Mergers & Acquisitions

Emmis finds loophole for board on Smulyan buyout

May 1, 2010
Greg Andrews
State law normally requires board approval for buyouts. But the language cited in the letter of intent provides an exception for conflicts of interest or special circumstances.
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General Growth hearing delayed to weigh bids

April 26, 2010
Bloomberg News
General Growth Properties Inc., the second-biggest U.S. mall owner, said a bankruptcy court hearing on its auction process will be delayed five days to give the company time to consider competing bids, including one from Indianapolis-based Simon Property Group.
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Local Scholars Inn sold, to reopen under new name

April 14, 2010
Scott Olson
The Mass Ave. restaurant is set to become Mesh, which will feature a more casual atmosphere and menu, as well as a new operator who will lease the space from the building's owners.
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Report: Simon may drop General Growth bid

April 12, 2010
Bloomberg News
Shares in General Growth Properties Inc., the second-biggest U.S. mall owner, fell as much as 6.7 percent Monday morning after a newsletter report that Simon Property Group Inc. may abandon a takeover bid for its smaller rival.
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Simon, rival seek foreign investors to back General Growth bid

March 15, 2010
 IBJ Staff
Indianapolis-based Simon Property Group and its chief rival in the battle to acquire bankrupt shopping mall operator General Growth Properties Inc. are seeking funding from sovereign wealth funds in the Middle East and Asia, according to the Financial Times of London.
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Simon Property CEO uses hard-nosed style to excel at acquisitions

March 6, 2010
Cory Schouten
David Simon, the shrewd and blunt deal-maker—an acquisitive former Wall Street wunderkind who transformed Simon Property Group Inc. into the nation's largest mall owner—is trying to land his biggest deal yet.
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Creditors: General Growth biased toward Brookfield proposal

March 3, 2010
Bloomberg News
General Growth Properties Inc. may favor a risky bid from Brookfield Asset Management Inc. because of that company’s agreement with William Ackman’s Pershing Square Capital Management LP, creditors said in court documents. Simon Property Group also has bid to acquire the bankrupt company.
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General Growth plans to split in two to exit bankruptcy

February 24, 2010
Bloomberg News
General Growth Properties Inc. plans to split in two to exit bankrupty and will receive $2.63 billion in capital from Brookfield Asset Management Inc
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Moongate Technologies acquired by Michigan firm

February 23, 2010
Local computer consultant will become part of Dewpoint Inc., upon completion of the acquisition, and will move to Dewpoint's Carmel office, which already has about a dozen employees.
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Report: Brookfield plans bid for Simon target General Growth

February 23, 2010
Bloomberg News
Brookfield Asset Management Inc. plans to bid for a stake in General Growth Properties Inc., beating an offer by Indianapolis-based Simon Property Group Inc. for the bankrupt shopping mall owner, the Wall Street Journal reported.
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General Growth board sued for rejecting $10B Simon bid

February 20, 2010
Bloomberg News
Directors at Chicago-based General Growth Properties Inc. are being sued by a shareholder claiming they shouldn’t have rejected a $10 billion buyout offer from competitor Simon Property Group Inc.
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General Growth snubs initial offer from rival Simon

February 17, 2010
Cory Schouten
Simon Property Group Inc. will have to wait in line with other potential bidders and raise its offer if it wants to land bankrupt rival General Growth Properties Inc., the Chicago-based company said in a letter late Tuesday.
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Simon making $10B bet on future of malls

February 16, 2010
Cory Schouten
Wall Street today is cheering Simon Property Group Inc.'s giant bet on the future of retail real estate, a sector that appeared left for dead just months ago. The nation's largest mall owner has offered $10 billion to take over its nearest rival, Chicago-based General Growth Properties Inc., which is in bankruptcy.
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Simon offers $10 billion for General Growth

February 16, 2010
 IBJ Staff and Associated Press
Deal to acquire competitor would be largest ever for Simon Property Group, already the nation's largest mall operator.
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Enzon Pharmaceuticals sells Indy drug plant; 100 local jobs safe

