Mergers and Acquisitions Recap: Avon Issue Over, DuPont Hates Car Paint
ING’s (NYSE:ING) Asian asset management division is reported to have a list of suitors, that include Macquarie Group (MQBKY.PK), Principal Financial Group (NYSE:PFG) and Singapore’s United Overseas Bank (UOVEF.PK), for a potential transaction that could be worth between $500 million and $600 million.
The Avon (NYSE:AVP) – Coty soap opera airs another episode, as the latter withdrew overnight its offer of $10.7 billion for the former. Avon shares cratered Tuesday with the news.
Further Reading: Did Avon Make A Huge Mistake Rejecting Coty Bid?
If Hertz Global (NYSE:HTZ) wants to acquire Dollar Thrifty (NYSE:DTG), analysts calculate that it might have to cough up a minimum of $85 per share. Two years ago in a previous bid, DTG’s price was $41 a share, but since then the firm has been generating better margins, and saying out loud that it prefers to stay independent.
Shares of biotech company Amylin (NASDAQ:AMLN) are way up Tuesday following word that as many as seven companies want to buy it. Sanofi (NYSE:SNY) and Merck (NYSE:MRK) are thought to be the top contenders by Leerink Swann analysts, who forecast a mid-$30s per share sale, but the figure could go higher in the event of a bidding war.
DuPont (NYSE:DD) is divesting its car paint division, and is narrowing the list of suitors to four: Apollo (NASDAQ:APO), a Blackstone (NYSE:BX) and Bain consortium, Carlyle (NYSE:CG), and a KKR (NYSE:KKR) and Onex consortium. The final transaction could bring as much as $4 billion, says a Reuters report.
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Investing Insights: Verizon’s Cable Deal Faces Stiff Opposition From These Underdogs.