Dealcast is a podcast covering M&A, ECM, shareholder activism and other corporate activity. As activist investors broaden their scope and adjust their tactics, more buysiders are adopting activist tactics. Some activists are now looking to create value by improving companies’ ESG performance. Meanwhile, their targets often prefer closed-door engagement – a wish which activists are increasingly accommodating. Add to this the emergence of such funds as The Church Commissioners for England to the ranks of those engaging in forms of shareholder activism. Big changes are underway in this space. Activistmonitor’s William Mace and Claudia De Meulemeester joined us to talk about these emerging trends in shareholder activism.
In a conversation with host Tom Cane, Morgan, Lewis & Bockius LLP’s Keith Gottfried and Acuris’ Ed Mullane tell the story of North American shareholder activism, picking apart its evolution from a practice with a deep value approach of investing in dysfunctional, illiquid small-cap companies to one that focuses on larger, successful companies, where the activist comes in with a thesis to unlock value, often through M&A. Why has this shift taken place over the years, and where is activism heading? What kind of M&A demands are we likely to see this year?
Seyfarth’s Paul Pryzant and SRS Acquiom's Chris Letang join Tom Cane to discuss how the shift from a seller’s to a buyer’s M&A market this year has impacted the deal terms being agreed in the mid-market, from an increase in earn-outs and termination fees to the impact of the pandemic on reps and warranties. Paul and Chris also discuss how technology is changing the due diligence process.
No sector is closer than healthcare to the front-lines of the covid-19 pandemic. Not only is the pandemic shaking up businesses in the sector, it is creating opportunities for dealmaking. Indeed, Thermo Fisher’s [NYSE:TMO] proposed takeover of diagnostics firm Qiagen [NYSE:QGEN] shows how the crisis can make the case for M&A. In this week’s podcast, Mergermarket healthcare editor Mintoi Chessa-Florea, Mergermarket healthcare reporter Davide Salvi and Dealreporter analyst William Cain join us to discuss the sector. At issue are: pre-covid-19 M&A trends, the effect of the pandemic on business cases, the effect of the pandemic on M&A and ECM, and the outlook for Qiagen/Thermo Fisher.
US asset and wealth management M&A saw a significant uptick before the coronavirus pandemic, fueled in part by aging registered investment advisors looking to sell at high valuations amid a booming stock market. While current volatility has put the brakes on activity, some deals are still getting done and the longer term prospects look healthy, notably driven by strong interest from private equity. Raymond James’ Liz and Peter Nesvold recently joined host Tom Cane to discuss the unfolding landscape for the sector. It's a time for companies to learn good habits in bad times and position themselves for future opportunities. According to Mergermarket data, Raymond James has been one of the most active investment banks in the field, with recent deals including advising Stratos Wealth Holdings on a strategic minority investment from Emigrant Partners.
Bill Curtin, Hogan Lovell’s global head of mergers and acquisitions, recently joined Mergermarket managing editor Tom Cane to discuss the impact of COVID-19 on M&A activity both in the immediate future and on the longer term horizon. What are companies and advisors doing now to get through this unprecedented challenge? Where will opportunities emerge and who is best placed to capitalize on them?
In this podcast episode Mergermarket’s Latin America editor Thiago Barrozo talks with Stephen Marks, Managing Partner of Miami-based investment and financial advisory firm Emmersion, on investment trends and M&A opportunities in Latin America, the impacts of the trade standoff between China and the US in the region, and the sentiment of US investors towards the recent social and political turmoil in Latin American countries like Bolivia, Chile and Venezuela.
Could tomorrow’s groceries come from a lab? Today’s vertical-farming startups aim to grow food in tightly controlled indoor stacks, solving a host of problems – blight, water wastage and a shortage of land – at once. Leading the way are such firms as the UK’s Intelligent Growth Solutions, Belgium’s Urban Crop Solutions and Italy’s Planet Farms, all of which featured in recent Mergermarket coverage of the space. Their expansion already offers an investment opportunity for venture capital and private equity, and some early pacesetters, such as Finland’s Netled, are eyeing public listings. Mergermarket’s Barbara Pianese joined us to talk about this intersection of grocery retail, tech and agriculture.
The European Commission (EC) is reviewing AbbVie’s [NYSE:ABBV] proposed acquisition of Botox producer Allergan [NYSE:AGN]. The merging parties have already pledged to divest such products as brazikumab, a drug under development for ulcerative colitis and Crohn’s disease, and Zenpep (pancrelipase), which treats a pancreatic disorder, but the EC may want more changes if it is to approve the deal. Dealreporter’s Pablo Mayo Cerqueiro and Mergermarket’s Mintoi Chessa-Florea joined us to discuss how the EC’s review is likely to go.
