M&A news covering corporate mergers, acquisitions, deal announcements, regulatory approvals, and transaction valuations.
Bill Ackman's Pershing Square plans to sell its remaining 80.6 million shares in Universal Music Group after its $60 billion acquisition bid was rejected. The sale, priced between €17.66 and €18.62 per share, could raise about €1.5 billion. UMG's board said the offer fundamentally undervalued the company.
The owners of Xnrgy Climate Systems, a manufacturer of heating and cooling parts for AI data centers, are considering a sale that could value the company at up to $10 billion, according to people familiar with the matter.
Sherwin-Williams and Nippon Paint have ended their joint bid for AkzoNobel after rejections. Sherwin-Williams shares rose 1.7% as uncertainty lifts, allowing focus on existing operations and alternative growth.
Wellington Management will acquire Hartford Funds from The Hartford, integrating it into its U.S. Wealth business under the Wellington brand. The deal's net present value is estimated at $1.9 billion. Wellington already sub-advises 83% of Hartford Funds' $160 billion in assets.
OneRobotics, parent of SwitchBot, is buying Nanoleaf for about $40 million over two years. Nanoleaf will remain independent under CEO Gimmy Chu, gaining cash and access to OneRobotics' manufacturing and supply chain. The company has struggled against larger rivals like Philips Hue.
People Inc., led by media mogul Barry Diller, has offered to acquire the remaining 73.9% of MGM Resorts for $48.30 per share in cash, valuing the company at approximately $12.4 billion. Diller began accumulating MGM shares during the Covid-19 pandemic when the stock was depressed.
Paramount Chief Legal Officer Makan Delrahim criticized partisan politics and 'fear-mongering' surrounding the proposed $111-billion takeover of Warner Bros. Discovery. David Ellison spent two hours with DOJ antitrust lawyers to secure approval, while over 5,000 artists signed a letter urging California's AG to block the deal.
Former California Attorney General Bill Lockyer argues that the proposed Paramount-Warner Bros. Discovery merger deserves careful antitrust review based on market realities, not reflexive opposition. He contends that the combined company would face intense competition from tech giants and streaming platforms, and that a financially stable studio benefits California's entertainment workforce.
26North Re is acquiring Independent Life Insurance Group, marking its entry into the US insurance market and establishing its first onshore platform in the country.
EasyJet called a potential takeover bid from Castlelake 'highly opportunistic' and noted considerable regulatory, financial, and execution challenges. The airline also reported a half-year pre-tax loss of £552m ($700m) and lower summer bookings due to the Middle East conflict.