M&A Activity, Merger Arbitrage, and Hostile Takeovers

AT&T – T-Mobile Merger (Dealbook):

The federal judge overseeing the case against AT&T’s proposed $39 billion acquisition of T-Mobile USA has asked both sides to discuss the prospects of a settlement on Sept. 21. In an order signed on Monday, Judge Ellen S. Huvelle of the United States District Court in Washington, asked the Justice Department, AT&T and Deutsche Telekom, which is the parent of T-Mobile USA, to file a joint plan by Sept. 16 on scheduling and managing the case.

AT&T Inc. (NYSE:T)

Ex-BP Chief’s Firm to Buy Iraqi Oil Company in $2.1 Billion Deal (Dealbook):

Vallares, the investment vehicle Mr. Hayward co-founded with the financier Nathaniel P. Rothschild this year, agreed on Wednesday to buy Genel Energy International, an oil producer in the Kurdistan region of Iraq, in a $2.1 billion deal. Mr. Hayward will be chief executive of the new company, called Genel Energy. Rodney Chase, the former deputy chief executive of BP, would become chairman and Mr. Rothschild nonexecutive director. Under the terms of the transaction, Vallares will issue $2.1 billion of new stock at £10 ($15.99) a share to acquire Genel in a reverse takeover. The owners of Vallares and Genel will own equal shares in the combined company. The Turkish billionaire Mehmet Karamehmet currently owns 56 percent of Genel, while the company’s chief executive, Mehmet Sepil, owns 29 percent.

SAB Miller – Fosters Group (WSJ):

Australia’s takeovers watchdog on Thursday rejected attempts by SAB Miller PLC to force a review of the financial statements of 9.51 billion Australian dollar (US$10.07 billion) takeover target Foster’s Group Ltd. SABMiller, the maker of Grolsch and Peroni, has made a A$4.90 a share bid for Foster’s, Australia’s leading brewer with seven of the country’s top 10 beer brands. After Foster’s rejected the takeover proposal as undervaluing the company, SABMiller went hostile with the bid on Aug.

Mosaid Hostile Takeover (WSJ):

Mosaid Technologies Inc. is recommending shareholders reject rival patent-licensing company Wi-LAN Inc.’s hostile 480-million-Canadian-dollar (US$485 million) takeover bid, calling it “inadequate and highly opportunistic.” Ottawa-based Wi-LAN is offering C$38 a share for its cross-town counterpart. In midday trading on the Toronto Stock Exchange, Mosaid’s shares were off 10 cents at C$41.10, suggesting a higher bid will be required for Wi-LAN to win sufficient backing. Wi-LAN’s offer is conditioned on winning support from Mosaid shareholders controlling at least two-thirds of the company’s outstanding shares.

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