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.
Public Companies
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First Internet Bank’s acquisition deal with Georgia bank terminated
First Internet announced in November that it planned to acquire Georgia-based First Century Bank for about $80 million. But when it became necessary to extend the closing date, the parties couldn’t agree on extension terms.
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Allegion to acquire Stanley Black & Decker business for $900M
Security-products company Allegion, which has about 1,300 employees at its Americas headquarters in Carmel, expects to close the largest deal in its history in the third quarter.
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Supply-chain squeeze contributes to 2Q loss for Calumet Specialty
The Indianapolis-based manufacturer posted a $78.4 million loss in the second quarter.
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A 33-year-old Simon becomes force inside family company
Eli Simon, whose grandfather and great-uncles founded Simon Property Group more than a half-century ago, is quietly emerging as a key executive in the retail real estate empire.
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Articles
Green progress is aim of SEC reporting proposal for public companies
The proposal would require disclosure of risks climate change pose to companies and the amount of greenhouse gas emissions produced by companies and by their supply chain.
KAR shares rise 40% after Carmel firm says it will sell ADESA
The Carmel-based auction services company declined to say how many of its 1,000 employees in Indiana would be affected by the transaction. But it said the buyer—Carvana Co.—will not require any employees to relocate.
Pelted by buyout offers, Kohl’s adopts ‘poison pill’ plan
The retailer says recent offers to purchase the department store chain undervalue its business.
2021 Newsmaker: Robert Laikin, entrepreneur, investor
What drives Laikin is the urge to find the next important thing and get enough people excited to put their money in a deal. He wants them to dream big with him.
Elanco shares plunge 15% after mixed full-year outlook
Shares of the Greenfield-based maker of animal feeds and vaccines dove after the firm warned that it’s facing inflationary pressures, increased logistics costs and other headwinds.
CEO pay at public companies rises even as pandemic ravages economy
The median pay package for a CEO at an S&P 500 company hit $12.7 million in 2020. That’s 5% more than the median pay for that same group of CEOs in 2019.
Winter storm contributes to 1Q loss for Calumet Specialty Products
Calumet said Winter Storm Uri, which brought snow and record cold across the U.S. in February, hurt production at the company’s Gulf Coast refineries during the quarter. The first-quarter losses push the company’s total losses since 2014 above $1 billion.
Public companies using SEC filings to talk up diversity, but few sharing data
Eli Lilly and Co. included in its proxy statement an intricate graphic breaking down the presence of women and minorities in its overall workforce and in management.
Calumet Specialty Products posts annual loss for 7th straight year
The Indianapolis-based company, which makes specialty petroleum products, last posted an annual profit in 2013. Calumet’s cumulative annual losses since then total $931.7 million.
Carmel-based Protective Insurance to be acquired by Progressive
Insurance giant Progressive is purchasing Protective in a stock deal worth $338 million. Protective, known as Baldwin & Lyons Insurance until 2018, is the Indianapolis-area’s 12th largest public company in terms of annual revenue.
Allegion hires new Carmel-based exec to lead Americas business
Luis Orbegoso, 50, joins Allegion from American Residential Services. He’ll be based in Allegion’s Carmel office and oversee the security-products company’s operations in the Americas.
Fishers raw materials firm says ‘blank check’ company seeking to raise $100M
American Resources Corp. is the latest central Indiana firm to jump on the “blank-check company’ bandwagon—forming a shell company that uses public offering proceeds to scoop up an acquisition target.
Emmis launches ‘blank check’ firm, on hunt for media, tech acquisitions
The new firm, led by Emmis Communications executives, could raise as much $230 million to buy one or more companies and take them public.
Longtime Carmel-based Allegion executive shifting to new role
Allegion executive Tim Eckersley, who has led the company’s Americas division since 2013, will shift to lead the company’s operations in other parts of the world.
Elanco HQ expected to anchor new development, park expansion on former GM site
Beyond the public company’s $100 million headquarters campus, city and state leaders expect 26 acres to be used for an expansion of White River State Park and new projects potentially with residential, retail and office uses.
Top CEOs met to plan response to Trump’s election denial
The CEOs from about two dozen Fortune 500 companies decided to wait for the Nov. 20 certification of votes in Georgia before meeting to decide their next moves.
Locally based Novus Capital to combine with Kentucky ag-tech firm
Novus and AppHarvest, a developer of large-scale and high-tech indoor farms, announced a deal on Tuesday will result in AppHarvest becoming a public company.
First Merchants CEO Rechin stepping down after 13 years
Mike Rechin, who has served as the bank’s president and CEO since 2007, plans to retire at the end of the year. His departure will trigger several promotions among the bank’s other executives.
Cracker Barrel launches ‘ghost kitchen’ test pilot in Indianapolis
Cracker Barrel Old Country Store Inc. is converting one of its Indianapolis restaurants into a food-preparation-only location as a way for the company to experiment with the emerging “ghost kitchen” trend.