DoomwatchTM vs. Timesizing®
[Commentary] ©1999 Phil Hyde, The Timesizing Wire, Box 622, Cambridge MA 02140 USA (617) 623-8080
Mergers&Acquisitions - December, 1999
12/31/1999 9 takeovers reported (totaling $3.1937B + $$undisclosed) -
12/30 11 takeovers reported (totaling $1.024B + $$ undisclosed) -
- Taiwan chip merger [#1 (see 1/08 for #2) - Taiwan Semiconductor Mfg to buy remaining 70% of TSMC-Acer Semiconductor Mfg for $1.5B], Bloomberg via NYT, C4.
- Halliburton completes sales of stake in pump venture [- its Dresser Industries subsidiary also sells Ingersoll-Rand big stake (51%) in another joint venture, Dresser-Rand, for $579m], Reuters via NYT, C4.
- Halliburton completes sales of stake in pump venture [- Dresser sells its 49% stake in joint venture Ingersoll-Dresser Pump to partner, Ingersoll-Rand, for $515m], Reuters via NYT, C4.
- Tomkins buys maker of ventilation equipment [Hart & Cooley, for $320m], Dow Jones via NYT, C4.
- FBP Industries to purchase Falcon Building Products [for $240.5m], Bloomberg via NYT, C4.
- TransCanada [Pipelines] finishes sale of natural gas liquids unit [in La. to Coastal Corp. of Houston for $26m after paying $150m for it 2 yrs ago], Bloomberg via NYT, C4.
...trying to rebound from a string of failed investments...to focus on...transporting natural gas.
[Hmm. 26-150= $124m loss. And the morale is: Quit jocking around and - Mind your own business!
Git yoh Canadian peripheralitis under control & just - Mind the store!]
- Centennial Technologies Inc. [bought flash memory business of Intel Corp. for as much as $13.2m], NYT, C4.
- Eaton sells machine tool controls business [of its Vickers Electronic Systems division to Siemens [Energy & Automation unit of Siemens AG for $??], Dow Jones via NYT, C4.
- Law firms combine [- Perkins, Smith & Cohen of Boston to merge with Tillinghast, Licht & Semenoff of Providence for $??], by Steven Wilmsen, Boston Globe, D7.
12/29 13 takeovers reported (totaling $9.5166B + $$ undisclosed) -
- Nuclear power acquisition [-British Nuclear Fuels to buy ABB's commercial nuclear power unts for $485m], Bloomberg via NYT, C4.
- MP3.com to acquire online event-planning business [SeeUthere.com, for $150m], Bloomberg via NYT, C4.
- Advantica [Restaurant Group] will sell El Pollo Loco to private group [American Securities Capital Partners, for $113m], Bloomberg via NYT, C4.
- Colt's Manufacturing to buy German weapons maker [Heckler & Koch, for $100m], Bloomberg via NYT, C4.
- Niagara Bancorp to buy CNY Financial for $88m, Bloomberg via NYT, C4.
- Asian trading companies [- For $58m, Li & Fung to buy 2 Swire Pacific units: Swire & Maclaine, and Camberley Enterprises], Bloomberg via NYT, C4.
- Two Pennsylvania banks to merge in $30m deal [- Harleysville National to buy Citizens Bank & Trust for $30m], Bloomberg via NYT, C4.
- Ultramar Diamond Shamrock Corp. [sold 70 outlets to USA Express for $??], NYT, C4.
- Hispanic Television Network Inc. [to buy 12 TV stations in the Southwest from undisclosed sellers for undisclosed sum], NYT, C4.
- Public relations firm acquired in Chicago [- Selz/Seabolt bought by Publicis Dialog for $??], Bloomberg via NYT, C4.
- CMGI agrees to acquire Calif. software firm [Equilibrium, for $??], Dow Jones via Bos Globe, D7.
12/28 9 takeovers reported (totaling $929m+ $$ undisclosed) -
- Dynegy Inc. [of Houston to buy Illinova Corp. of Decatur for $4B], NYT, C3.
- Associates First [Capital] is buying Keycorp's credit card unit [for 1.3b+330m= $1.63B], Reuters via NYT, C3.
- Computer services merger [- Dimension Data Holdings of So. Africa to buy European networking businesses of Comparex Holdings for $1.57B, Bloomberg via NYT, C3.
- Fairchild Aerospace is sold for $1.2B [to German insurer Allianz & U.S. investment group Clayton, Dubilier & Rice], Reuters via NYT, C3.
- [Minneapolis-based] Jostens, maker of class rings, agrees to buyout [for $850m by a group that includes its mgmt but is controlled by Bahrain-based Investcorp], Bloomberg via NYT, C3.
- Media 100 expanding its video-editing software line [with $87m purchase of Digital Origin], Bloomberg via NYT, C3.
- Operator of dialysis clinics expands with acquisition [- National Nephrology Assocs. to buy Renex Corp. for $75m], Bloomberg via NYT, C3.
- Sipex to eliminate jobs after buying Calogic [for $45m in Nov.], Bloomberg via Boston Globe, C7.