February 1, 2010
New Jersey-based Enzon Pharmaceuticals Inc. has sold its Indianapolis plant that manufactures specialty drugs in a deal that could top $300 million. The buyer says that the operations, which employ about 100, will remain in the city.
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St. Vincent to buy Care Group, city's largest cardiology practice

January 30, 2010
J.K. Wall
St. Vincent Health is near an agreement to take over The Care Group LLC, the city's largest independent physician practice and largest cardiology group in the nation.
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Additional deals that didn't make the mergers-and-acquisitions list

January 23, 2010
These deals had no price tag, but still were significant.
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Indianapolis deals in 2009 ranged from $4.6 billion to $70Restricted Content

January 23, 2010
Norm Heikens
WellPoint's sale of its NextRx unit was the largest deal in the Indianapolis area in 2009.
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Merger-and-acquisition activity expected to warm in the Indianapolis areaRestricted Content

January 23, 2010
Norm Heikens
Pent-up demand, anticipated thaw in financing might cause business valuations to rise modestly
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Grocery distributor buys convenience store supplier

January 21, 2010
An Indianapolis-based grocery wholesaler has purchased the assets of a convenience store supplier in Danville, enabling it to expand its number of customers to 800 in five states.
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Hillenbrand acquiring conveyor manufacturer

January 11, 2010
The Batesville holding company said it will purchase K-Tron International Inc. in New Jersey for about $435 million, including $45 million in K-Tron debt and cash on hand. The deal is expected to close by the end of March.
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Office furniture dealer acquires competitor

January 8, 2010
Commercial Office Environments gets larger with its purchase of Area 4 Office Furniture. Operations of the two companies will be consolidated at Commercial Office Environments' facility on Zionsville Road.
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Local distributor of janitorial supplies makes acquisition

January 5, 2010
Scott Olson
Indianapolis-based HP Products Corp. announced Tuesday morning that it has completed its acquisition of Great Lakes Supply and Chemical in Michigan City.
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PNC battling to keep NatCity's private banking business

December 29, 2009
Scott Olson
PNC Financial is still digesting its $5.6 billion acquisition of National City Corp., but a quiet fight almost certainly is under way over its lucrative private banking clients.
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Republic flies boldly into branded-carrier business

December 26, 2009
Chris O'Malley
After 36 years of flying smaller planes painted in the colors of the major airlines for which it flies under contract, Republic Airways Holdings in 2009 became a branded airline operator of its own.
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  1. Thank you to the scientists who care enough to find a cure. We are so lucky that their intelligence has brought them to these understandings because it is through these understandings that we have new hope. Certainly the medicine will be expensive, these drugs usually are, especially the ones that are not mass produced. If I know anything from the walks that my town has put on for FA it is this: people care and people want to help. Donations and financial support can and will come to those who need it. All we need is a cure, the money will come. I mean, look at what these scientists have done thanks to the generosity of donors. 30 million dollars brings us here where we can talk about a drug's existence! There is so much to be frustrated about in this world, but this scientific break is not one of them. I am so happy for this new found hope. Thank you so much to the scientists who have been slaving away to help my friends with FA. We wish you speedy success in the time to come!

  2. I love tiny neighborhood bars-- when I travel city to city for work, it's my preference to find them. However, too many still having smoking inside. So I'm limited to bars in the cities that have smoking bans. I travel to Kokomo often, and I can promise, I'll be one of those people who visit the ma and pa bars once they're smoke free!

  3. I believe the issue with keystone & 96th was due to running out of funds though there were other factors. I just hope that a similar situation does not befall ST RD 37 where only half of the overhaul gets built.

  4. It's so great to see a country founded on freedom uphold the freedom for all people to work and patronize a public venue without risking their health! People do not go to bars to smoke, they can take it outside.

  5. So, Hurko, mass transit has not proven itself in Indy so we should build incredibly expensive train lines? How would that fix the lack of demand? And as far as those double decker buses to bus people in from suburbs, we can't fill up a regular sized buses now and have had to cancel lines and greatly subsidize others. No need for double decker buses there.

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