Rank #1: 21: End of the Road for Bill Ackman and Canadian Pacific
Canadian Pacific Railway's chief said this week ``the deck was stacked against'' his pursuit of Norfolk Southern. Shouldn't that have been obvious months ago? Bloomberg Gadfly columnist Brooke Sutherland and Deal of the Week host Alex Sherman examine the failed railroad merger. Plus, TSG Consumer Partners' Hadley Mullin discusses her career highlights, including a ``scary'' deal involving Yard House restaurants, and why she's perplexed by the lack of women in private equity.
Apr 12 2016
Rank #2: 26: Why Warren Buffett's Bet on Yahoo Deal Probably Makes Sense
Warren Buffett's decision to back a bid for Yahoo might seem to violate some of the billionaire investor's cardinal rules: Don't invest in tech, and don't touch companies whose businesses you don't understand. As Bloomberg reporter Noah Buhayar tells Deal of the Week host Alex Sherman, though, Buffett no doubt extracted a low-risk deal to help finance the bid for Quicken Loans founder Dan Gilbert. Plus, Bloomberg Gadfly columnist Brooke Sutherland offers her thoughts on Gannett's improved hostile offer for Tribune, following up on last week's episode.
May 17 2016
Rank #3: 51: Forget The Election, M&A is Rigged, NYU Professor Says
M&A is a rigged game and the losers are shareholders of companies that do the acquiring, according to Aswath Damodaran, a professor of corporate finance and valuation at New York University. He tells host Alex Sherman that conflicts of interest among advisers, misaligned executive incentives and a refusal to involve the market in decision-making has led to a history of value-destroying deals. Still, October was the biggest month ever in terms of deal volume. Why do companies keep making big purchases when some evidence suggests it's bad for shareholders? Damodaran explains on this week's episode.
Nov 08 2016
Rank #4: 37: Is Uber Failing with Its $35 Billion Didi Merger?
After losing $2 billion in China, Uber threw in the towel this week, agreeing to merge with rival Didi Chuxing. Uber China will still own almost 20 percent of the new $35 billion company, which may mean Uber shareholders will still get rich off Didi's success. But for now, Uber joins Ebay, Yahoo and Google among other Silicon Valley giants that have failed to flourish in China. Bloomberg technology reporter Eric Newcomer, who broke the details on the terms of the deal, discusses Uber's future and China's obstacles with host Alex Sherman.
Aug 02 2016
Rank #5: 32: Why Pharmaceutical Companies Face an Existential M&A Crisis
Sanofi and Boehringer Ingelheim agreed to a $25 billion dollar trade of big business units this week, the conclusion of a deal that first surfaced in December. Asset swaps, while complicated, could be an increasingly popular maneuver among pharmaceutical companies, Bloomberg M&A reporter Ed Hammond tells host and colleague Alex Sherman. That's partially because the biggest takeovers in the industry can't seem to get done. Hammond explains why they've failed and what pharma deals might actually get done in the second half of 2016.
Jun 29 2016
Rank #6: 39: Formula One Sale Begets Questions About Sport's Future
This much is for sure: If CVC Capital Partners decides to sell its 35 percent stake in Formula One, it's going to make billions. What's a lot less certain is who's going to buy it, how the new owner will change F1 and how much longer 85-year-old Bernie Ecclestone will continue to run the sport. Bloomberg private equity reporter Kiel Porter and sports business reporter Eben Novy-Williams sit down with host Alex Sherman to explain why F1's business boomed and how Ecclestone is, let's say, a bit of a character.
Aug 16 2016
Rank #7: What Buying Power Says About M&A
Longtime Silicon Valley lawyer Rick Climan and his team have worked on some of tech's biggest-ever deals, including Facebook's acquisition of WhatsApp and Intel's takeover of Altera. His experience working with tech's largest clients led him to champion a study showing that buying power -- the relative difference in size between buyer and seller -- should be used more carefully as a tool when negotiating sale prices in deals. He talks about the results, his long career, and his recent decision to leave Weil Gotshal for Hogan Lovells.
Aug 02 2017
Rank #8: 48: Snapchat's Lessons from Twitter and Facebook
Snapchat (OK, Snap Inc.) has hired banks to run its initial public offering. Morgan Stanley is running the show, a return to potential glory after fumbling Facebook's IPO. Meanwhile, Twitter, whose IPO with Goldman Sachs garnered praise, is publicly stumbling in its quest to find a buyer. Bloomberg IPO reporter Alex Barinka tells host Alex Sherman why Snap is looking to both social media companies for lessons -- not just on how to go public but how to operate as a public company.
Oct 18 2016
Rank #9: 41: Hershey Still Standing as Mondelez Deal Melts Away
Hershey's has once again managed to fend off the takeover efforts of a rival. On Monday, Mondelez, the snack company, said it had abandoned its pursuit of Hershey's, becoming the fourth company to have tried - and failed - to buy the chocolate-maker. Here, Ed Hammond and Craig Giammona discuss what makes Hershey's such a tough takeover target and look at the broader trends in food M&A.
Aug 30 2016
Rank #10: 35: Will SoftBank's ARM Deal Derail Sprint's T-Mobile Plan?