- National Commerce [Bancorp] to buy Piedmont [Bancorp] for $34.5m, Bloomberg via NYT, C3.
- All Communications will buy rival [ViewTech videoconferencing services] for $25.1m, Bloomberg via NYT, C3.
- Paxar Corp. [(clothing labels) of White Plains to buy Germany-based Bornemann & Bick for $??], NYT, C3.
- Sprint PCS sells [its Sprint Spectrum wireless network eqpmt unit to Omnipoint [for $??], Bloomberg via NYT, C8.
- Chemfab completes buy of Italian fabricator [Orvim SpA's PTFE-coated materials business, for $??], Bos Globe, C7.
12/24 7 takeovers reported (totaling $1.852B + $$ undisclosed) -
- Spartech agrees to acquire a Uniroyal subsidiary [High Performance Plastics, for $217.5m], Reuters via NYT, C3.
- VDI Multimedia to be bought by Bain Capital [for $200m], Bloomberg via NYT, C3.
- Compositech agrees to buy Netdirect for $175m, Reuters via NYT, C3.
- Argentine grocer sold [- Supermercados Ekono to be sold to Disco for $150m by Distribucion y Servicio], Reuters via NYT, C3.
- Noble's plastics unit [comprised of Tiercon Industries, Cass River Coatings and Noble Component Technologies] is sold to investment group [a newly formed affiliate of Royal Bank Equity Partners, for (89+95)/2= $91.5m], Reuters via NYT, C3.
- G.E. agrees to acquire Norwegian [thermal] power business [of Kvaerner for $70m], Dow Jones via NYT, C3.
- Susquehanna Bancshares Inc. [to buy Valley Forge Asset Mgmt Corp. for $25m], NYT, C3.
- Dow Jones agrees to sell a division [that produces Investment Advisor, Asset Mgmt, and Property magazines and the Realty Stock Review, to Wicks Business Information, for $??], Reuters via NYT, C4.
- Big board specialist buying another rival [- LaBranche & Co. to buy Webco Securities for $??], Bloomberg via NYT, C7.
12/23 14 takeovers reported (totaling $5.899B + $$ undisclosed) -
- Comcast to pay $750m for rest [45%] of joint venture [Comcast MHCP Holdings, from Calif. Public Employees' Retirement System], Bloomberg via NYT, C3.
- Bulgarian telecom stake [- Royal KPN (Dutch) & Hellenic Telecoms Org. (Greek) to pay 410+100+200= $710m for 51% of Bulgaria's national phone co. + mobile phone license], Bloomberg via NYT, C3.
- German broadcaster sale [- CLT-UFA to gain 74.8% control of German channel Vox by paying $338m for News Corp's 49.9% stake], Bloomberg via NYT, C3.
- : Hershey Food Corp. [to buy & renovate former outside Philadelphia for $23m], NYT, C3.
- Kinder Morgan Inc. [to sell natural gas pipeline unit in New Mexico to GPM Gas Corp. for $20m], NYT, C3.
- AES Corp. [to buy control of 3 power plants from Georgian Republic for $11m], NYT, C3.
- Newsweek is acquiring a travel magazine [Arthur Frommer's Budget Travel, for $??], AP via NYT, C15.
12/22 11 takeovers reported (totaling $2.926B) -
- Comcast to buy Jones Intercable outright [for $3.2b], Reuters via NYT, C4.
- AOL to get MapQuest.com for $1.1b in stock, Reuters via NYT, C4.
- Tellabs to buy switch maker, Salix [Technologies], for $300m, Bloomberg via NYT, C4.
- Nielsen pays $246m to raise NetRatings stake [from 11 to 54%], Bloomberg via NYT, C4.
- K+S Fertilizers acquisition [of BASF's Compo lawn-care unit & other fertilizer activities in Europe for $217m], Bloomberg via NYT, C4.
- GPU makes $215m deal for a power line company, Bloomberg via NYT, C4.
- Wachovia buying Bank of Montreal [US credit-card] unit [for $175m], Bloomberg via NYT, C8.
- Rochester Gas and Electric to acquire nuclear plant [Nine Mile Point 1 & buy controlling interest in Nine Mile Point 2 from Niagara Mohawk for $163m (p.C4 or $210m on p.A24)], AP via NYT, C4.
- Baxter in $130m deal to buy Swedish dialysis unit [Althin Medical A.B.], Bloomberg via NYT, C4.
- Commodore Holdings Ltd. [to buy the ship Crown Dynasty from Neptune Maritime of Helsinki for $86.2m], NYT, C4.
- Utility sells Australia unit [- TXU Corp. in Texas to sell Enetech unit to Tenix Group for $36m], Bloomberg via NYT, C19.
- SportsLine.com acquires Daedalus [World Wide Corp. for $31m], Dow Jones via NYT, C2.
- Qualcomm will sell a [land-based consumer] phone business [to Kyocera Corp. of Japan for $??], Reuters via NYT, C6.
