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  • uploads///N ORCL Forbes list
    Technology & Communications

    Parsing Oracle-NetSuite Material Adverse Effect Clause: Part 1

    In the merger deal between Oracle (ORCL) and NetSuite (N), the MAE clause lays out the circumstances under which Oracle can back out of the transaction.

    By Brent Nyitray, CFA, MBA
  • uploads///EMC DELL federation
    Miscellaneous

    Sizing up the EMC-Dell Merger: A Quick Background Check

    Elliott was unhappy with EMC’s performance and wanted them to spin off their holding in VM Ware to shareholders.

    By Brent Nyitray, CFA, MBA
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    Company & Industry Overviews

    Micro-Transactions Are an Important Strategy for Electronic Arts

    Accounting for over $200 million in revenues, micro-transactions present users with the opportunity to buy items that enhance their gameplay.

    By Adam Rogers
  • uploads///N ORCL spread
    Technology & Communications

    Oracle Announces NetSuite Acquisition: Cloud Gets Bigger

    On July 28, 2016, Oracle (ORCL) and NetSuite (N) announced a merger. Oracle will purchase NetSuite for $109 per share, or $8.6 billion net of cash and debt.

    By Brent Nyitray, CFA, MBA
  • uploads///N ORCL comps
    Technology & Communications

    Could the Oracle-NetSuite Deal Get Competitive?

    Oracle (ORCL) co-founder Larry Ellison and his family control 45% of NetSuite (N) stock. So it’s theoretically possible but not likely that a company could make a hostile bid.

    By Brent Nyitray, CFA, MBA
  • uploads///N ORCL fastest growing
    Technology & Communications

    Can the Oracle-NetSuite Deal Get Antitrust Approval?

    With most mergers, the rate of return is driven by the time it takes to finalize the transaction. For Oracle (ORCL) and NetSuite (N), the timeline will be driven by the antitrust waiting period.

    By Brent Nyitray, CFA, MBA
  • uploads///N ORCL Cloud land grab
    Technology & Communications

    Oracle-NetSuite Agreement: The Basics

    NetSuite agreed to a non-solicitation agreement with a fiduciary out. This means that during the pendency of the merger, NetSuite may not contact other potential buyers.

    By Brent Nyitray, CFA, MBA
  • uploads///N ORCL  Cloud ERP
    Technology & Communications

    The Oracle-NetSuite Merger: What’s the Rationale?

    The relationship between Oracle and NetSuite goes back a long way. Oracle co-founder Larry Ellison and his family own almost half of NetSuite stock.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank licensing
    Healthcare

    Will the ARM Holdings-Softbank Merger Attract Arbitrageurs?

    Arbitrageurs will certainly be interested in setting up the ARM Holdings (ARMH) spread, especially if they can get an 8% return using the ordinary shares.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank downside
    Healthcare

    Risk-Reward Ratio of the ARM Holdings-Softbank Merger

    ARM Holdings (ARMH) was trading at about $47 per share before the deal with Softbank was announced. The risk-reward ratio is about 12:1.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank comps
    Healthcare

    Could the ARM Holdings-Softbank Deal Get Competitive?

    Softbank is paying a pretty penny for ARM Holdings (ARMH). The premium to the prevailing share price was in the low 40%.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank key growth drivers
    Healthcare

    Regulatory Conditions to the Softbank-ARM Holdings Deal

    Softbank decided to waive any antitrust or regulatory conditions to the transaction. It doesn’t care if the regulators have issues—it’s buying the company.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank intro to ARM
    Healthcare

    What Are the Conditions for the ARM Holdings-Softbank Merger?

    ARM Holdings and Softbank are merging in a cash transaction. In an unusual step, there aren’t regulatory or antitrust conditions to the transaction.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank growth drivers
    Healthcare

    What’s the Rationale for the Softbank-ARM Holdings Merger?

    The Softbank-ARMS Holdings merger intends to increase Softbank’s growth so that it can position itself as a leader in Internet of Things.

    By Brent Nyitray, CFA, MBA
  • uploads///ARMH Softbank spread
    Healthcare

    Making a Big Splash: Softbank Acquires the UK’s ARM Holdings

    On July 18, Japan’s Softbank and the United Kingdom’s ARM Holdings (ARMH) announced a merger where Softbank will buy ARM for 1,700 pence in cash.

