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Mergers & Acquisitions

Rebrandings:
  
    
    
    
    

    
   
  
 JDSU    VIAV   LITE
  • American Realty Capital Properties (ARCP) renamed Vereit (VER) after an accounting scandal.  (July 2015)
   
     
  
  • Brown Shoe (BWS) changed its corporate name to  Caleres (CAL):  On May 27, 2015, Brown Shoe changed its name to Caleres, retaining the "Brown Shoe" name for a future line of men's footwear. The company’s new ticker symbol on the New York Stock Exchange is CAL, and it began trading with the new ticker symbol on May 29, 2015.
  • Progressive Waste Solutions (BIN) now Waste Connections (WCN)
   
  • Chemours (CC) was founded in July 2015 as a spin-off from DuPont (DD).
  
  • IAC/InterActive (IAC) changed its ticker symbol to IAC from IACI. (Jan 2016)
     

  • Men's Wearhouse Inc(NYSE:MW) : In January 2016, the company adopted a holding company structure and changed the name of its parent company from "Men's Wearhouse" to "Tailored Brands" and its stock symbol from "MW" to "TLRD".
  

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The following companies have been acquired and are no longer trading (by ticker symbol, alphabetical order):


  • ACE Limited (ACE): acquired by Chubb (CB) for $28.3 billion in 7/15

   
  • Actavis (ACT), Allergan (AGN): On March 17, 2015, Actavis completed the acquisition of Allergan in a cash and equity transaction valued at approximately $70.5 billion. The combination created a $23 billion diversified global pharmaceutical company  In June 2015, Actavis officially changed its name to Allergan.   (For more on Allergan and corporate inversions, see bottom of page.)  Allergan (AGN) to be acquired by AbbVie (ABBV) (June 25, 19) 
   
  
  • ADT Security Services (ADT) was acquired by Apollo Global Management (APO) for $6.9 billion in a leveraged buyout. (Feb 2016)
   
  
  • Altera (ALTR) acquired by Intel (INTC) for $16.7 billion in June, 2015.
       
  • Alcatel-Lucent (ALU) acquired by Nokia (NOK) in April, 2015 for €15.6 billion.  The French global telecommunications equipment company started operating as a part of the Finnish company on January 14, 2016.
       

  • Anacor Pharmaceuticals (ANAC) to be aquired by Pfizer (PFE) for $99.25 per share or $5.2B  (5/16/16)
      
    
  • Ann Inc. (ANN) was acquired by Ascena Retail Group (ASNA).  On May 18, 2015 Ascena Retail Group announced a $2.16 billion acquisition of Ann Inc. The buyout was completed on August 21, 2015. Ann Inc. will operate as an Ascena Retail Group subsidiary going forward.
    
  • AOL: On May 12, 2015, Verizon Communications (VZ) announced plans to buy AOL for $50 per share in a deal valued at $4.4 billion. The acquisition was completed on June 23, 2015. (In 2000, AOL purchased Time Warner for US$164 billion.)
    
    
     
  • Aruba Networks (ARUN): On March 2, 2015, Hewlett-Packard announced that it would acquire Aruba for $2.7 Bn.  On May 19, 2015, HP completed the acquisition of Aruba Networks for a transaction value of $3 billion. Aruba is now wholly owned by HP and has been combined into the HP Networking business within HP’s Enterprise Group organization.
      
   
    
  • Einstein Noah Restaurant Group (BAGL) (9/14) : BAGL acquired by German JAB Holding Co., an affiliate of the private-equity firm Joh. A. Benckiser Group, for $374M. (Also bought Caribou for $340 Million in 12/12, and Peet's Coffee for $1 billion in 10/12)
      
  
  • Strategic Hotels & Resorts (BEE) was acquired by The Blackstone Group (BX) for $6 billion. (9/15) In March 2016, only 3 months after the Blackstone transaction closed, Anbang Insurance Group purchased Strategic for $6.5 billion.
        
  • Burger King (BKW): Now part of Restaurant Brands International (QSR).  The company is majority-owned by 3G Capital—the previous majority owner of Burger King—holding a 51% stake. The remainder of the company is publicly traded on the New York and Toronto Stock Exchanges, and owned by the prior shareholders of Burger King and Tim Hortons. The company began trading on December 15, 2014.
      
        
     
  
      

 
  • Baxalta (BXLT) acquired by Shire (SHPG) for $30.6 billion. (August 2015)
      
     

   
  • BZ:  As of October 25, 2013, Boise Inc.(BZ) has been acquired by Packaging Corporation of America (NYSE: PKG).
        
