Tim Armstrong revived AOL, which is evident from the huge boost in AOL’s stock price that has nearly doubled in the last six years.
According to a March 2015 report from comScore, AOL is fourth among all online video ad technology properties in terms of percentage reach of the US population.
The ad technology Verizon will acquire from AOL will help Verizon leverage the fast growth potential of the video ad market.
Things like acts of war and natural disasters aren’t MACS unless they disproportionately affect Synageva relative to other early-clinical-stage biopharmaceutical companies.
In a carve-out that’s critical to this deal, Alexion (ALXN) says that even if the biggest Synageva (GEVA) drug fails a clinical trial, it isn’t a material adverse effect.
In this case, the material adverse change clause lays out the circumstances under which Alexion could back out of its deal with Synageva. This clause is one of the first things that arbitrageurs look at.
Alexion is a biopharmaceutical company focused on treatments for rare diseases. Its purchase of Synageva would make for a good fit with the company’s portfolio.
Synageva has additional first-mover and potentially bio-superior protein therapeutic pipeline programs for other rare diseases at different stages of preclinical development.
Synageva and Alexion aren’t named competitors and Synageva’s 10-K states that there are no known alternatives to Kanuma for the treatment of Lysosomal Acid Lipase Deficiency.
With the Synageva Biopharma (GEVA)–Alexion Pharmaceuticals (ALXN) transaction, you’re getting about a 13.2% annualized yield. That’s probably a reasonable return.
Before the deal, Synageva was trading at $97 per share. Depending on why the deal breaks, the stock will probably end up back there.
This deal is about buying a pipeline and intellectual property. Synageva Biopharma’s drug Kanuma is used for the treatment of LAL D, a childhood disease.
The Synageva–Alexion transaction is a merger involving cash and stock considerations. These deals have a longer time frame than cash-tender deals, which can close in as little as 45 days.
The transaction’s risk-to-reward ratio explains why the spread is wide. In fact, it looks like Synageva has some good protections in the material adverse effect clause.
Apple and Google have a large number of apps in their respective app stores, which presents a challenge for mobile analytics firms such as App Annie to analyze.
The Here system controls about 80% of the car-navigation-system market in the US and Europe. The mapping unit could become an integral part of Google’s self-driving car project, should Google decide to acquire it.
BlackBerry’s security-related acquisitions come at a time when the enterprise mobile market is heating up. With Secusmart and WatchDox, BlackBerry now offers a complete portfolio for enterprise security.
As a result, there’s a possibility that some other buyer might be interested in taking a run at IGATE.
To turn this into a reasonable return, you’re looking at a July close. This isn’t outside the realm of possibility, but it could be tough, especially since there’s a shareholder vote.
There were reports in the Indian press that IGATE was in merger discussions. The stock was trading closer to $42 a share when the stories began.