- HMS Partners buys Studiomotiv [- both are Ohio ad agencies - for $??], by Courtney Kane, NYT, C6.
12/21 21 takeovers reported on the 21st (winter solstice/darkest day - totaling $16.882B) -
- Wells Fargo agrees to buy Alaskan bank [National Bancorp of Alaska, for $907m], Bloomberg via NYT, C4.
- Investors [led by Freeman Spogli & Co., Gary Wilson and Jerome York] to acquire Micro Warehouse for $725m, Bloomberg via NYT, C4.
- Phone.com agrees to buy At Motion for $284m, Bloomberg via NYT, C4.
- IBP to buy a meat processor for $261m, Reuters via NYT, C4.
- CheckFree to acquire BlueGill [Technologies] for $250m in stock, Dow Jones via NYT, C4.
- EMC buys business software maker [Softworks] for $192m, Dow Jones via NYT, C4.
- BASF to buy Rohm & Haas [industrial coatings] division for $175m, AP via NYT, C4.
- SportsLine.com sells a unit to a venture led by athletes [for $85m], Bloomberg via NYT, C6.
- Milacron Inc. [to sell its Vienna-based plastics extrusion business for $47m to SMS A.G.], NYT, C4.
- Massachusetts Mutual Life Insurance Co. [bought Jefferson-Pilot Corp.'s Argentinian operations for $??], NYT, C4.
- Spiegel to buy J. Crew women's catalog [for $??], Bloomberg via NYT, C8.
12/20 1 weekend takeover reported (worth $27B) - to count next week -
- A $6B merger [between Burlington Northern Santa Fe Corp. & Canadian National Railway] would create a transcontinental railroad, by Charles Bagli, NYT, C1.
[Man, these reporters are getting seriously ignorant, even at the Times. The CNR is ALREADY a transcontinental railroad - has been for decades. The first paragraph has a more valid claim -]
...would create the largest railroad in North America [and the world with the probable exception of the Chinese and Indian National RRs]....
[But wait, isn't the Burlington Northern Santa Fe the 'road that just screwed up 1-2 years of shipments by post-merger disorganization? And the CNR is stupid enough to jump in bed with THEM?!? There it is, folks. Us Canucks like to sport an air of superiority over our Yank cousins but, hey, guess we're just as dumb after all.]
- Korean mobile deal [- SK Telecom to buy control of Shinsegi Telecom for $2.4B], Bloomberg via NYT, C4.
- Cisco deal with Pirelli [- Cisco to buy Pirelli's optical systems unit for $2.15B], by John Tagliabue, NYT, C4.
- Honeywell to buy Pittway, an alarm maker [for $2B], AP via NYT, C4.
- Conexant Systems to buy Maker Communications [for $990m], Dow Jones via NYT, C4.
- Verisign buying two in deals worth $1.2b [e.g., Signio electronic payments for $728m], Reuters via NYT, C4.
- World Access to acquire Star Telecommunications [for $650m], Bloomberg via NYT, C4.
- Three weddings and a funeral [e.g., Interpublic Group of Cos. in NY to buy NFO Worldwide in Stamford for $580m], by Stuart Elliott, NYT, C8.
- Verisign buying two in deals worth $1.2b [e.g., Thawte Consulting in So. Africa for $575m], Reuters via NYT, C4.
- St. Paul [Cos.] to buy MMI Companies for $200m, Dow Jones via NYT, C4.
- Oerlikon-Buehrle agrees to acquire Plasma-Therm [for $150m], Dow Jones via NYT, C4.
- Allegheny Power is purchasing Mountaineer Gas [for $100m], AP via NYT, C4.
- Castle Harlan agrees to buy Taylor Publishing [for $93.48m], Bloomberg via NYT, C4.
- Old National seeking to expand in Indiana [buy buying Permanent Bancorp for $92m], Bloomberg via NYT, C4.
- Three weddings and a funeral [e.g., Modem Media.Poppe Tyson internet ad agency in Norwalk to buy Vivid Studios websites in San Francisco for $64m], by Stuart Elliott, NYT, C8.
- American Tower expands [by buying U.S. Electrodynamics for $60m], Bloomberg via NYT, C9.
- Vlasic Foods International Inc. [to sell its fresh-mushroom business to Money's Mushrooms Ltd. for $50m], NYT, C4.
- Pactiv, the Tenneco spinoff, sells 4 businesses [for $?? - NJ aluminum foil plant & Ky. aluminum packer-processor plant to Charter Oak Capital Partners, Romanian forest-products business to New Bay Enterprises, & Swiss aluminum foil container plant to Hans Kolb Wellpappe], Bloomberg via NYT, C4.
- National Commerce Bancorp [said its NBC Bank subsidiary to buy First National Bank for $??], NYT, C4.
- Kellogg Co. [of Mich. to buy Mondo Baking Co. of Ga. for $??], NYT, C4.
- Three weddings and a funeral [e.g., Powers & Assocs. to buy Sive/Young & Rubicam, both in Cincinnati, for $??], by Stuart Elliott, NYT, C8.
