Twitter adopts ‘poison pill’ defense in Musk takeover bid
Twitter’s plan would take effect if Musk’s roughly 9% stake grows to 15% or more. Even then, Musk could still take over the company with a proxy fight by voting out the current directors.
Takeovers
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Finance vets angle for control of Protective Insurance
The business—formerly Baldwin & Lyons Insurance—is one of central Indiana’s oldest public companies.
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Inside Twitter, Elon Musk’s bid prompts employee worries, exasperation
CEO Parag Agrawal held a companywide meeting to reassure his 7,500 full-time employee workforce by arguing that one man could not change a culture and that it was up to the company to set strategy
Lilly shareholders reject proposals to lower takeover barriers
Failure to approve the proposals keeps Eli Lilly and Co.’s supermajority-vote requirement for takeovers and staggered board elections intact.
Gannett gives up on Tronc takeover
The giant media firm’s target was elusive from the beginning. It revealed in the spring that it was offering $388 million for the Chicago company, which it said refused to partake in “constructive discussions.”
Vertellus to be acquired by lenders after no other bids surface
Chemical company Vertellus Specialties Inc. says the $454 million deal arranged in bankruptcy proceedings will allow it to continue operations with its current leaders.
Anthem may sacrifice biz lines to get its Cigna deal
No one is sure whether Anthem and the Justice Department can hash out a settlement before the federal case to block the insurer's $54 billion acquisition of Cigna Corp. goes to trial in November.
Factory employing 700 workers to get reprieve
An auto parts factory near Muncie that was slated to close later this year won’t be shutting its doors after all.
Analysts expect IAC to sweeten Angie’s List bid
After seeing its offers to buy Angie’s List turned down in private and in public, New York-based IAC/InterActiveCorp has the next move in what is shaping up as a chess match between the two firms.
Aggressive bidder has Angie’s List over a barrel, analysts say
Internet behemoth IAC appears bent on hashing out an acquisition and likely would stage a hostile takeover if Angie’s List resists, market analysts say.
Under-the-radar utility-locating firm scores nearly $1B sale
Indianapolis-based United States Infrastructure Corp. just changed hands for the third time in five years—but not because it’s a hot potato nobody wants. Quite the contrary, as the latest sale price—nearly $1 billion—demonstrates.
Small-business group absorbed by state was ailing
Gov. Mike Pence in June signed an executive order that folded a tiny northern Indiana not-for-profit called Partners in Contracting Corp. into a new state Office of Small Business and Entrepreneurship. What he didn’t say was that Partners in Contracting was in trouble and likely would have folded operations had the state not stepped in.
ExactTarget option gains approach $300M
xactTarget Inc.’s sale will swell the value of employee stock options to nearly $300 million—a windfall local tech experts expect will launch a wave of entrepreneurship over the next several years.
Salesforce to keep ExactTarget independent, ‘invest’ in it
In a company memo, ExactTarget CEO Scott Dorsey assures employees of their importance after announcing deal to sell the company for $2.5 billion.
Republic’s big moves pay off, but rival airline’s deal poses threat
Republic Airways Holdings not only beat analysts’ second-quarter estimates this year, but also posted a profit. But just weeks after the new player in scheduled service announced those solid results, arch-enemy Southwest Airlines announced it was buying AirTran for $1 billion.
Smulyan buyout plan could take Emmis full circle
The going-private deal he worked out—with New York-based Alden Global Capital—could result in another public offering
five years from now.
Simon adds $1.1B to General Growth proposal
Simon Property Group Inc. added four backers to its proposal to help rival mall owner General Growth Properties Inc. emerge
from bankruptcy, increasing the plan’s total investment by $1.1 billion.
General Growth board sued for rejecting $10B Simon bid
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.
Simon’s $10 billion bid for bankrupt General Growth roils retailing
Simon Property Group Inc. already is known for playing hardball with mall tenants over rent. So national retailers like The
Gap Inc. and Limited Brands Inc. will be bracing for future lease negotiations if the nation’s largest mall owner succeeds
in a $10 billion bid to take over its nearest rival, the bankrupt General Growth Properties Inc.
Lilly asks shareholders to lower takeover barrier
Eli Lilly and Co. directors have recommended that shareholders toss out the
drugmaker's most potent protection against unwanted takeovers: an 80-percent supermajority vote threshold for any shareholder
mutiny to succeed.
Insurance company rejects Steak n Shake takeover bid
A small Michigan insurer has rejected an acquisition bid from The Steak n Shake Co., describing the offer as a “hostile takeover
attempt.”