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WEDNESDAY, JULY 22, 2015TODAY'S TOP HEADLINES | ||||||||||||||||||||
M & A Drug Maker Depomed Rejects New Bid From Horizon PharmaINVESTMENT BANKING Citigroup Ordered to Refund $700 Million in Credit Card CasePRIVATE EQUITY S.E.C. Asked to Beef Up Disclosures for Private Equity FirmsHEDGE FUNDS Exchange-Traded Funds Surpass Hedge FundsOFFERINGS Blue Buffalo Raises $677 Million in I.P.O.VENTURE CAPITAL European Tech in Silicon Valley's ShadowLEGAL/REGULATORY The Case for a Tax on Financial Transactions | ||||||||||||||||||||
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BY AMIE TSANG
AT&T GETS GREEN LIGHT AT&T is a step closer to becoming the largest television distributor in the United States. The Federal Communications Commission has given its proposed $48.5 billion takeover of the satellite company DirecTV conditional approval, Emily Steel reports in DealBook. The Justice Department has also said it would not challenge the acquisition.
The F.C.C.'s conditions are intended to increase competition in the broadband market. AT&T would be required to build its high-speed fiber Internet connection to about 10 times its current size, extending service to 12.5 million customers. It could not exclude affiliated video services and content from data caps on its fixed broadband connections. And it would also be required to report interconnection agreements, in which a company like Netflix pays a distributor for better service when it creates a lot of traffic. Antitrust specialists and industry executives did not expect regulatorsto raise major concerns about this deal - unlike Comcast's $45 billion attempt to take over Time Warner Cable, which collapsed in April under regulatory scrutiny. AT&T would not control a majority of the country's high-speed broadband customers, as Comcast would have, and neither AT&T nor DirecTV owns a major entertainment group.
4 ARRESTS SAID TO BE TIED TO JPMORGAN BREACH Federal authorities arrested four men in Florida and Israel in connection with a series of fraudulent investment schemes that could be linked to a hacking attack at JPMorgan last summer, Matthew Goldstein reports in DealBook. Authorities suspect that some of the men arrested, along with a fifth still at large, had a hand in stealing the contact information of 83 million customers, according to people briefed on the matter.
None of the five have been charged with the theft of email addresses and other contact information, or with carrying out the hacking. But authorities are hoping that some might cooperate and provide enough evidencefor charges to be filed over what was one of the largest ever cyberattacks on a United States bank. Soon after the hacking was discovered at JPMorgan, agents with the F.B.I. determined that the attack was not particularly sophisticated: The hacking succeeded largely because the bank failed to properly update a remote server. In spite of this, it was discovered somewhat by accident and went on long enough to give hackers access to 90 servers. The court filings detail charges involving a multiyear campaign to drive up the price of worthless penny stocks by pitching them to unsuspecting investors through spam emails. Another involved an unlicensed money-transfer operation used by criminals to cash in Bitcoin paid by people to get malicious software removed from their computers. The perpetrators of that scheme sought to hide their illegal activities by taking control of a small New Jersey credit union.
CIT-ONEWEST MERGER APPROVED Federal banking regulators have approved one of the largest deals in the financial services industry since the mortgage crisis, Michael Corkery reports in DealBook. After nearly a year of scrutiny from community groups and consumer advocates, regulators gave the go-ahead for the commercial lender CIT Group's acquisition of OneWest, a California retail bank.
The deal is a boon to private equity investors who had bought up the assets of OneWest when it was failed mortgage lender IndyMac. The merger will double the size of CIT: The company will have more than $65 billion in assets and more than $30 billion of deposits. Consumer advocates had opposed the merger, saying that OneWest had a poor track record in following a law designed to ensure that banks serve low-income and minority neighbors. Some had also taken issue with OneWest's foreclosure practices. One of the conditions of the approval is that CIT must satisfy several requirements of the Community Reinvestment Act, including the creation of a special committee dedicated to developing banking products for low and moderate-income communities.
ON THE AGENDA Coca-Cola discusses its results for the second quarter at 9:30 a.m. Boeing holds a conference call on its second-quarter earnings at 11:30 a.m.
LOSING TRACK OF SHARES In the United States, most people who think they own shares actually do not, Steven Davidoff Solomon writes in the Deal Professor column. In the 1960s, every trade was recorded and a new stock certificate issued for each. As the number of trades increased, brokerage houses struggled to keep up and several folded because of faulty record-keeping.
