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Filed under: Deals, Press releases, Industry, Competitive strategy, Boeing Co (BA), Lockheed Martin (LMT)

Focus LLC, investment banking service provider, has announced the acquisition of U.K. based Avialec by Kapco-Valtec, in a move aimed in part at expanding Kapco-Vatec’s marketing base. Avialec, based in Petersfield, England, is a provider of electrical components to the aerospace industry. Building on eight years of growth, Avialec company leadership sought the benefit of increased aerospace industry clout which Kapco-Valtec presents.

Barrie Prescott, CEO of Avialec stated in the Focus LLC press release, “I had decided it was time to put Avialec under the wing of a bigger progressive organization with financial firepower to realize the many opportunities before us … FOCUS was the perfect firm to help us realize our goals.”

Kapco-Valtec, a leader in aerospace supply chain management, shall provide market leverage for Avialec to realize it’s expected growth potential, while gaining the benefit of greater exposure to Avialec’s major accounts in the U.K. Likewise, Kapco-Valtec shall provide broader exposure of Avialec to U.S. aerospace accounts.

The Focus LLC investment bankers press release stated: “As is the case with the growing number of international M&A transactions, this deal is a win-win for both companies. We were pleased to be able to finish the transaction in just over four months, said Manan Shah, a FOCUS Partner.”

For further information regarding this acquisition and the services of Focus LLC, please visit the Focus website at www.focusbankers.com.

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Filed under: International markets, Deals, Berkshire Hathaway (BRK.A), Israel

Investing guru Warren Buffett shocked the investing world exactly two years ago when he plunked down a cool $4 billion on an Israeli company, Iscar, that specializes in metal slicing tools. It was his largest international buy by far, and investors were left wondering what he was thinking.

Well, flash forward to Might ‘08 and once again Buffett appears to be a genius. As reported by Marketwatch: “Buffett stated that he had very high expectations when Berkshire struck the deal, and that the metal-cutting-tool maker has “exceeded that in every way.”

“It’s been a dream acquisition,” he said.

Since that acquisition, Israel has become a hot destination for foreigners to invest. The local stock market has been one of the best performers in the world and the Israeli currency, the Shekel, has surged to record highs and has been the second strongest currency in the world in ‘08.

Aaron Katsman is the lead Portfolio Manager and Managing Director of America Israel Investment Associates, LLC. and Senior Editor of IsraelNewsletter.com. DISCLOSURE: Writer’s fund has no position in any stock mentioned, as of 5/1/08

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Filed under: Deals, Newspapers, Microsoft (MSFT), Yahoo! (YHOO), Media World

When it comes to large merger news, investors let the media get away with making sleazy deals with sources in exchange for access. The case of the aborted Microsoft Corp. (NASDAQ: MSFT) — Yahoo Inc. (NASDAQ: YHOO) deal is no different.

Investors would be nauseated by the amount of butts that get kissed behind the scenes during these drawn-out sagas. Reporters suck up to companies, public relations people and investment bankers and vice versa. I saw some of this first hand when I worked for Bloomberg and would write about deals from time to time.

Since the number of people who actually know anything about an acquisition is fairly small, members of the media contort themselves into rhetorical knots to protect the identities of the people who are spilling the beans. That’s why these types of stories are filled with phrases that no one would ever utter in daily conversation such as a “person familiar with the situation” or a “person familiar with (insert executive’s or company’s name) thinking”or my personal favorite “a person close to the company.”

Investors should demand that the media explain something — anything — about why the identities of these sources are being kept secret. The New York Times does a pretty good job of this already, though I was puzzled by a passage in the story by Miguel Helft: “People close to Yahoo! said that Mr. Yang and his team greeted Microsoft’s decision as a victory. High-fives were exchanged Saturday afternoon when they learned Microsoft was backing down.”