   
  • Cameron International (CAM) acquired by oilfield services company Schlumberger (SLB) for $14.8 billion. (April, 2016)
   
  
   
  • Cigna (CI): U.S. health insurer Anthem (ANTM), prior to 2014 known as WellPoint, announced an offer to acquire Cigna for more than $47 billion in cash and stock. (June 2015)
    • Cigna ended its merger agreement with Anthem on Feb 14, 2017 and said it will seek $13 billion in damages from Anthem on top of the $1.85 billion break-up fee outlined in the deal. 
        
   
  • Constant Contact (CTCT) was acquired by Endurance International (EIGI) for $1.1 billion in November 2015.
    
    
  • DELL:  It was a publicly traded company (NASDAQ: DELL), as well as a component of the NASDAQ-100 and S&P 500, until it was taken private in a leveraged buyout which closed on October 30, 2013.
  
        
  • DirecTV (DTV) : acquired by AT&T, Inc., in a transaction valued at $48.5 billion in July, 2015.
       
         
  • Dow Chemical Co. (DOW) and DuPont Co. (DD) agreed to merge and form a chemicals and agricultural powerhouse valued at $130 billion. (December 2015) The new company: DowDuPont (DWDP)  (Sept. 2017)
   
   
  • DreamWorks Animation (DWA) to be acquired by NBCUniversal, a division of Comcast (CMCSA) for $3.8 billion. (April 28, 2016)
       
  • EMC; 10/12/15 : Dell Inc. and private-equity firm Silver Lake will buy EMC Corp. for roughly $67 billion in cash and stock, marking one of the largest technology-industry takeovers ever.  The $33.15 a share price tag represents a 19% premium over previous day’s closing price for EMC.
  
 
    
  • Shanda Games (GAME) 11/18/15:  Shanda Games became a privately held company and its American depositary shares, each representing two Class A ordinary shares, are no longer listed on NASDAQ.
   
  • Family Dollar Stores (FDO) was acquired by Dollar Tree (DLTR) for $8.5 billion (28 July 2014.
  
    
  • Freescale Semiconductor (FSL) was acquired by NXP Semiconductors (NXPI) for about $16.7 billion. (Dec 2015)
   
  • GGC: Georgia Gulf Corporation merged with PPG’s commodity chemicals business, creating Axiall Corporation. The company began trading on the NYSE under the ticker symbol AXLL on January 29, 2013.  Axiall Corporation (NYSE: AXLL) was acquired by Westlake Chemical Corporation (NYSE:WLK). (8/31/16)

  • Hi-Tech Pharmacal (NASDAQ: HITK) acquired by Akorn (NASDAQ: AKRX) for $640 million in cash. (17 Apr 2014)
  
  • Health Net (HNT) acquired by Centene (CNC) for $6.8 billion.  (March 2016)
      
    
       
  
  • Starwood Hotels & Resorts Worldwide (NYSE: HOT) acquired by Marriott International (MAR) for about $12.2B, creating the world's largest hotel company.
         
  • Hot Topic (HOTT) was acquired by private equity firm Sycamore Partners in June 2013 for about $600 million.   Hot Topic shareholders received $14 per share. Sycamore has also acquired the struggling women's apparel chain Talbots for $369m. 
   
  • Inland Real Estate (IRC) acquired by funds advised by DRA Advisors, an investment adviser, for about $2.3 billion.   (Dec 2015)
   
  • Informatica (INFA): On August 6, 2015, Informatica announced completion of acquisition with Microsoft and Salesforce Ventures joined as strategic investors. The company's stock ceased trading on the NASDAQ under the ticker symbol INFA effective on the same date.

  • InvenSense (INVN) to be acquired TDK Corporation  for $13.00/share in cash.  (Dec. 2016)
  
  • IPC Healthcare (IPCM), previously known as IPC The Hospitalist Company. Was acquired by Team Health (NYSE:TMH) (??), which then received a buyout off by AmSurg (NASDAQ:AMSG) (rejected??).
  • Jarden (JAH):  Newell Rubbermaid (NWL), the maker of Sharpie markers and Parker pens, agreed to buy diversified consumer products company Jarden Corp for $13.22 billion, adding brands such as Sunbeam kitchen appliances and Coleman outdoor gear. (14 Dec 2015)
    
  • Janus (JNS) to merge with British firm Henderson. (3 Oct 2016)
    
  
  
   
  • King Pharmaceuticals (KG) was acquired by Pfizer Inc. (NYSE: PFE) for $3.6 billion in cash or $14.25 per share. (October 12, 2010)
  
The company has been buying up coffee makers and coffee chains all over the world including Keurig Green Mountain, Caribou Coffee Co., Peet’s Coffee & Tea, and Danish coffee-bar chain Baresso Coffee A/S.
   