German media conglomerate Axel Springer [ETR:SPR] has caught the eye of KKR [NYSE:KKR]. With Axel Springer’s founding family supporting its bid, KKR has an easier route towards taking the target off the market. Activistmonitor editor William Mace and Mergermarket’s resident DACH expert Emma-Victoria Farr joined us to discuss what the deal could mean for Axel Springer’s future.
In this weekly edition of Dealreporter Asia Pacific’s podcast, Anette Jönsson and Ed Vinales discuss key deals and developments relevant to Asia event-driven investors, including AGL Energy’s [ASX:AGL] new indicative offer for Australian telecom company Vocus [ASX:VOC], private equity interest in Australian healthcare provider Healius [ASX:ALS] and corporate governance-related investing in Japan. In connection with the latter we highlight the upcoming AGM for Kyushu Railway Co [TYO:9142] that will feature a number of proposals from an activist investor. We also touch on the possible implications for the Chinese ADR delist/relist trend of US Senator Marco Rubio’s recent move to introduce a bill that proposes to delist US-listed Chinese companies that don’t open their audit books to US regulators, and discuss why the bill may have legs and could become legislation.
In this weekly edition of Dealreporter Asia Pacific’s podcast, Stephanie Hanna and Anette Jönsson discuss key developments on several Asian situations, including comments by Malaysia’s prime minister indicating Australian rare earth producer Lynas [ASX:LYC] will be allowed to continue operating in the Southeast Asian country; and the potential implications of casino tycoon James Packer selling part of his stake in Crown Resorts [ASX:CWN] to Melco Resorts & Entertainment [NASDAQ:MLCO] less than two months after his talks with Wynn Resorts [NASDAQ:WYNN] were terminated following a leak. At the end of the podcast we reveal an unexpected judicial setback for the dissenting shareholders of Qunar’s take-private that could have implications for ongoing and future Section 238 fair value processes in Cayman.
Wobbly tech-sector IPOs, including those of Uber [NYSE:UBER] and Finablr [LON:FIN], have dampened the mood for ECM. Dealreporter ECM editor Gustav Sandstrom joined us to discuss how these high-profile fumbles could affect similar listings ahead this year.
In this inaugural edition of Dealreporter Asia Pacific’s podcast, Stephanie Hanna and Ed Vinales discuss the appointment of a new head of China’s State Administration for Market Regulation (SAMR), and how the US-China trade dispute is impacting Wesfarmer’s hostile bid for rare-earth miner Lynas. Other situations covered include the hairy privatisation of Hong Kong’s Harbin Electric, and the ongoing sale processes surrounding Hitachi Chemical, and NXC Corp, which owns 47.68% of South Korea’s largest gaming company Nexon. The journalists end the podcast discussing why Australian development and construction business Lendlease could become a takeover target.
With European telecoms attracting takeover attention, Dealreporter editor Heba Abdelrahman and Mergermarket journalist Amy-Jo Crowley joined us to talk about the case for telecoms M&A, the obstacles standing in the way of deals in the space, and the likelihood of a deal for KPN [AMS:KPN].
Deutsche Bank and Commerzbank are exploring a merger. Dealreporter journalists Gustav Sandstrom and Pablo Mayo Cerqueiro joined us to discuss the likelihood of a deal, its justifications and drawbacks, and how it might be structured.
Activist investors are adapting their strategy to the top of the business cycle. Activistmonitor assistant editor William Mace and William Cain, who writes Dealreporter's Flash feature, joined us this week to speak about the intersection of private equity and shareholder activism.
Danish pharmaceutical company Lundbeck [CPH: LUN] is poised for a run of M&A to replenish its drug pipeline. We caught up with our Nordics reporter, Karoliina Liimatainen, who spoke recently with the company's chief executive, Deborah Dunsire, and has more on the company's plans for growth.
Just when Apollo seemed poised to take over plastics company RPC, Berry Global emerged as a possible rival bidder. Deane McRobie interviews Mergermarket industrials reporter Joao Grando and Dealreporter industrials reporter Swetha Gopinath on last week's spoiler.
This week's episode, hosted by Deane McRobie, features EMEA research editor at Mergermarket, Jonathan Klonowski, and Mergermarket private-equity reporter, Claude Risner. The team review UK M&A activity in 2018 discussing Brexit woes affecting market volatility and sectors to watch if the country heads towards an economic downturn. Also hear their predictions for 2019's deal pipeline.