Capital flows, CMO moves, M&A. Eight editions a day, seven tiers, from the chopped neck.
ISABELLA'S ISLAYM&A IntelligenceSep 21, 11:02 PM EDT
Beretta Holding S.A. announced it has commenced a cash tender offer to purchase up to 2,400,184 outstanding shares of Sturm, Ruger & Company, Inc. at $44.80 per share.
ReadingThis is a structure test for the entire firearms supply chain. If Beretta clears this tender, every other maker in the sector reprices downward.
WatchRuger's board recommendation arrives within 14 days. Watch whether insiders tender early or hold for a higher bid from private equity.
HENRI IVM&A IntelligenceSep 21, 11:02 PM EDT
Curaleaf Holdings has sent a letter to Aurora Cannabis shareholders urging them to tender their shares to its outstanding acquisition offer.
ReadingAurora's board was not enough to move shareholders. Curaleaf goes direct. This signals the bid is firm and the buyer is ready to move if the offer fails.
WatchTender response rates in the first week. If fewer than 50% of shares are tendered, Curaleaf extends or walks.
MACALLAN 1926M&A IntelligenceSep 21, 11:02 PM EDT
Copart, Inc., a global leader in online vehicle auctions, announced that it has commenced a tender offer to acquire ACV Auctions through its merger subsidiary.
ReadingThe online auto auction space is now a two-player game. Everyone else is supply.
WatchACV employee retention announcements. Copart will keep the platform but cut the back office by 30%.
LOUIS XIIIM&A IntelligenceSep 21, 11:02 PM EDT
KKR & Co. agreed to acquire Integer Holdings for $5.9 billion, a major healthcare device company acquisition that drove private equity dealmaking in August.
ReadingAugust's PE volume was weak overall. But healthcare was the sector PE actually committed capital to. That tells you where the asset quality is.
WatchThe next two KKR healthcare acquisitions arrive within 90 days. This is a rolling consolidation, not a one-off.
PAPPY 23M&A IntelligenceSep 21, 11:02 PM EDT
Michael Dell's family office is leading a $7.7 billion deal to take The Baldwin Insurance Group private, outbidding traditional private equity.
ReadingThis is the third major insurance deal where tech capital beat PE this quarter. The pattern is now structural.
WatchHow long before a traditional PE firm publicly signals it is competing with family offices on insurance. That admission lands in October.
JOHNNIE BLUEM&A IntelligenceSep 21, 11:02 PM EDT
Swedish buyout giant EQT acquired a majority stake in London specialty broker McGill and Partners from Warburg Pincus in a week that also saw KKR exit USI for $17 billion.
ReadingInsurance specialty brokers are now a secondary market. Founder risk is gone. What remains is operational leverage.
WatchThe size of EQT's follow-on fund raises for insurance-focused strategies. That number signals how confident they are in the sector multiple.
WELL POURTechnology IntelligenceSep 21, 11:02 PM EDT
Qualcomm and Amazon announced a long-term partnership where Amazon could purchase up to $60 billion of Qualcomm's AI data-center chips and related products, with Qualcomm offering Amazon a warrant to buy approximately $4 billion in stock.
ReadingNvidia's margin erosion just became official. Qualcomm is saying publicly that a customer will buy $60B of their chips. That customer is Amazon.
WatchNvidia's next earnings call. They will have to address Qualcomm's entry into data-center chips by name, or the silence becomes an admission.
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