12/18 5 takeovers reported (totaling $866m) -
- Monsanto, Pharmacia & Upjohn agree to merge [for $27B] - To create world's 11th-largest pharmaceutical company, by Noelle Knox, Boston Globe, B7.
NEW YORK - In the 2nd major drug merger in as many months, Monsanto Co. and Pharmacia & Upjohn Inc...signed an agreement yesterday to merge their operations [to diversify their risk].... Last month, American Home Products Corp. announced an agreement to acquire Warner-Lambert Co. [although] that deal...is being challenged in court by...Pfizer Inc..\.. The frenetic search for partners in the pharmaceutical industry is being driven by the need to finance research for blockbuster drugs, while facing pressure from political and consumer groups to keep prescription costs down....
[Problem 1 - this Globe article drops off page B7 with a pointer to page B8, and ... no sign of it on page B8. Anybody found it elsewhere or is this another case of 'higher technology, lower quality'? The deal's value of $27B was not found in today's papers but in tomorrow's, e.g., "After deal of 2 giants, shares plunge - Frowns for Monsanto and Pharmacia union" by David Barboza in 12/21 NYT C1 and even more pointed, "Investors cool to merger plans of Monsanto, Pharmacia & Upjohn," AP via 12/21 Boston Globe, C16 which contains the following record of nemesis "...The setback on Wall Street reduced the value of the all-stock deal to $23.3B from $27B when it was announced...."
[Problem 2 - isn't pharmaceuticals the industry that whined to Congress in the 1980s and got subsidies to move to lower-wage Puerto Rico? Seems to us that this formed a major chapter in Barlett and Steele's 1992 book America: What Went Wrong? What happened to all those savings on wages, regardless of the damage to the continental American consumer base and tax revenues? What do you want to bet that those 'savings' got wasted on huge executive 'compensation'? You know, we hate to say it but, the lala land that these CEOs get into currently requires periodic deep depressions to bring them back to reality. They need a guideline to get them reinvesting in their own markets at the appropriate (relative to today) colossal levels and keep their personal "share" from getting completely out of control. We suggest that "guideline" is best defined in employment terms and mediated via a workweek that automatically adjusts to our level of technology. As that level goes up, the workweek needs to automatically adjust downward to prevent work and skills and spending power from bunching up on fewer and fewer people, thus leaving fewer and fewer markets for their hugely technologically amplified productivity. And the best way to gauge our level of technology is by a comprehensive unemployment rate, a rate that includes welfare, disability, homelessness, prison, forced part time.... It's what we call Timesizing.]
12/17 8 takeovers reported (totaling $3.3584B) -
- TV rental merger [- Granada Group in UK creates puppet unit, Box Clever, to "acquire" its TV rental unit "for $966m" (ignore) & take over Thorn UK's rental unit for $612m], by Andrew Sorkin, NYT, B2.
- Park National to acquire bank holding company [SNB Corp. & its Second National Bank unit, for $96m], Dow Jones via NYT, B3.
- EGlobe is adding Trans Global Communications [for $80m], Dow Jones via NYT, B3.
- Daleen Technologies buys Inlogic [Software] for $68m, Dow Jones via NYT, B3.
- Media 100 buys Calif. firm [Wired Inc., for $10m], by Ross Kerber, Boston Globe, C1.
12/16 12 takeovers reported (totaling $4.5266B) -
- Ariba to buy Tradex for $1.86B in stock, Reuters via NYT, C4.
- Bank deal in Italy [- Banca Lombarda to buy 56.7% of rival Banca Regionale Europea for $1.4B], by John Tagliabue, NYT, C4.
- First Bancorp to acquire another North Carolina bank [First Savings Bancorp, for $78.4m], Bloomberg via NYT, C4.
- Amergen Energy Co. [purchasing central Illinois nuclear power plant for $20m], NYT, C4.
- 3-way merger will challenge Japanese phone giant [- $?? merger of KDD, DDI & IDO to challenge Nippon Telegraph & Telephone], by Stephanie Strom, NYT, C4.
- Dynegy Inc. [to sell 4 gas-processing plants & 675 mi. of assoc'd pipelines in E. Tex. for $??], NYT, C4.
- [New York agency, Jack] Morton making two acquisitions [e.g., Creation Communications in London for $??], by Stuart Elliott, NYT, C8.
- Morton making two acquisitions [e.g., De Otter & De Vries Live Communications in Berlin for $??], by Stuart Elliott, NYT, C8.
12/15 8 takeovers reported (totaling $3.5725B) -
- British cable television concern expected to disclose [agreed $3B] acquisition [- Telewest Communications to buy Flextech], by Andrew Sorkin, NYT, C2.
- CMGI to acquire Yesmail.com for $523m, Dow Jones via NYT, C4.
- DPL to sell gas distribution unit for $425m [to Indiana Energy], Reuters via NYT, C4.
- Greater Bay to acquire Coast Bancorp for $125m, Dow Jones via NYT, C4.
