The Day In M&A: Teva, Worldpay, Vantiv & Altice.

By Zak Mir

Today we look at Teva, Worldpay, Vantiv and Altice.

Although like myself, hedge fund legend Crispin Odey is an old Harrovian and therefore should command respect, it seems to me surprising that the man, more famous in recent times for losing money rather than making it, has finally spoken out regarding the can of worms which is the 21st Century Fox / Sky deal. Yes, he is correct in suggesting that the bid level is too low. But the Establishment / Government contempt for Rupert Murdoch and associates is so great, they appear to block whatever the Octogenarian wishes to do, wife Jerry Hall notwithstanding.

The surprise here is that Mr Odey has spoken out a full 9 months after the Sky bid was unveiled. The deal was just as undervalued on December 9 as it is now. Perhaps our Crispin now acknowledges that as it will be delayed / blocked by the Government / regulator, it is best to lose enthusiasm now rather than wait for it to be blown out of the water anyway?

Worldpay
The Worldpay / Vantiv deal may have been broken on Wall Street Wires, but the pain of those looking for a higher price than the mean deal struck at just over 380p remains.

However, the deal which was a mean 22.7% premium over the closing share price of 320p on July 3, has gone through, It is something which offers a bargain for Vantiv, and an tacit admission on the part of Worldpay that the company’s life on the London stock market was not quite a rip-roaring success. At least though, after all the due diligence / health & safety checks on the deal, it has gone through – something which is quite an achievement given the wilful obstruction associated with 21st Century Fox / Sky described above.

Altice / Charter
After all the kerfuffle regarding Dutch companies mentioned here on Wall Street Wires, and the protectionist / anti-capitalist lobby from that country which wrongly scuppered the Azko Nobel deal, we hear that Netherlands based Altice NV and its US cable unit are working on buying Charter Communications according to Reuters. Presumably given that in this instance it is a Dutch company bidding, the protectionist lobby will not be moaning.
Finally for today, we hear that generic drugs specialist Teva, which at least dodged a bullet in terms of having the AstraZeneca CEO as its new boss, has said it is looking for someone to buy its Medis business.

Zak Mir is Co Founder Wallstreetwires.com, technical analyst, author, broadcaster and financial markets commentator.

Original Link: wallstreetwires.com

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