hostile takeover

The Danger of Investing in Takeover Targets

The case of International Paper's hostile offer for forest products company Temple-Inland is a lesson in why you shouldn't just jump on a hot takeover stock. IP offered Temple 45% more than its market value, and got shot down. Investors who hoped to cash in are likely to be stuck with loses.

Sanofi-Aventis, Genzyme on the Brink of a Merger

It seems that months of merger talks between French pharmaceutical company Sanofi-Aventis and U.S. biotech Genzyme have entered the home stretch. This week, Sanofi is expected to offer $74 per share for the rare disease drugmaker, with an option included potentially worth $5 to $6 a share.

Genzyme Talks Up Possible Sales of Its New MS Drug

Biotechnology company Genzyme is holding an analyst and investor meeting Monday focused on the commercial potential of its multiple sclerosis drug Campath as it tries to convince Sanofi-Aventis that it's worth more than the Paris-based pharmaceutical giant has been offering.

Canada Rejects Takeover Bid for Potash

In a surprise decision by a government that has historically favored foreign investment, Canada has rejected a $38.6 billion foreign takeover bid for Saskatchewan-based Potash Corp.

Sanofi Denies Offering $69-$80 Price Range to Genzyme

There's a new plot twist in the takeover battle between French pharmaceutical giant Sanofi-Aventis and U.S. drugmaker Genzyme. A regulatory filing made by Genzyme on Thursday claims Sanofi may be willing to go much higher than its current $69 bid -- a claim the French company disputes.

Sanofi-Aventis Launches Hostile Bid for Genzyme

After months of courting U.S. drugmaker Genzyme, French pharmaceutical company Sanofi-Aventis launched a hostile bid valued at approximately $18.5 billion, or $69 a share, for all outstanding shares of Genzyme common stock.

Air Products Lifts Airgas Offer to $65.50 a Share

Air Products & Chemicals (APD) has raised its bid for Airgas (ARG) to $65.50 a share in an all-cash offer. The latest offer represents a 50% premium above Airgas' closing stock price on Feb. 4, the day prior to Air Products submitting its first acquisition plan, Air Products said Monday in a written statement.

Icahn Raises Hostile Bid for Lions Gate to $7.50 a Share

Lions Gate Entertainment shares jumped some 12.5% to around $7.30 Tuesday after billionaire activist investor Carl Icahn raised his hostile bid for the studio to $7.50 per share in cash, up from the previous offer of $6.50 a share. Lions Gate's board said it will review the offer.

Sanofi-Avenits Won't Boost Genzyme Bid

Pharmaceutical giant Sanofi-Aventis is unwilling to pay more than $70 a share in its bid to buy biotech firm Genzyme, media outlets reported Wednesday. If a deal can't be reached, the French drugmaker may consider alternative takeover targets.

Lionsgate's Creditors Block Icahn's Default Threat

Lionsgate's syndicate of creditors agreed to increase the trigger point at which it deems a "change in control" has taken place at the movie studio, raising the bar Carl Icahn will have to hurdle in his hostile bid to buy the company.

Biz Brief: Icahn's Pursuit May Push Lionsgate Into Bankruptcy

Carl Icahn threatened Friday to increase his holdings in Lionsgate Entertainment beyond the approximately 19% stake he now owns, pointing out that such a move could potentially trigger a bankruptcy filing by the company, which he is trying to acquire in a hostile takeover.

Kraft's Treatment of Cadbury Sours U.K. Lawmakers

Kraft, the largest packaged-food company in the U.S., came under attack from a committee of U.K. lawmakers in a report critical of moves the American company made after its hostile $17.5 billion takeover of beloved British candymaker Cadbury. The issue: A broken promise to not close a plant.