So the system was overhauled. Now most shareholders are beneficial owners, who have a right of ownership that is not reflected in the actual legal title of the shares. The stock is held on their behalf by a superentity called Cede & Company. When five Dell shareholders tried to exercise their appraisal rights, they discovered one of the imperfections of this arrangement. They had objected to a $24.9 billion management-led buyout at Dell because they thought the purchase price of $13.75 a share was too low. They filed suit in a Delaware court, asking it to determine the fair value of Dell shares. Unfortunately for them, Delaware appraisal law requires dissenters to own their shares from the time of dissenting until the completion of the deal. It turned out that when the funds exercised their appraisal rights, Cede hadtransferred their shares to new nominees at the brokers representing them. It is not clear why this happened. But the shifting of ownership meant the funds had violated the continuous ownership requirement. Appraisal rights exist to protect shareholders from underpriced deals. Instead of wrangling over technicalities or rewriting the statute to cut back on these actions, Delaware should perhaps write an appraisal statute that works with the share ownership rules, Professor Solomon argues.
Contact amie.tsang@nytimes.com
MERGERS & ACQUISITIONS »
Drug Maker Depomed Rejects New Bid From Horizon Pharma Horizon Pharma said it was willing to pay $33 a share for its smaller American rival, up from its previous offer of $29.25 a share.
INVESTMENT BANKING »
Citigroup Ordered to Refund $700 Million in Credit-Card CaseThe settlement with the Consumer Financial Protection Bureau also includes $70 million in fines for illegal and deceptive credit card practices involving add-on products.
Barclays Names New Mergers Head for Europe, Middle East and Africa Pier Luigi Colizzi joined Barclays in 2012 as head of banking for Italy and will replace Matthew Ponsonby, who was named vice chairman of banking.
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PRIVATE EQUITY »
S.E.C. Asked to Beef Up Disclosures for Private Equity FirmsComptrollers and treasurers from New York to California want the S.E.C. to demand that private equity funds make disclosures of fees and expenses more frequently, according to a letter reviewed by The Wall Street Journal.
K.K.R. Snaps Up Most of Gestamp Solar Kohlberg Kravis Roberts has swooped in on the Spanish solar power plant developer, in the renewable energy sector's second large deal in two days.
Breakingviews: K.K.R.'s Buyout of First Data Has a Chance of Turning a Profit A turnaround plan started by a new chief seems to be working, and K.K.R. may realize a healthy return, according to Breakingviews calculations.
HEDGE FUNDS »
Exchange-Traded Funds Surpass Hedge Funds The level of assets in exchange-traded funds has surpassed those held by hedge funds for the first time.
Hedge Funds Gear Up for Another Big Short Hedge funds are lining up to profit from potential trouble at "alternative" mutual funds and bond exchange-traded funds that have boomed in popularity among retirees and other individual investors.
Former Och-Ziff Manager's Firm Starts Health care Hedge FundMoney managers like Ally Bridge Group, which focuses on global health care investments, are lining up as China expands health insurance coverage and makes medical care more affordable.
I.P.O./OFFERINGS »
Blue Buffalo Raises $677 Million in I.P.O. The company, which produces high-end food for cats and dogs, raised about $677 million in its initial public offering.
VENTURE CAPITAL »
European Tech in Silicon Valley's Shadow Money is flowing into start-ups, but tough European Union rules could dash hopes of a Google or Facebook rival.
Medallia's Valuation Tops $1 Billion The company helps large companies understand what their customers really think of them and has broken into the ranks of venture-backed companies valued at $1 billion or more with its latest financing round.
British Biotechs Tap Homegrown Capital Britain's biotechs have achieved billion-dollar valuations, but only by moving to the Nasdaq or the Golden State.
Funding Circle Hires Barclays and Amex Executives To help it expand the online market for small-business loans, Funding Circle is enlisting executives from established financial services firms.
LEGAL/REGULATORY »
The Case for a Tax on Financial Transactions Senator Bernie Sanders's financial transaction tax would raise revenue and discourage high-frequency trading.
A Complex Bankruptcy Case, With Baha Mar and a Chinese Contractor, Lands in Delaware The resort in the Bahamas filed for bankruptcy in the United States and sued its contractor in London, while the Bahamian government seeks to replace its management.
Fed Faults China Construction Bank Over Anti-Money-Laundering Efforts United States regulators faulted China Construction Bank for deficiencies in its program to spot money laundering, the latest American crackdown on foreign-owned firms.
Senate Republicans Said to Consider New Tactic for Easing Dodd-Frank After seeking for months to win support for legislation that narrows the reach of the law, Republicans are considering adding their measure to a government spending bill, Bloomberg News reports, citing people with knowledge of the matter.
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