SoftBank is turning its attention -- and $32 billion -- to the Internet of Things with its deal for ARM Holdings. The move seems like founder and Chief Executive Officer Masayoshi Son is moving away from spending the bulk of his time, and money, on Sprint. SoftBank spent more than $20 billion on a majority stake in the money-losing U.S. wireless provider in 2013. Should Sprint shareholders see ARM as a warning sign that an eventual deal for T-Mobile is less likely? New Street Research analyst Jonathan Chaplin discusses with host Alex Sherman.
Jul 19 2016
Rank #11: Sprint and T-Mobile May Finally Do It
T-Mobile US Inc. and Sprint Corp. could be just weeks from finally announcing a merger. It would be the largest deal of the year, but even if a deal is announced, there’s no certainty it will happen. Regulatory approval is far from assured. Veteran telecommunications analyst Craig Moffett explains why the companies want to merge now and how the government may interpret a merger. He also gives a gloomy outlook for the entire U.S. wireless industry to host Alex Sherman.
Sep 27 2017
Rank #12: Is Uber a Steal or a Mess?
Uber’s a steal. Uber’s in turmoil. SoftBank wants to buy a huge stake in Uber. Benchmark, Uber's largest shareholder, wants to sell to SoftBank. Wait, Benchmark doesn't want to sell to SoftBank. There are so many questions about Uber, its valuation, and its future. Bloomberg technology reporter Eric Newcomer has been breaking news on Uber for months. He joins host Alex Sherman to explain the contradictions around Uber and the complicated deal SoftBank is attempting to pull off.
Oct 11 2017
Rank #13: The 2018 Predictions Episode
We're about to be singing Auld Lang Syne to 2017. To welcome in the new year, deals reporter Alex Barinka is joined by deals editor Lizzie Fournier and deals reporter Matt Monks to discuss their outlook. Will 2018 see the return of the megamerger? Who's going to have to seek out takeovers to keep up with industry wide competitive changes? And what about those IPOs? All this and more in the final episode of this year.
Dec 20 2017
Rank #14: 49: How We Broke AT&T's Discussions to Buy Time Warner
M&A reporter Ed Hammond and Executive Editor Jeff McCracken join host Alex Sherman for a behind-the-scenes look at how we broke the biggest deal of the year, AT&T's plan to buy Time Warner. The trio discuss how sometimes what people don't say can be as telling as what they do. Plus, we discuss whether the deal will lead to even more mega-media mergers.
Oct 25 2016
Rank #15: 28: Big Money Utility Deals May Lead 2016 M&A
While they aren't household names, but utility deals are likely to drive 2016 M&A, reporter Matt Monks tells Deal of the Week host Alex Sherman. They discuss why an $8.6 billion takeover of Midwestern energy producer Westar by Great Plains Energy proves industry consolidation isn't slowing down, and Monks offers a few suggestions for future deal targets. Plus, Gadfly columnist Max Nisen says he can't see a situation where anyone buys Valeant, even though the stock spiked on last week's Wall Street Journal report that Japanese pharma firm Takeda and private equity giant TPG approached the floundering company about a possible takeover.
May 31 2016
Rank #16: 47: Qualcomm Hunts Car Computer Chips in Biggest 2016 Tech Deal
Qualcomm is making progress on acquiring NXP -- a deal that could be worth about $47 billion including debt. That would make it the largest tech deal of the year and the second-largest ever. Bloomberg's Ian King and Brooke Sutherland explain to host Alex Sherman why a deal makes sense for both sides, even if it comes with some major integration challenges. If there's an agreement, Qualcomm would become the largest supplier of chips used in cars, a stated interest of the San Diego-based chipmaker.
Oct 11 2016
Rank #17: 33: Hershey Considers More Than Money as Mondelez Makes Offer
A company whose name sounds like a disease, according to investor Nelson Peltz, is trying to buy Hershey. Mondelez offered about $23 billion to acquire Hershey in an unsolicited bid that was unanimously rejected by the famed chocolate maker. Will Mondelez bump up its bid? Even if it does, will the Hershey Trust, which controls the voting shares, agree to sell the company? Bloomberg reporter Craig Giammona takes a deep dive into a potential Mondelez-Hershey tie up with Deal of the Week host Alex Sherman.
Jul 05 2016
Rank #18: Aerospace Acquisitors
Ed Hammond talks to Bloomberg Gadfly's Brooke Sutherland and Gillian Tan about United Technologies' $30 billion takeover of Rockwell Collins and takes a look at the reasons so many deals leak before their announcements.
Sep 06 2017
Rank #19: Gray is the new Blackstone
Ed Hammond is joined by Jason Kelly, Bloomberg's New York bureau chief, and private equity reporter Melissa Mittelman, to talk about the changes underfoot at Blackstone. The three look at what the world's largest asset manger's plan to appoint Jon Gray to company president says about the future direction of Blackstone, and what it means for the private equity in general. They also tackle the question of whether private equity, with its hundreds of billions of dollars under management, can really still be considered an industry characterized by entrepreneurial zeal. Have the Barbarians at the Gate become just regular corporate citizens?
Feb 14 2018
Rank #20: 45: CBOE's $3 Billion Bats Purchase Is Actually a Tech Deal
CBOE's $3.2 billion acquisition of Bats Global Markets may sound like a wonky financial transaction. That isn't really the case, Bloomberg M&A reporter Matt Monks tells Deal of the Week host Alex Sherman. Actually, you can view it as a technology deal. Monks and Sherman discuss why stock and options exchanges are consolidating and explain why technological changes have upended the industry.
Sep 27 2016