Tag - Takeover
Sharp has confirmed it has accepted a deal to be taken over by Foxconn, with the agreement said to be valued at approximately 700 billion yen ($6.2 billion). The purchase announcement may have been premature, as a report claims Foxconn, a major manufacturing partner for Apple, is delaying the final takeover agreement after receiving a list of "contingent liabilities" from Sharp that is worth half the deal's value.
Video game developer Capcom may be left vulnerable to a stock buyout after shareholders failed to meet a majority number of votes to renew a takeover defense this week. Capcom first issued the takeover defense in 2008 to combat large-scale share purchases to gain a voice within the company. It was indicated that the company was looking to issue a renewal when it posted the 25-page plan in May.
Comcast is reportedly mulling a potential takeover bid for competitor Time Warner Cable, unnamed sources have told CNBC. Although Time Warner Cable is said to be considering various buyers, the company is claimed to favor a merger with Comcast if it finalizes the decision to sell.
On Monday, the Netflix board of directors instituted an anti-takeover plan designed to prevent investor and corporate raider Carl Icahn from growing his 10 percent stake in the company. Under the plan, Netflix stock owners will be allowed to acquire more stock if any investor acquires more than 10 percent of the company. The plan is designed to flood the market with shares and reduce the value of the stock making it too expensive for any individual investor to acquire enough stock to take control of the company.
Best Buy founder and ex-CEO Richard Shulze and at least four private equity firms have started reviewing the financial data of the beleaguered chain in the first steps toward would could wind up being a $11 billion buyout, according to people familiar with the matter. Schulze is negotiating with the equity firms to determine how much of his 20 percent stake in the company he would have to shell out in a bit and what role he would fill after the takeover.
Following the disclosure of HP's plan to acquire Palm, the struggling company's CEO, Jon Rubinstein, commended employees for their hard work and reminded the team to remain focused on existing goals, according to a company-wide e-mail posted on the Wall Street Journal. The CEO framed the move as a "huge step forward" in accelerating Palm's transformation strategy.
More questions were brought up about the sale of Yahoo at the Sun Valley conference being held this week in Idaho, says the New York Times. A table in a bar filled with the likes of Google co-founder Larry Page, Yahoo President Sue Decker, Legg Mason Capital Management's Bill Miller -- who is one of Yahoo's largest shareholders -- and former Yahoo chief Terry Semel has the media, investors and analysts speculating about the type of conversation taking place.