Oracle Hit By BEA Data Transfer Snafu ·
A software issue may prevent Oracle customers from moving information from BEA's site to the Oracle Technology Network until the end of October, underscoring the logistical perils of large deals like Oracle's $8.5 billion acquisistion of BEA. (InfoWorld)
October 22, 2008
Mergers & Acquisitions
Samsung Drops SanDisk Bid ·
Samsung decided to take its $5.85 billion offer for SanDisk off the table, citing the glut in inventories driving down flash memory chip prices (and SanDisk's second straight period of quarter-billion dollar operating losses) and stalled negotiations between the companies. (FT)
Microsoft Not Interested In Rekindling Yahoo Talks ·
Microsoft said it has no interest in pursuing an acquisition of Yahoo, despite comments by CEO Steve Ballmer at a Garnter conference suggesting a deal between the two companies would make sense for shareholders of both companies. (InfoWorld)
Intel Probing AMD’s Spin-Off Plan ·
Intel lawyers are investigating AMD's plan to spin off a separate manufacturing firm to determine whether the move violates terms of cross-licensing agreements between the bitter rivals. AMD claims it took those terms into account when structuring the divestiture. (Computerworld)
Symantec Paying $695 Million For MessageLabs ·
Symantec agreed to buy MessageLabs for $695 million in cash. The security vendor plans to fold MessageLabs' email and instant-messaging service, which allows employees to access email and other applications from remote locations, into its own backup and storage software-as-a-service offering. (InformationWeek)
Bank Mergers Creating Cybercrime Opportunities ·
Cyber criminals are taking advantage of the financial crisis by sending spam email that pretends to be from recently-acquired banks. The failure of the new entities to articulate their online banking policies is exacerbating the problem. (WSJ)
Investor David Einhorn: Microsoft Has “Google-Envy” ·
Hedge fund manager David Einhorn says his Greenlight Capital fund is done with Microsoft. Einhorn says Microsoft CEO Steve Ballmer has given in to "Google-envy" at the expense of focusing on Microsoft's core strength, software. (Silicon Alley Insider)
Bristol-Myers To Pocket $1B From Lilly-ImClone Deal ·
Bristol-Myers Squibb's 16.6% share of ImClone Systems will net it $1 billion in cash from Eli Lilly's takeover deal. The gain will greatly improve Bristol's cash position relative to Lilly. (BNET)
Alpharma Agrees To Talk With King Pharma ·
Two weeks after rejecting a sweetened bid of $37 a share from King Pharmaceuticals, Alpharma has agreed to talks. (Pharmalot)
Lilly To Buy ImClone For $6.5B, Tops Bristol Bid ·
Eli Lilly has formally offered $70 a share for ImClone Systems, topping Bristol-Myers Squibb's hostile bid of $62 a share. The 6.5 billion deal would be Lilly's biggest. (Bloomberg)
Eli Lilly In Talks To Buy ImClone ·
Eli Lilly is in advanced talks to buy ImClone Systems for $70 a share, topping the sweetened $62 per share offer from Bristol-Myers Squibb. The deal would value ImClone, which makes the cancer drug Erbitux, at about $6.1 billion. (WSJ Health Blog)
Warren Buffett Extends Buying Spree To GE ·
On Monday, Warren Buffett took a stake in a Chinese electric car company. On Wednesday, the billionaire's Berkshire Hathaway made the ultimate electric play, buying $3 billion of General Electric preferred stock. The deal, which also includes $3 billion in warrants for GE common, caps a flurry of investing by Buffett-owned entities amidst the recent market turmoil. (LA Times)
Xstrata Jumps On Lonmin Share Plunge To Boost Stake ·
Xstrata spent $784 million this morning to boost its stake in Lonmin to 25% after Lonmin shares plunged when Xstrata dropped its hostile takeover bid. The mining giant had cited concerns about its ability to fund the deal when it backed away from platinum producer. Xstrata's buying spree effectively blocks other bidders for Lonmin. (Bloomberg)
BHP Cleared To Buy Rio Tinto, Australia Shares Jump ·
The Australian Competition and Consumer Commission declined to block BHP Billiton's hostile bid for rival Rio Tinto. Rio shares jumped on the news, which sent trading in all Australian shares higher. The S&P/ASX 200 Index closed up 194.1 points, or 4.2%. (The Australian)
Xstrata Drops Lonmin Bid On Funding Fears ·
Swiss copper giant Xstrata has dropped its $8.9 billion hostile bid for Lonmin, citing concerns that it would not be able to secure financing for the deal. Shares of the platinum miner, which had been holding out for a higher deal, plunged in London trading after the pull-out. (FT)