  • KLA-Tencor (KLAC): Semiconductor equipment maker KLA-Tencor (KLAC) is selling itself to Lam Research (LRCX) in a $10.6 billion transaction.  (10/21/15)
  
   
  • Kraft (KRFT) merged with Heinz. The merger was arranged by Heinz owners Berkshire Hathaway and 3G Capital, and created the fifth largest food and beverage company in the world, Kraft Heinz Company (KHC). (July 2015)
    
  • The company was formerly known as Springleaf Holdings (LEAF) and changed its name to OneMain Holdings (OMF) in November 2015.  In March 2015, Springleaf entered into an agreement to acquire OneMain Financial from Citigroup for $4.25 billion.
    
  
   
 
     
   
    
        
    
    
  • Lexmark (LXK) be acquired by Apex Technology and PAG Asia Capital for $3.6 billion USD or $40.50 per share.  The deal is expected to close in the second half of 2016. (April 2016)

  
    
   
   
    
   
    
     

  
  
  • Monsanto (NYSE:MON) received a $122 per share all-cash bid from Bayer (OTCPK:BAYRY); that values the U.S. agribusiness at $62B. (5/23/16)
   
    
    
  • Monster Worldwide (MWW) to be acquired by Randstad Holding (RANJY) for $3.40 per share in cash, or a total purchase price of ~$429 million. (8/9/16)
    
   

 
   
  
  
  • NPS Pharmaceuticals (NPSP) acquired by Shire (SHPG) for $5.2 Billion (Jan 2015)
    
  • NXP Semi (NXPI) to be acquired by Qualcomm (QCOM) for $110/share.  (10/27/16)
   
 
  
  • Office Depot (ODP) and OfficeMax (OMX) merged, creating the largest U.S. office-supplies chain. The merger completed in November 2013.  In Feb 2014. rival Staples (SPLS) had agreed to purchase Office Depot in a cash and stock deal worth approximately $6.3 billion. In December 2015, the Federal Trade Commission voted to block the merger.
  • May 2016:  Federal judge blocks Staples' $6.3 billion acquisition of Office Depot.
      
   
      
  • PetSmart (PETM) was acquired by BC Partners for $8.7 billion in December 2014.
   
   
  • Qihoo 360 Technology (QIHU), Chinese mobile security software maker,  said it agreed to be acquired by a consortium of investors for about $9.3 billion. (18 Dec 2015)

    
      
  • Smithfield Foods (SFD) acquired by Shuanghui Group, the largest meat producer in China. (May 2013)

  • Tibco Software (TIBX) was acquired by private equity firm Vista Equity Partners for $4.3 billion in September 2014. 
     
    
  • Orbitz (OWW): In February 2015 Expedia announced plans to purchase Orbitz for $1.3 billion. This acquisition was closed in September 2015.
      
    
       
   
   
  • Rite Aid (RAD) :  (10/28/15) Walgreens Boots Alliance (WBA) confirmed it will acquire Rite Aid for more than $9.4 billion in cash, or $9 a share — a premium of 48% to its closing share price yesterday. Walgreen is also assuming Rite Aid debt, bringing the total value of the deal to $17.2 billion. 
   
   
  • RF Micro Devices (RFMD) and Triquint completed their merger of equals to form Qorvo (QRVO) (Jan 2, 2015).
    
   
  • Ruckus Wireless (RKUS) to be acquired by Brocade Communications Systems (BRCD) for approximately $1.5 billion. (April 4, 2016)
    
  • Roundy's (RNDY) traded on the NYSE from February 8, 2012 to December 18, 2015. The Midwest grocer agreed to be acquired by Kroger Co. (KR) in an $800 million transaction.
     
  
   
  • SolarCity (SCTY): Elon Musk proposes combining his electric-car Tesla Motors (TSLA) and solar-power companies in a potential $2.8 billion deal. (6/21/16)  SCTY agrees to be acquired for $25.37/share in stock (8/1/16)
  
  
    
 
  • Silicon Graphics (SGI) to be acquired by Hewlett Packard Enterprise (HPE) for $7.75 per share in cash, a transaction valued at approximately $275 million, net of cash and debt. (8/11/16)
    
  • Sigma-Aldrich (SIAL) was acquired by the German company Merck KGaA for $17.0 billion. (September 2014)
    
  • SanDisk (SNDK): Computer data storage giant Western Digital (WDC) announced on 10/21/15 it will acquire SanDisk, which specializes in flash memory storage devices, for $19 billion.
   
  • Standard Pacific (NYSE: SPF) and The Ryland Group, Inc. (NYSE: RYL) announced the closing of their merger of equals transaction and the launch of their combined consumer brand, CalAtlantic Group, Inc. (NYSE: CAA), that as of June 30, 2015.
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  • Starz (STRZA) acquired by LionsGate (LGF) for $4.4 billion in cash and stock. (June 30, 2016)
     
  • Sunoco (SUN) is wholly owned by Energy Transfer Partners, L.P. (NYSE: ETP).
    ETP
       
  • Safeway (SWY): acquired by private equity investors led by Cerberus Capital Management in January 2015. The new merged company which includes the Albertsons supermarket chain has more than 2,200 stores which makes it the second largest supermarket chain in North America, after The Kroger Company, which has 2,625 stores.
      
