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: For U.S. IPOs, It's the Year of the Flop
For U.S. IPOs, 2017 has been the year of the flop. Blue Apron has tanked since it started trading last month. Shares of Snap fetch less than $15, the lowest since its debut in March. And the Bloomberg U.S. IPO index has risen just 1.5 percent this year, underperforming the S&P 500's 10 percent gain. What's going on? Bloomberg IPO reporter Alex Barinka joins host Alex Sherman to explain the lackluster performance of Blue Apron and Snap, and how MuleSoft and Canada Goose have avoided the same fate.
Jul 19 2017
Rank #4: My Three Decades in M&A
Burger King. Pfizer. Name a major M&A deal in the past three decades and chances are Eileen Nugent played a part. Join us as the co-head of M&A at Skadden Arps explains what it was like to be a woman in the male-dominated world of the 1980s and how gender inequality is finally starting to change. Guest host Jeffrey McCracken also chats with Bloomberg M&A reporter Ed Hammond on China's growing multi-billion-dollar interest in hotel chains across the U.S.
Mar 16 2016
Rank #5: 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 #6: 57: 2016 M&A Year in Review
AT&T's acquisition of Time Warner led the way as the biggest deal of 2016. The implications of the deals that did -- and didn't -- get announced this year set up 2017 as a year of uncertainty for mergers and acquisitions. That's usually a bad sign for deal volume, as chief executive officers like certainty when deciding to spend billions. Still, equity markets are booming, and there's a lot of optimism for a very big 2017 among M&A bankers and lawyers. Bloomberg M&A Executive Editor Jeff McCracken, M&A Managing Editor Aaron Kirchfeld and host Alex Sherman run down the biggest and most influential deals of 2016 and what the domino effects could be in 2017.
Dec 20 2016
Rank #7: Secrets of a Rainmaker
Paul Taubman, the legendary rainmaker and founder of PJT Partners, talks to Bloomberg's Ed Hammond about the challenges of building an investment bank, what will drive the next wave of M&A, and what it takes to advise companies on their biggest transactions.
Aug 30 2017
Rank #8: 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 #9: 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 #10: 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 #11: Amazon - The Everything Everything
"The Everything Store" no longer comes close to describing the totality of Amazon. The company's web services drive enterprise cloud computing. Its video and music services compete with the nation's top media companies. Now Amazon is spending $13.7 billion to own Whole Foods. What won't this company do? And why do shareholders seemingly cheer every move? Bloomberg Gadfly columnists Shira Ovide and Shelly Banjo try to get their hands around all that is Amazon and explain what motivated founder and CEO Jeff Bezos's biggest acquisition bet ever.
Jun 20 2017
Rank #12: 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 #13: Amazon vs. Walmart
This week featured a clash of the retail titans in M&A land. Amazon has reportedly looked at buying both Whole Foods and BJ's Wholesale Club. Meanwhile, Walmart is nearing a deal to buy men's fashion retailer Bonobos for about $300 million. Does Amazon want to be Walmart, and vice versa? Bloomberg consumer team leader Nick Turner and Gadfly columnist Shelly Banjo explain both companies might be thinking to host Alex Sherman.
Apr 19 2017
Rank #14: Episode 10: Are Private Equity Deals in Trouble?
Carlyle Group's revision of its deal for Symantec Corp.'s Veritas last week made waves throughout the leveraged buyout industry. Bankers, lawyers and private equity partners are wondering whether other transactions, such as Vista Equity Partners' $6.5 billion acquisition of Solera Holdings Inc., may be rewritten with a lower price. Ropes & Gray partner Steven Rutkovsky explains why the market for deals with a lot of debt has suddenly become somewhat weak. In addition, Bloomberg reporters David Welch and Jennifer Surane take apart Johnson Controls's proposed takeover of Tyco International -- the latest deal that allows a company to shed its U.S. corporate citizenship in search of lower taxes overseas.
Jan 27 2016
Rank #15: 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 #16: 19: From Banker to Teacher to ... Something in Between
Scott Rostan used to be a mergers & acquisitions banker for Merrill Lynch. Then he was a high school teacher. He eventually found a happy medium training bankers and business school students how to do their jobs. He founded Training The Street in 1999, signing up bulge-bracket banks and universities as clients and developing a 35-person global team to teach techniques on valuation, accounting and financial analysis. He explains some of his methods and shares his own experiences in boardrooms, including a tense bidding war between Norfolk Southern Corp. and CSX Corp. for Conrail Inc., and how that battle parallels today's hostile railroad consolidation talks. Plus, Bloomberg M&A reporter Ed Hammond stops by to update host Alex Sherman (back from paternity leave) on Virgin America's talks to be acquired by JetBlue Airways and Alaska Air.
Mar 30 2016
Rank #17: 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 #18: 23: The Brazil-Born, Texas-Bred Banker Who Loved Basketball
Was there something in the water? Brazilian-born Osmar Abib graduated from the same Houston high school with three other men -- Ralph Eades, Hugh "Skip" McGee, and Greg Pipkin -- who, like him, became prominent investment bankers specializing in energy. They even played on the same basketball team! Three decades later, the Credit Suisse banker joins the show to talk about opportunities in the industry, and how he made the transition from oilfield engineer. Abib also contrasts Credit Suisse to Perella Weinberg and Tudor Pickering, two firms that have begun merger talks to strengthen their position in the M&A advisory world.
Apr 26 2016
Rank #19: Episode 16: How to Make Money from M&A
Tom Burnett, Vice Chairman and Director of Research at Wall Street Access joins the show this week. But first, guest co-host Jeffrey McCracken kicks things off with Bloomberg M&A reporter Ed Hammond discussing the potential deal between BASF and DuPont.
Mar 09 2016
Rank #20: 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