Back From Vacation: What Happened Since I Left?

The markets never sleep, and while I was away on a (well deserved!) trip, a few things worth mentioning happened in the M&A space

Summer.. always a good time to be checked out of the financial world. But that I’m taking a break doesn’t mean nothing is happening, and before publishing about a new deal hopefully early next week, I want to quickly review what’s happened recently in our little merger arbitrage business now that I’m back from vacation. Continue reading “Back From Vacation: What Happened Since I Left?”

Apex/Lexmark: US$3.5 Billion, 29% Potential Return

On April 19, 2016, Apex  (SHE:002180) and Lexmark (NYSE:LXK) announced that they had come to an agreement where Lexmark will be acquired for $40.50/share in cash, valuing it at US$3.5 billion

In a world going more and more digital, printers OEM have been struggling for a while with lackluster performance. Take Lexmark for instance: over the last twelve months, operating margin of -3%, return on equity of -9%… you could probably have better metrics opening a lemonade stand for the summer. Therefore, it doesn’t come as a big surprise that the smaller players in the industry are starting to consolidate together in an effort to get more scale and cut costs. Continue reading “Apex/Lexmark: US$3.5 Billion, 29% Potential Return”