, C3.
- Smithfield Foods agrees to buy rival [Murphy Family Farms] for $290 million, AP via NYT, C3.
[This is the world's No. 1 hog producer taking over No. 2. Hello, anti-trust? Hello-oh, anybody there?]
- Weatherford buys Petroline Wellsystems of Scotland [for $165m], Reuters via NYT, C3.
- [Bank merger:] U.S. Bancorp is acquiring Peninsula Bank of San Diego [for $104], AP via NYT, C3.
- Avnet makes its second acquisition deal in two weeks [for $60.5m], Bloomberg via NYT, C3.
- Nokia buys Rooftop Communications for $57 million, Dow Jones via NYT, C3.
- MK Gold Co. [Salt Lake City, acquired the Las Cruces copper deposit in Spain for $42m from Rio Tinto, London], NYT, C3.
- Johnson Controls Inc. [Milwaukee, bought two German fabric and parts plants for $?? from Benecke-Kaliko], NYT, C3.
- Meteor Industries Inc. [Colo., arranged to buy Jardine Petroleum, Utah, for $??], NYT, C3.
- Radio station deal [- Clear Channel Communications to buy 5 stations in ND & Wash. from T&J Broadcasting & Iowa City Broadcasting, for $??], Bloomberg via NYT, C5.
- 3 Maine newspapers sold to N.C. couple [- Franklin Journal, Farmington Chronicle & Livermore Falls Advertiser sold to Bill & Ann Kirkland by Janet & Dan Warner of New England for $??] , AP via Boston Globe, C5.
9/01/99 12 Takeovers Reported (totalling $914m +$undisclosed) -
- Masco makes five acquisitions for $3.8 billion [- Behr Process, Cal; Mill's Pride, Fla; Arrow Fastener, NJ; Inrecon, Mich; & Superia Radiatoren, Belgium], Bloomberg via NYT, C4.
[We'd break these up but we don't have the $$ breakdown.]
- H & R Block to buy Olde [Financial discount brokerage] for $850 million in cash - Investors balk at a move they see as risky, by Kenneth Gilpin, NYT, C4.
[So sell quick and switch to speculation, like everyone else.]
...The acquisition is Block's biggest ever.... The company...based in Kansas City...has been on a spending spree over the last two years [buying] eight accounting firms, two mortgage brokers and Birchtree Financial [another brokerage]....
- Purchase by life insurer [Britannic PLC of the Britannia Building Society's life insurance unit, for $554.9m], Dow Jones via NYT, C6.
- [UK-US schoolbus builders blend:] Henly's of Britain to acquire Blue Bird for $428 million, Dow Jones via NYT, C4.
- Cadbury and Carlyle to buy bottler [Dr. Pepper of Texas] for $283 million, AP via NYT, C4.
- Boston Properties buys [largest office & retail complex in the West, 2 San Francisco office] buildings for $118m, Bloomberg via Bos Globe, D9.
- Submicron Systems Corp. [to be acquired by a management-led group to be called Akrion LLC, for $55.5 million], NYT, C4.
- Vision 21 Inc., [Largo, Fla., sold its retail optical chains to Eye Care Centers of America, for $37.3m], NYT, C4.
- Cole National in [$??] deal for Metropolitan Life [managed vision care benefits] business, Reuters via NYT, C4.
- Newport Creamery buys Bergson's Ice Cream [for $??], AP via Bos Globe, D9.
For earlier Mergers&Acquisitions, click on the desired date -
- Hyundai unit sells [$200m waste-water treatment operations to Vivendi] , by Samuel Len, NYT, C4.
- AMR incorporates Reno Air [for $124m], Bloomberg via Boston Globe, D2.
- Borg-Warner agrees to sell [for $120m, its Kuhlman Electric] unit to [Carlyle Group] investors, Reuters via NYT, C4.
- Museum Towers sold to N.Y. firm [Clarion Partners, Dutch-owned,] for $110m, by Richard Kindleberger, Boston Globe, D7.
- Harte-Hanks to buy [for $105m, ZD Market Intelligence, a] company that tracks technology [not another one!], AP via NYT, C4.
- Hyundai unit sells [$100m power generation operations to Vivendi's US affiliate, Sithe Energies] , by Samuel Len, NYT, C4.
- Hooper Holmes to buy [for $95m, a Pediatric Services of America unit, a] rival company in health testing [where's anti-trust when we need'em?], Bloomberg via NYT, C4.
- ISS Group makes acquisition to add [for $57.1m, Netrex] Security services, Bloomberg via NYT, C4.
- Calif. company buys Restaurant Consulting [for $3m], Dow Jones via Boston Globe, D7.
- ITT Industries, [White Plains, to buy Flojet Corp of Calif. for $??], NYT, C4.
- Sara Lee Corp., [Chicago, to buy two Dutch meat processing units from Royal Ahold, for $??], NYT, C4.
- Manufacturers' Services to buy Phillips [Consumer Electronics' printed circuit board assembly operation in Poland, for $??], by Ackerman & O'Neill, Boston Globe, D4.
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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