Deal-making down as inflation, rate hikes spur caution
Companies hit the brakes on deal-making during the first half of 2022 as concerns over pervasive inflation, interest rate hikes and the threat of a recession loomed over Wall Street.
Mergers & Acquisitions
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EnerDel acquired by longtime board member’s company
EnerDel, founded in 2004, is a designer and manufacturer of lithium-ion energy storage products and battery systems for heavy-duty transportation, on- and off-grid electrical storage, mass transit and task-oriented applications.
Vote on Spirit, Frontier merger is postponed, again
At issue is a competing bid for Spirit from another budget airline, JetBlue, which is offering about $1 billion more for Spirit.
Twitter sues to force Musk to complete his $44B acquisition
In a fiery filing, Twitter accuses Musk of violating the merger agreement “because the deal he signed no longer serves his personal interests.”
Looming Musk-Twitter legal battle hammers company shares
Shares of Twitter slid more than 9% in the first day of trading after billionaire Elon Musk said that he was abandoning his $44 billion bid for the company and the social media platform vowed to challenge Musk in court to uphold the agreement.
Twitter prepares to take its fight against Elon Musk to the courts
The company is likely to face a lengthy courtroom battle with one of the world’s richest and most mercurial individuals, which could paralyze its ability to launch new initiatives and attract workers.
Musk abandons $44B deal to buy Twitter; company says it will sue
Twitter could push for a $1 billion breakup fee that Musk agreed to pay under these circumstances. Instead, it looks ready to fight to complete the purchase, which the company’s board has approved and CEO Parag Agrawal has insisted he wants to consummate.
Six businesses in Fountain Square Theatre Building sold to wedding venue operator
Moller Enterprises, which owns The Sanctuary on Penn, bought the business operations from Linton Calvert, with plans to greatly increase event activity in the building.
Katz Korin Cunningham becomes Stoll Keenon Ogden in merger
Katz Korin Cunningham, a fixture in the Indianapolis legal market since 1994, has merged with Stoll Keenon Ogden PLLC, a regional law firm based in Kentucky, the firms announced Tuesday.
Potential Kohl’s sale falls apart in shaky retail environment
Kohl’s shares tumbled as much as 20%, to $28.50 each, Friday morning, their biggest drop since March 2020. The stock had already fallen 28% so far this year through Thursday’s close.
Old National Bank to sell its health savings account business
The deal, expected to close in the fourth quarter, includes about $500 million in client assets held in about 157,000 accounts associated with more than 3,000 employer groups.
Bible Broadcasting Network buys local radio station from Urban One
The non-commercial Bible Broadcasting Network, based in North Carolina, operates more than 50 radio stations in 23 states.
Mondelez agrees to acquire energy-bar maker Clif for $2.9B
Clif Bar & Co. operates a major commercial bakery in Indianapolis that employs more than 400 workers. The plant at 7575 Georgetown Road received a $10 million expansion in 2019.
JetBlue raises offer again in bidding for Spirit Airlines
Shareholders of Miramar, Florida-based Spirit are scheduled to vote June 30 on a bid from Frontier Airlines, and JetBlue is trying to convince investors to scuttle the agreement and drive Spirit into JetBlue’s arms.
Indy-based SPAC merging with California firm in deal worth $459M
A “blank check company” headed by local medical-software businessman Bradley Bostic announced Thursday that it plans to merge with Newport Beach, California-based medical tech firm Excelera DCE, creating a new public company.
Five questions and answers about Urban One’s acquisition of Emmis stations
The Indianapolis cluster of radio stations owned by Urban One Inc. is set to grow thanks to the upcoming acquisition of all Indianapolis radio properties now owned by Emmis Communications. Here are some of the details.
Blockbuster Duke sale to include 14.7M square feet in Indy area
Duke Realty Corp. has developed or co-developed major industrial buildings and complexes at the crossroads of America, which has become a significant national hub for warehousing, logistics and e-commerce operations.
Prologis buying Indy-based Duke Realty in $26 billion deal
Both companies’ boards have approved the deal, which is expected to close in the fourth quarter. It still needs approval from both companies’ shareholders.
Reports: Twitter to provide Musk with raw daily tweet data
Twitter plans to offer Elon Musk access to its “firehose” of raw data on hundreds of millions of daily tweets in an effort to push forward the Tesla billionaire’s agreed-to $44 billion acquisition, according to multiple news reports.
Kohl’s stock surges on buyout talks with Franchise Group
Shares of Kohl’s rose as much as 12% Tuesday morning after the retailer said that it is in advanced talks to be sold in a deal worth about $8 billion.