- YouthStream [Media Networks] to acquire Sixdegrees for $125m, Dow Jones via NYT, C4.
- BB&T to buy First Banking for $123.6m in stock, Bloomberg via NYT, C4.
- Rexall Sundown to buy MET-Rx [Nutrition] for $108m, Bloomberg via NYT, C4.
- Petsmart Inc. [sold its British chain of 92 superstores to Pets at Home for $49m], NYT, C4.
- Mapics to acquire Pivotpoint for $48m, Bloomberg via Boston Globe, D9.
- Kroger to acquire [for $??, Kessel Food Markets -] 20 supermarkets in Michigan, AP via NYT, C4.
- General Mills Inc. [of Minn. to buy Small Planet Foods of Wash. for $??], NYT, C4.
- NEMC hospital merges gastrointestinal unit [- New England Medical Center's Floating Hospital for Children merged GI unit with Pediatric Gastroenterology Assocs. for $??], by Steven Wilmsen, Bos Globe, D9.
12/14 15 takeovers reported (totaling $11.739B) -
- CIBA to sell unit [- CIBA Specialty Chemicals AG polymers unit to Morgan Grenfell Private Equity for $1.8b], Bloomberg via NYT, C4. [Notice how many targeted companies like this are selling units to general financial and holding companies who don't know squat about the business & care only about stock price (not about market, customers, employees - not even about profits any more!) = another Bad Sign that happened frequently throughout the 1920s.]
- Emerson to buy producer of telecommunications gear [a Jordan Industries unit, for 440+540= $980m], Dow Jones via NYT, C4.
- Merck to sell imaging unit [- Milan's Bracco family to pay Merck $880m over 5 years for the 50% stake it doesn't yet own in joint venture that makes X-ray & ultrasound materials], Bloomberg via NYT, C4.
- CHS Electronics agrees to sell European operations [to senior managers for 300+11+?= $311m+], Dow Jones via NYT, C4.
- Cornerstone Properties Inc. [sold its One Norwest Center office tower in Denver to Commonwealth Partners and Calif. Public Employees Retirement System for $208.5m], NYT, C4.
- Cordiant is buying [80%] stake in Hyundai [advertising unit for $133m], Bloomberg via NYT, C18.
- [<$100m] Hong Kong Internet deal [- AT&T to sell HK operation that sells Internet services, to Iasiaworks], by Seth Schiesel, NYT, C4.
- Games maker Ceaco, Gamewright combine [for $??], by Chris Reidy, Boston Globe, C10.
[1 weekend takeover to count next wk]
- [Whittman-Hart, a] Computer consultant, to buy USWeb in a [$5.87b] stock swap, by Lawrence Fisher, NYT, C4.
- NTL to buy Cablecom in a $3.7b deal, by Andrew Sorkin, NYT, C4.
- Forestry unit sold [- Metso of Finland to sell its Timberjack unit for $612m to Deere & Co. of Ill.], Agence France-Presse via NYT, C4.
- Cookson to buy Asarco unit [an electronic chemical business, for $503m], Bloomberg via NYT, C4.
- Hanbo deal reached [- bankrupt Hanbo Iron & Steel of So. Korea to be sold to a U.S. consortium of Nabors Capital, UNX and Third Avenue Capital for $500m], by Samuel Len, NYT, C4.
- [For $205m,] Westell buying Teltrend in effort to increase sales, Bloomberg via NYT, C4.
[That's not increasing sales, that's just taking someone else's.]
- Mail.com to buy Netmoves for $173m in stock, Bloomberg via NYT, C4.
- Sagent Technology to buy Qualitative Marketing [for $70m], Dow Jones via NYT, C4.
- Primus Knowledge agrees to acquire Imparto [for $56m], Bloomberg via NYT, C4.
- Netgateway will buy Galaxy for $50m in stock, Reuters via NYT, C4.
- Real estate investment trusts to merge [- CV Reit and Kranzco Realty Trust, for $??], AP via NYT, C4.
- Eaton Corp. [hydraulic equipment of Cleveland to sell its agricultural cylinder business to Hyco International for $??], NYT, C4.
- Prudential's brokerage unit acquires Volpe Brown Whelan [one of the last independent investment banks, for $??], Reuters via NYT, C7.
- Home Depot buying Apex [for $??], Bloomberg via NYT, C7.
- Wilson [Industries] to buy Texas Mill [Supply & Mfg for $??], Dow Jones via NYT, C12.
12/13 RCN to acquire 21st Century Telecom Group [for $260m], by Seth Schiesel, NYT, C8.
12/11 5 takeovers reported (totaling $444.3m) -
12/10 10 takeovers reported (totaling $21.428B + $undisclosed) -
- Hollywood Park agrees to sell two casino holdings [Boomtown Biloxi and Casino Magic Bay St. Louis, to Penn National Gaming for $195m], Reuters via NYT, B3.
- Pegasus Communications, satellite TV provider, adding [6 smaller providers for $100m], AP via NYT, B3.
