M&A news covering corporate mergers, acquisitions, deal announcements, regulatory approvals, and transaction valuations.
Tate & Lyle has agreed to a £2.7 billion takeover by US-based Ingredion Incorporated. Ingredion offered 595 pence per share, a 59% premium to the last closing price before talks were disclosed. The deal could lead to about 475 job cuts, representing 3% of the combined workforce.
A consortium of Bouygues Telecom, Orange, and Free signed a memorandum of understanding to acquire SFR from Altice France for approximately €20.4 billion ($23.5 billion), including debt. The deal is subject to regulatory approval and could still fall apart.
California, New York, and other unnamed states are preparing a lawsuit to block Paramount Skydance's $110 billion acquisition of Warner Bros., citing potential antitrust concerns. The suit is expected in coming weeks; if the deal isn't closed by October, Paramount must pay shareholders ~$6.9 million daily.
Johnson & Johnson agreed to acquire Firefly Bio for $1 billion in cash. Firefly Bio is developing a proprietary Firelink degrader antibody conjugate platform for KRAS-driven cancers, which have limited treatment options. Mutant forms of KRAS are found in about 30% of all tumors and have been a challenging target for drug developers.
Ingredion Inc. is close to reaching an agreement to acquire Tate & Lyle Plc for about £2.7 billion ($3.6 billion), with a firm offer of 615 pence per share. The deal would consolidate the specialty ingredients sector and expand Ingredion's higher-margin business.
Intesa Sanpaolo launched a €30.66 billion ($35.32 billion) takeover bid for Banca Monte dei Paschi di Siena, disrupting an existing merger proposal from Banco BPM. The move escalates competition for the Italian bank, which is considered the world's oldest still in operation, and continues a wave of dealmaking in Italy's banking industry.
Software buyout deals have fallen to their lowest level since the pandemic, driven by a rout in AI stocks. The decline reflects reduced appetite for leveraged buyouts in the tech sector amid market volatility.
Merlin and Jamen Capital announced plans to acquire Curve Royalty Systems from Virgin Music Group, fulfilling a European regulatory requirement tied to UMG's acquisition of Downtown Music Group. The deal's terms were undisclosed and await European Commission approval. Curve will remain independent under president Richard Leach.
This commentary argues that while the CBS News controversies surrounding Bari Weiss may not legally affect the Paramount-Warner Bros. Discovery merger, they could create a public relations problem for CEO David Ellison. It suggests that merger opponents are using the issues to campaign against the deal, and notes that state attorneys general may challenge it on antitrust grounds.
Accenture agreed to acquire creator and social marketing agency Whalar from Whalar Group, expanding its capabilities in influencer marketing. Shares fell following the announcement.