Coherent/Rofin: One Last Small Regulatory Approval

On March 16, 2016, Coherent (NASDAQ: COHR) annouced that it was acquiring Rofin-Sinar (NASDAQ: RSTI) for US$32.50/share. Now in the last finish line, the deal seems like a relatively easy win.

The transaction had a few milestones to hit on the road map, including shareholder vote and some regulatory approvals. Now that the vote has taken place and Coherent received clearance from the US regulator to acquire Rofin-Sinar, the only thing left to do is getting approval from the European Commission. Continue reading “Coherent/Rofin: One Last Small Regulatory Approval”

Microsoft Buys Linkedin Part. 2: I Went Long

With a spread still around 2% and only a few weeks to go until the transaction closes, the profile of the transaction has improved, hence warranting an investment

The first time I looked at the Microsoft/LinkedIn transaction (here) 2 months ago, I concluded that it was not worth my time because the return on investment was too low. Continue reading “Microsoft Buys Linkedin Part. 2: I Went Long”

Tesla Buys SolarCity: Bailout Or The Future Of Energy?

On August 1, 2016, Tesla (NASDAQ: TSLA) announced that it had reached a definitive agreement with SolarCity (NASDAQ: SCTY), approved and recommended by the Boards of the two companies. Since the talks between the two companies were made public in June, lots have been said about this unusual situation.

So it’s happening. Elon Musk is buying Elon Musk. Or at least to some extent, since the entrepreneur owns roughly 20% of each company and is CEO of Tesla, Chairman of SolarCity. There has been so much said on this deal over the past couple of months that I will only focus on the points that I think are the most relevant: does it make sense for shareholders, should it go through, and will I put my money in it. The answer to the 2 first questions is yes, the one to the last is no, and here is why.

Continue reading “Tesla Buys SolarCity: Bailout Or The Future Of Energy?”

Mega Deals In The Spotlight

Two deals part of the portfolio, Anthem/Cigna and AbInBev/SABMiller, have been making the headlines in recent weeks. Re-visiting those two opportunities and updating my views.

Two of the 5 pending deals in the portfolio date from before the the existence of this blog. Just seizing the opportunity of the recent press coverage to briefly go over them again as well as provide an update on my strategy.

Continue reading “Mega Deals In The Spotlight”