- Massachusetts Mutual Life Insurance Co. [bought 201 Spear St. Terrace in San Francisco for $62m fromo Lend Lease Real Estate Investments], NYT, B3.
- [W.S. Atkins PLC,] British Engineering consultant to purchase Benham [Cos. for 37+10.1+5.2= $52.3m], Bloomberg via NYT, B3.
- Precept Business to sell transportation[-services division to a management-ledd buyout group for 27+2+6= $35m], Bloomberg via NYT, B3.
12/09 8 takeovers reported (totaling $4.459B + $undisclosed) -
- BellSouth joins with Dutch in a $20B German wireless deal, by Edmund Andrews, NYT, C1.
- Puma Technology to buy Internet software creator [for $370m], Bloomberg via NYT, C4.
- Maker of gear-production equipment agrees to buyout [- Gleason Corp. to sell out to its own senior mgmt & the Gleason Foundation for $332m], Bloomberg via NYT, C4.
- Broadbase [Software] to buy maker of online marketing software [Rubric Inc., for $331.2m], Bloomberg via NYT, C4.
- WellPoint [Health Networks] agrees to acquire health insurer in Illinois [Rush Prudential Health Plans, for $200m], Bloomberg via NYT, C4.
- Titan agrees to buy Advanced Communications Systems [for $175m], Bloomberg via NYT, C4.
- Etoys Inc. [to sell its consumer health interactive unit for $20m to investment group led by J. H. Whitney & Co. of Stamford], NYT, C4.
- USA Networks Inc. [to buy Ingenious Designs Inc. for $??], NYT, C4.
- Gaylord Entertainment Co. [bought Jack Nicklaus' majority interest in Jack Nicklaus Productions for $??], NYT, C4.
- Cox [Newspapers] sells book publisher [Longstreet Press, to Scott Bard, Longstreet's sales and marketing director and two investors for $??], AP via NYT, C6.
12/08 9 takeovers reported (totaling $1.1727B + $undisclosed) -
- Adelphia to buy Cablevision's Cleveland assets [for $1.53b], Bridge News via NYT, C4.
- Corning in fiber deal [- buying Siemens fiber-optic systems business and buying out 2 joint ventures for $1.3b], AP via NYT, C4.
- Finova to buy Fremont's commercial lending unit [Fremont Financial Corp., for $765m], Bloomberg via NYT, C4.
- Media General to acquire Spartan for $605m, Reuters via NYT, C4.
- Invitrogen to acquire Research Genetics [for $139.2m], Bloomberg via NYT, C4.
- NBT Bancorp to buy Pioneer American for $85m, Dow Jones via NYT, C4.
- Baldwin to sell 2 units [- Baldwin Piano & Organ to sell Keyboard Acceptance Corp. & Signature Leasing Corp. to Deutsche Financial Services, a St. Louis unit of Deutsche Bank Group, for $35m], Bloomberg via NYT, C17.
- Weber unit acquires Washington lobbying firm [- Weber McGinn buys Barbour Griffith & Rogers for $??], by Chris Reidy, Boston Globe, D5.
12/07 14 takeovers reported (totaling $4.8417B + $undisclosed) -
- ConAgra to buy Seaboard poultry unit [Seaboard Farms] for $375m, AP via NYT, C4.
- El Paso unit aquiring [sic] Dynegy's California plants [for $255m], Dow Jones via NYT, C4.
- RoweCom to but NewsEdge for $227m in stock, Dow Jones via NYT, C4.
[And speak of the devil, we ran into Bruce Glave today in the Harvard Sq. Coop. Bruce used to work for Individual Inc. (at the time they downsized us the day of our debate with Joe Kennedy) which got bought by Desktop Data which then changed its name to NewsEdge. "And the rest is..." today's news.]
- Nextlink acquires rest of Internext for $220m, Reuters via NYT, C4.
- Medical Manager to acquire Physician Computer [Network for $53m], Bloomberg via NYT, C4.
- Extendicare Inc. [of Canada sold its British unit to Bettercare Group of Northern Ireland for $42.7m], NYT, C4.
- EDS to sell computer [community banking] services unit to Willis Stein [for $??], Bloomberg via NYT, C4.
- Automakers turn over their data traffic to a new operator [- Automotive Industry Action Group, a technology consortium of GM, Ford, DaimlerChrysler & their auto parts suppliers, sold assets & operations of Automotive Network Exchange, the auto industry's private data network, to Science Applications International Corp. for $??], by Keith Bradsher, NYT, C6.
- LaBranche to acquire Henderson Brothers [for $??], Bloomberg via NYT, C20.
[One particularly tragic weekend takeover, to count in with the upcoming week.]
- Veba to buy Aral stakes [now owned by Exxon-Mobil & BASF to take full control for "significantly less than estimated $2.1b], Bloomberg via NYT, C4.
- Ziff-Davis to sell division that publishes PC magazines [to Willis Stein & Partners for $780m], Bloomberg via NYT, C16.
- Swiss Reinsurance buying Underwriters Re Group [for $725m], Bloomberg via NYT, C4.