  
  • TEGP, TEP, TGE:   Tallgrass Energy (TEGP) has IPO on 7 May 2015;  Tallgrass Energy (TEGP) acquires Tallgrass Energy Partners (TEP); TEGP change its name to Tallgrass Energy LP and trades on the NYSE under the symbol TGE.  27 March 2018;  Tallgrass Energy (TGE) receives a buyout offer from Blackstone (BX) for $19.50 per share.  27 Aug 2019
  
  • Thoratec (THOR) was acquired by St. Jude Medical (STJ). (July 2015, completed October 2015)

  • Trina Solar Limited (TSL) received preliminary non-binding proposal to be acquired by CEO and Shanghai Xingsheng Equity Investment & Management for $11.60 per ADS (12/14/15)  Trina Solar (TSL) said it's agreed to be taken private by its founding chairman and others in a deal valued at $1.1 billion. (1 Aug 2016)
  
  • Trulia (TRLA) was acquired by Zillow (Z) for $3.5 billion in July 2014.
  
  • Tumi (TUMI): Samsonite International SA said on 3/3/16 it agreed to buy luxury luggage maker Tumi Holdings Inc. for about $1.8 billion. Samsonite will pay $26.75 a share.
     
  • Time Warner Cable (TWC) was acquired by Charter Communications (CHTR) for $78.7 billion on May 26, 2015.  The purchase was completed on May 18, 2016.

  

   
   
     
    
     
      
    
  
    
  • Verigy (VRGY) acquired Advantest Corporation (NYSE: ATE) in 2011 $1.1 billion.
    
   

   
    
  • XenoPort (XNPT) to be acquired by Arbor Pharmaceuticals. (May 2016)
    
   

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Pharma mergers & acquisitions:
  • Juno Therapeutics (Juno) acquired by Celgene (CELG) (Jan 2018); Celgene (CELG) acquired by Bristol-Myers Squibb (BMY) (Jan 2019)


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 Corporate inversions and US tax dodging: Watson Pharmaceuticals, Actavis,  Warner Chilcott, Forest Laboratories, Allergan, AbbVie
  • Watson Pharmaceuticals was founded in Libertyville, Illinois in 1983 by an immigrant Purdue University Ph.D., Allen Chao, and a colleague, David S. Hsia. Start-up money was raised by friends and family in the Taiwanese community living in California.
  • Watson had its initial public offering (IPO) in 1993 and was listed on the NASDAQ under the ticker symbol WATS. The company moved to the NYSE in 1997, and began trading under the symbol WPI.
  • In November 2012, Watson acquired the Switzerland-based, global generics company Actavis Group for EUR4.25 billion, creating the world’s third largest generics company. While Watson was the acquirer, the company nevertheless changed its name to Actavis.
  • Watson also changed its ticker on the New York Stock Exchange from 'WPI' to 'ACT' in 2013 and hence Actavis, a U.S.-European conglomerate, was born.
  • On October 1, 2013 Actavis acquired Irish pharmaceutical company Warner Chilcott plc (WCRX), previously known as Galen, in a stock-for-stock transaction valued at approximately $8.5 billion. Moved its corporate headquarters to Ireland.
  • In July 2014 Actavis completed its acquisition of Forest Laboratories (FRX), who previously acquired, Furiex Pharmaceuticals Inc and Aptalis Pharma, in a cash and equity transaction valued at approximately $25 billion.
  • In March 2015, Actavis, plc completed the acquisition of Allergan, inc in a cash and equity transaction valued at approximately $70.5 billion. The combination created a $23 billion diversified global pharmaceutical company with commercial reach across 100 countries. In June 2015, Actavis, plc officially changed its name to Allergan, plc.
  • The company's global headquarters are located in Dublin, Ireland.
  • In July 2015, Allergan, Plc announced it would sell its Generics division of the company to Teva Pharmaceuticals (TEVA) for $40.5 billion


  • April 2016: Pfizer (PFE) agreed to terminate its $160 billion agreement to acquire Allergan, in a major victory to U.S. President Barack Obama's drive to stop tax-dodging corporate mergers.  Obama called global tax avoidance a "huge problem" and urged Congress to take action to stop U.S. companies from tax-avoiding corporate "inversions", which lower companies tax bills by redomiciling overseas.
  • Allergan (AGN) to be acquired by AbbVie (ABBV) (June 25, 19)

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