    By Brent Nyitray, CFA, MBA
  • uploads///STRZA LGF library
    Healthcare

    Parsing the Starz-Lions Gate MAE Clause, Part 3

    If the merger caused cable providers to drop Starz because they didn’t want to work with Lions Gate, it wouldn’t be a MAE (material adverse effect).

    By Brent Nyitray, CFA, MBA
  • uploads///STRZA LGF shareholder value
    Healthcare

    Parsing the Starz-Lions Gate MAE Clause, Part 2

    According to the MAE (material adverse effect) clause of the Starz-Lions Gate deal, legislation that limits intellectual property protection wouldn’t be considered a MAE.

    By Brent Nyitray, CFA, MBA
  • uploads///STRZA LGF benefits of pairing
    Healthcare

    Parsing the Starz-Lions Gate MAE Clause, Part 1

    In the merger deal between Lions Gate Entertainment (LGF) and Starz (STRZA), the MAE (material adverse effect) clause lays out the circumstances under which either party can back out of the transaction.

    By Brent Nyitray, CFA, MBA
  • uploads///LNKD MSFT comps
    Miscellaneous

    Could There Be a Competing Buyer for LinkedIn?

    Microsoft paid a 50% premium to LinkedIn’s June 10 closing price. At 7.5x revenues and 75x EBITDA, Microsoft is paying a lot. LinkedIn is a unique property.

    By Brent Nyitray, CFA, MBA
  • uploads///LNKD MSFT professional world
    Miscellaneous

    What’s the Rationale for the Microsoft-LinkedIn Merger?

    LinkedIn will be a standalone entity within Microsoft. This transaction is part of Microsoft’s plan to focus on cloud-based offerings. It wants to rely less on PCs.

    By Brent Nyitray, CFA, MBA
  • uploads///DWRE CRM enterprise retail
    Miscellaneous

    What Will Arbitrageurs Think of the Demandware Deal?

    Traditionally, arbitrage desks would have a portfolio of 40–50 “safe” transactions, and these make up the bread and butter of their returns.

    By Brent Nyitray, CFA, MBA
  • uploads///DWRE CRM downside
    Miscellaneous

    What Is the Risk-Reward of the Demandware Deal?

    Demandware (DWRE) was trading at about $48 per share before the deal was announced.

    By Brent Nyitray, CFA, MBA
  • uploads///DWRE CRM Key takeaways
    Miscellaneous

    What Does the Demandware-Salesforce Merger Entail?

    Salesforce.com (CRM) is buying e-commerce cloud computing firm Demandware (DWRE) in a $2.8 billion transaction. The merger is structured as a tender offer.

    By Brent Nyitray, CFA, MBA
  • uploads///DWRE DRM spread
    Miscellaneous

    Salesforce Buys Demandware to Increase Growth

    On June 1, Salesforce.com (CRM) announced it was buying Demandware (DWRE) in a $2.8 billion transaction.

    By Brent Nyitray, CFA, MBA
  • uploads/// App Economy
    Macroeconomic Analysis

    What’s behind the US Economy’s Remarkable Labor Market Strength?

    The US labor market has shown tremendous resilience amid concerns over various issues, like aging demographics.

    By Rick Rieder
  • uploads///ADT APO Combined
    Miscellaneous

    MAE Clause: How Could Apollo Exit the ADT Merger?

    In the case of the ADT-Apollo merger, the MAE clause lays out the circumstances where Apollo (APO) can back out of its merger with ADT (ADT).

    By Brent Nyitray, CFA, MBA
  • uploads/// homeownership
    Macroeconomic Analysis

    How Millennials Are Driving Broader Economic Shifts

    But though millennials may have been born into unlucky economic circumstances, they seem to also be transforming their luck.

    By Ann Hynek
  • uploads/// definition
    Macroeconomic Analysis

    What Are the Traditional Measures of Labor Productivity?

    Labor productivity is an important tool to measure the strength of a country’s economy. Policymakers often use this indicator to compare output efficiency during a particular period.

    By Rick Rieder
  • uploads/// g
    Macroeconomic Analysis

    Is the Labor Productivity Slowdown Mystery a Statistical Mirage?

    The mystery of waning labor productivity in various developed economies is still unsettled. However, various economic literature offers plausible explanations.

    By Rick Rieder
  • uploads///Cloud
    Fund Managers

    Computer Sciences Corporation’s Focus on Cloud and Big Data

    International Data Corporation expects the global big data technology and services market to grow at a CAGR of 26.4% to reach $41.5 billion in 2018.

    By Diana Key
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