- New York Life to acquire Mexican insurer [Seguros Monterrey Aetna, from Grupo Financiero Bancomer & Aetna for $570m], Bloomberg via NYT, C4.
- Infospace.com Inc. [to buy 80% of Saraide wireless internet for $314.9m], NYT, C4.
- Concord EFS to buy Card Payment Systems [for $179.8m], Bloomberg via NYT, C4.
- Citadel Communications buys 11 radio stations [eg: 9 in Mich. from Liggett Broadcast for $120.5m], Bloomberg via NYT, C4.
- Semtech acquires USAR, computer component maker [for $27m], Bloomberg via NYT, C4.
- Citadel Communications buys 11 radio stations [eg: 2 FM stations in Worcester, Mass. - WXLO & WORC (from BG, D9) - from Montachusett Broadcasting for $24.5m], Bloomberg via NYT, C4.
- Coffee brands sold [- Nestlé kept Nescafé but sold Hills Bros., Chase&Sanborn, & MJB to Sara Lee for $??], by Elizabeth Olson, NYT, C4.
- French-German nuclear deal [- Framatome to merge its nuclear power construction & servicing units with the Kraftwerk-Union unit of Siemens for $??], by John Tagliabue, NYT, C4.
- Deal combines 2 Dallas agencies [- LMS/MARC Advertising bought Hadeler Sullivan & Law for $?? to form MARC USA/Dallas], by Stuart Elliott, NYT, C17.
- Majority stake sold in Atlanta agency [- Stake in Fletcher Martin Assocs. bought by Maxxcomm of Toronto for $??], by Stuart Elliott, NYT, C17.
- Pinkerton USA buys First Security Services [for $??], Boston Globe, D9.
12/06/1999 Canadian Airlines' directors endorse [$63m] takeover by Air Canada, AP by NYT, C2.
TORONTO - Canada's intense airline competition appears to be over after Canadian Airlines International [née Canadian Pacific Airlines, the air branch of the famed rail empire of the CPR] recommended that its shareholders accept a buyout offer by its rival, Air Canada. The announcement by the Canadian Airlines board on Saturday signaled a likely monopoly in the country's long-haul commercial aviation, with Air Canada of Montreal running the two major carriers.
[Hopefully Canada's anti-trust agency, if they have any guts, will quash this dumb, anti-competition, anti-capitalism idea.]
A number of smaller airlines operate in regions of Canada, including the far north....
[And how long before they get swallowed up? You know, after a few decades of rampant mergers and acquisitions - and lame anti-trust - we defy anyone to tell the difference between the state communism of the old USSR and the corporate communism of the "new" capitalism. We've seen it all before. It took the gutsy, progressive, Republican president Theodore Roosevelt to put the teeth in anti-trust and restore capitalist competition nearly 100 years ago. Today, yet again, our big boys think they can keep bashing their employees and their customers indefinitely and still have markets left (or keep stealing others').]
12/04 11 takeovers reported (totaling $1.894B + $undisclosed) -
12/03 12 takeovers reported (totaling $2.9449B + $undisclosed) -
- Chesapeake begins tender for Shorewood Packaging [worth 500+270= $770m], Dow Jones via NYT, B3.
- Approval is won for joint purchase of ICO Global [for 150+75+275= $500m by Craig McCaw & Subhash Chandra], Bloomberg via NYT, B3.
- Seagate to purchase virtual storage concern [XIOtech, for $360m], Reuters via NYT, B3.
- Radio One to acquire another Philadelphia station [WPLY-FM, from Greater Media Radio, for $80m], Dow Jones via NYT, B3.
- Phone gear maker is sold [- MicroLegend Telecom Systems sold to Performance Technologies for $43.6m], Bloomberg via NYT, B4.
- Cerprobe, circuits tester, adds Oz Technologies [for $36m], Bloomberg via NYT, B3.
- Florida Rock Industries [sold 2 operations to Rinker Materials for $34.5m], NYT, B3.
- Avant is paying $24m to acquire Analogy, Bloomberg via NYT, B3.
- Landec has acquired Apio for $23.9m, Bloomberg via NYT, B3.
- Specialty Catalog is sold to Golub Associates [for $21.8m], Bloomberg via NYT, B3.
- Textron Inc. [of R.I. bought a French unit of German pump maker KSB AG for $??], NYT, B3.
12/02 21 takeovers reported (totaling $19.077B + $undisclosed) -
- Korean chemical makers to merge [- Hanwha Chemical & Daelim Industrial, for $1.3b], Bloomberg via NYT, C4.
- Tosco agrees to buy 1,740 Exxon Mobil stations [in the Northeast & Mid-Atlantic, for $860m], Reuters via NYT, C4.
- Household International is acquiring Renaissance [Holdings for $300m], Dow Jones via NYT, C4.
- Webster [Fianancial] agrees to buy Mech Financial for $210m, Reuters via NYT, C4.
- First Sterling and Main Street Banks agree to merge [for $115.9], Bloomberg via NYT, C4.
