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M&A Analysis

September 25, 20180Comments

Investors Say No Thanks to Overpriced Acquisitions

Merger Monday is back. The market responded by sending shares of these three companies deep into the red.
by Sam McBride
September 12, 20170Comments

United Technologies Overpaid for Rockwell Collins

Simply put, the price UTX will pay for this acquisition – which comes to ~$33 billion when accounting for all forms of debt and unfunded pension liabilities – makes it almost...
by Sam McBride
June 19, 20170Comments

Winner & Losers from Amazon’s Proposed Purchase of Whole Foods

While this deal certainly could be good for AMZN, we believe the market may be ignoring some of Whole Foods Market’s off-balance sheet liabilities that make this acquisition...
by Sam McBride
October 26, 20160Comments

The Best Acquisition We’ve Seen in 2016

While we’ve taken issue with many of the large acquisitions in 2016, this deal not only passes the economics test, but also creates a combined firm with a strategic focus on...
by Kyle Guske II
New Constructs
July 19, 20160Comments

Why Companies Overpay For Acquisitions

Overpriced acquisitions are far from a new phenomenon, but they’ve been especially prevalent in recent months. As a result, we’ve gathered some ideas about the various reasons...
by Sam McBride
June 2, 20161Comments

Salesforce.com Investors Lose Big In Demandware Acquisition

Under even the most optimistic integration scenarios, we believe that Salesforce.com’s proposed acquisition of Demandware for $75/share or $2.85 billion represents an...
by Kyle Guske II
September 24, 20151Comments

Towers Watson Shareholders Are Getting A Raw Deal

Many investors in professional services firm Towers Watson (TW) have viewed the recent merger with reinsurer Willis Group (WSH) as a raw deal for TW shareholders. The crux of...
by Sam McBride
May 29, 20151Comments

David Trainer Explains the Right Way to Analyze an Acquisition

In this extended podcast, CEO David Trainer will discuss the right way to analyze the Time Warner Cable and Charter Communications deal and determine whether or not an...
by Kyle Guske II
May 28, 20151Comments

Weekly Webinar 5/27: A Forensic Analysis of Acquisitions

CEO David Trainer will show the right way to analyze the Time Warner Cable and Charter Communications deal and determine whether or not an acquisition creates value.
by Kyle Guske II
February 12, 20150Comments

Who Wins and Who Loses in Staples’ Acquisition of Office Depot?

Does this acquisition make sense for Staples?
by Andre Rouillard
June 19, 20140Comments

Carl Icahn May Be Fighting A Losing Battle With Family Dollar

Icahn might be able to engineer a sale to DG or someone else that will earn himself and other shareholders a quick profit, but unlocking long-term value will be a much more...
by David Trainer
May 29, 20140Comments

The Bidding War For Hillshire Is Bad For Investors

Incentive plans that encourage executives to chase short-term growth at the expense of healthy capital allocation make this sort of irrational behavior not just possible, but...
by David Trainer
May 20, 20140Comments

Winners and Losers In AT&T’s Acquisition of DirecTV

After a few weeks of rumors, on Sunday AT&T (T) confirmed its $95/share offer for DirecTV (DTV). The deal will be part stock and part cash, and is expected to close within 12...
by David Trainer
New Constructs
August 31, 20121Comments

The High-Low Fallacy: Don’t Believe the Merger Hype

One of the biggest misconceptions in the investing world is that the merit of an acquisition should be judged by whether or not it is “earnings accretive”. The impact of an...
by David Trainer

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