In case you missed any of these catchy tunes last week, it's not too late to boogie down. Grab your headphones, CD player, iPod, speakers, guitar, cowbell, whatever you need -- it's time for the M&A Mix Tape.
"Kiss on My List" by Hall and Oates featuring Movielink
It sounds like a kiss from Blockbuster
And speaking of MovieBeam, last Wednesday, Blockbuster competitor Movie Gallery
Though downloadable movies currently make up a tiny sliver of the multibillion-dollar movie rental industry, it's expected that this fast-growing segment will steal market share in years to come. Players already offering movie downloads include Blockbuster's arch-nemesis Netflix and Apple.
"Can't Buy Me Love" by The Beatles featuring Citi and Nikko
A wad of cash may not be enough to get that special someone to show you some love, but in the realm of mergers and acquisitions, some extra cash can go a long way. Such is the case for Citigroup
It's not that shareholders are inherently against Citi swallowing Nikko; they just think the bank could dig a little deeper in its pockets and cough up some more cash for the deal. Since I took a look at the deal last week, three investors that own 5% or more of Nikko's stock (in addition to Harris Associates) have come out against the deal at the current price. Southeastern Asset Management and Orbis Investment Management both put their target price at 2,000 yen, the same as Harris, while Canada-based Mackenzie Financial said that it would accept an offer between 1,700 and 1,800 yen.
Aiding these investors is the Tokyo Stock Exchange's decision to allow Nikko to keep its listing, despite the firm's recent accounting scandal. Citi has already come out saying that it does not plan to up its 1,350-yen offer, so it's likely relying on a strong response from other shareholders, including Mizuho Financial, which holds just less than 5% of Nikko's stock.
"Take Me Out to the Ball Game" by Jack Norworth featuring Topps
For iconic baseball card maker Topps
Crescendo Partners, which (along with Pembridge Capital Management) waged a proxy war against Topps' CEO, Arthur Shorin, last year, was quick to criticize the deal. While the offer won't give any of Topps' shareholders the urge to break out the cigars, it may be just good enough to convince them to move on from Topps and its middling (though recently somewhat more promising) performance and find greener pastures.
There is a 40-day "go shop" period for Topps, though it seems unlikely that a competing bid will come to the table. Some investors are betting on just that, though, and have bid Topps' stock above the buyout offer price.
If the deal goes though, it'll be interesting to see what the buyout group does with Topps. Despite my own fond childhood memories of Topps baseball cards, Garbage Pail Kids, and Bazooka Joe gum, Topps has been decidedly less exciting as a company in the digital age.
Lehman Brothers advised Topps on the transaction, and Deutsche Bank worked on the deal from the buyers' side.
Continuing deliberations on what the future will hold for Tribune
Just as Shaq doesn't make all his money from basketball, Jay-Z isn't counting on continued music success to pad his bank account. His most recent move has been to sell his Rocawear brand to brand licensing company Iconix
That's it for this album, but be sure to keep tuned in to The Motley Fool for more tunes from the M&A front.
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Fool contributor Matt Koppenheffer is currently ranked 5,296 out of 24,201 Fools participating in The Motley Fool's CAPS service, and he encourages everyone to get heard. He owns shares of Goldman Sachs, but does not own shares of any of the other companies mentioned. The Fool's disclosure policy always delivers those block rockin' beats.