- Balanced Care says it is selling Missouri operations [to Christian Health Care Services of Missouri for $60m], Dow Jones via NYT, C4.
- PaineWebber Group Inc. [bought DSI International Management for less than $50m], NYT, C4.
- Razorfish shares leap after purchases unveiled [- buying Lee Hunt Assocs. & TSDesign for $49m], Bloomberg via Boston Globe, D2.
- ACNielsen acquires Media Monitoring of Britain [for $??], Bloomberg via NYT, C4.
- Simplicity Manufacturing Inc. [to buy Ferris Industries for $??], NYT, C4.
- USG Corp. [is buying Sybex Inc. for $??], NYT, C4.
- USX buys tube company [i.e., the 50% of Lorain Tubular Co. it doesn't own, from partner Kobe Steel for $??], Bloomberg via NYT, C22.
12/01/99 7 takeovers reported (totaling $328m + $undisclosed) -
- [For over $15B, AstraZeneca & Novartis,] 2 drug companies to combine troubled agricultural units, by Morrow and Sorkin, Boston Globe, C1.
- Shopping mall owner to be sold [- remaining 78% of Cadillac Fairview Corp. being bought by Ontario Teachers Plan Pension Board for $1.56b], by Timothy Pritchard, NYT, C4.
- Informix agrees to purchase Ardent Software [for $880m], Dow Jones via NYT, C4.
- The pinched economics of brewing Czech beer - Foreign giants are buying great old names, brews that taste like nectar [e.g., in Oct., Japanese investment bank Nomura said it would sell its majority stake in Pilsner Urquell and Radegast to South African Breweries for $629m], by Ladka Bauerova, NYT, C4.
- King Pharmaceuticals agrees to buy Medco Research [for $350m], Reuters via NYT, C4.
- Post-mortem of a highflier: Boston Market [née Boston Chicken] - McDonald's is buying [for $173.5m], and holders are losing, by Floyd Norris, NYT, C1.
[Here's a prime example of a company that couldn't leave its great name and logo alone, changed them, lost definition, wasted its huge name recognition and went broke - dumb dumb dumb - and now it's getting blendered by the blandest boringest fastfood franchise in the world. What a tragedy.]
- [Southern Union] gas utility to buy Rhode Island's Valley Resources [for 125+35 = $160m], Reuters via NYT, C4.
- Sybase to purchase creator of financial websites [Home Financial Network, for $130m], Bloomberg via NYT, C4.
- Apartment complexes sold [- 2 So. Calif. sister properties sold to team-up of Lend Lease Real Estate Investment & Essex Property Trust for $126.5m]
- Natural MicroSystems OK's purchase of rival Qwes.com in $57.9m stock deal, Bloomberg via Bos Globe, C5.
- Allstate Corp. [to sell its Integration Services division to Computer Generated Solutions for less than $10m], NYT, C4.
- DoubleClick reaches deal to purchase e-mail marketer [Opt-In Email.com, for $??], Reuters via NYT, C4.
- CMGI Inc. [bought Tribal Voice for $??], NYT, C4.
- Mail-Well Inc. [of Colo. to buy 3 commercial printers in Philadelphia for $??], NYT, C4.
- Casa to join aerospace venture [& merge into European Aeronautic Defense & Space Co. for $??], Reuters via NYT, C4.
- Singapore brokerage merger [- Vickers Ballas Holdings & G.K. Goh Holdings, for $??], Bloomberg via NYT, C4.
- Omnicom acquires image agency [Cone, for $??], by Patricia Lauro, NYT, C6.
- AT&T and Charter plan cable swaps [- Charter to take over AT&T Broadband and Internet Services cable systems serving 704,000 in Mo. & 3 other states for swap below], Bloomberg via NYT, C6.
- AT&T and Charter plan cable swaps [- AT&T to get Charter systems serving 632,000 in Tex. & 5 other states plus $?? for swap above], Bloomberg via NYT, C6.
- Riviana deal in wild rice [- bought Anheuser-Busch's Gourmet House unit for $??], Bloomberg via NYT, C6.
- Scudder Kemper folds Net unit into DLJdirect [for $??], Bos Globe, C2.
For earlier Mergers&Acquisitions, click on the desired date -
- EMusic.com to acquire Tunes.com for $130m, Dow Jones via NYT, C4.
- Harris to buy Louth Automation for $85m, Bloomberg via NYT, C4.
- Applied Holographics of Britain to acquire rival [Optical Security Group, for $64m], Bloomberg via NYT, C4.
- HP Bulmer Holdings PLC [to buy American Hard Cider Co. for $30.5m], NYT, C4.
- 1-800-FLOWERS.COM Inc. [bought GreatFood.com for $18.5m], NYT, C4.
- Finlay Enterprise to end operations in France [- to sell 80/130 stores to Histoire d'Or for $??], Bloomberg via NYT, C4.
- Mobile satellite merger [- Royal KPN in Netherlands to get 65% after merges its mobsat biz with Telstra's "down under," for $??], Dow Jones via NYT, C4.
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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