Why the big secrecy? It’s hardly earth-shattering to note that Yahoo! CEO Jerry Yang was pleased that Microsoft backed down. He was against the Microsoft offer from the begin. What’s the big deal with the high-five? Did Helft not want to humiliate those that gave the high fives or those that received them? Moreover, how does a source know that such an event occurred? Did hear about the high fives or witness them first hand? Also, how many people is he talking about? Two? Four? Helft does not say. (Note: I have done freelance work for the Times.)

I am not against anonymous sources, just their use for stupid reasons. That’s why I’m surprised that the Times editors concurred to give the same protection to the purveyors of marginally relevant information — high-fiving at Yahoo! — as they would to someone telling them about something important, like warrant-less wiretaps on civilians.

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Filed under: Analyst reports, Deals, Bank of America (BAC), Countrywide Financial (CFC), Bear Stearns Cos (BSC)

In January, Bank of America (NYSE: BAC) made a gutsy move when it decided to buy Countrywide Financial (NYSE: CFC). True, it would greatly expand its mortgage footprint, but it would also mean taking on lots of risk.

Of course, since then, the financials went into a swoon. In fact, the US financial system almost imploded because of the Bear Stearns (NYSE: BSC) debacle.

As a result, there’s much skepticism that Bank of America will close its deal, as evident by remarks from an analyst with Friedman, Billings, Ramsey & Co. - Paul Miller - who thinks that Bank of America should forgo the deal.

His belief is that there will be a need for a whopping $30 billion writedown, which would be tough to swallow for Bank of America’s shareholders.

Interestingly enough, there are already signs that Bank of America is getting skittish. Last week, the firm wasn’t clear that it would back Countrywide’s debt. The upshot was that S&P downgraded the debt to junk status.

And yes, in today’s trading, Countrywide’s stock is down 10% to $5.35.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar On the web Guide to Decoding Financial Statements. He also operates MergerBook.com.

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Filed under: Deals, Rumors, Products and services, AT and T (T), Sprint Nextel Corp (S), Verizon Communications (VZ)

Shares of Sprint Nextel Corp. (NYSE: S) are rising on a Wall Street Journal (subscription required) report that Deutsche Telekom AG (NYSE: DT) is poised to make a bid for the wireless telecommunication company. If the report is accurate, Sprint’s long suffering shareholders should do as the Steve Miller Band song advocates “take the money and run” because the deal might not happen.

For Sprint, though, this might be its only hope. Sprint shares have slumped almost 40% this year as the Overland Park Kansas-based company tried in vain to gain marketshare against more massive rivals including Verizon and AT&T Inc. (NYSE: T). The commercials starring the company’s affable CEO Daniel Hesse haven’t helped much either. Remember when Hesse was named CEO last December, board member Irvine O. Hockaday Jr. remarked that Hesse “has the board’s full support to take decisive actions necessary to improve our performance.”

Does that mean a sale to the former German telecom monopoly? The deal makes sense in theory because combining Sprint and Deutsche Telekom would create the top wireless company with more than 82 million customers. Verizon, which is a joint venture between Verizon Communications Inc. (NYSE: VZ) and Vodafone Group Plc. (NYSE: VOD) has 67.2 million customers while AT&T has about 71 million wireless subscribers.

But as Bloomberg News points out, analysts argue that integrating the Deutsche Telekom and Sprint Nextel networks wouldn’t be easy. Moreover, the U.S. Department of Homeland Security may not look kindly on a foreign company taking over a U.S. telecom provider for national security reasons, the news service notes.

Even so, the arguments for the merger are so compelling that it might be worth the risk.

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Filed under: Deals, Private equity, Bristol-Myers Squibb (BMY)

It’s been slow, but the private equity folks are starting to warm up to dealmaking. In fact, a key deal came last week as Nordic Capital Fund VII and Avista Capital Partners concurred to plunk down $4.1 billion for ConvaTec, a division of Bristol-Myers Squibb Co (NYSE: BMY).

ConvaTec, which focuses on wound care, has been a star performer over the years. What’s more, the deal will allow Bristol-Myers to devote its resources to its core pharma business, which certainly has some challenges - especially as drugs come off patent.

In addition, the deal has a global flavor as Nordic Capital is in Europe and Avista in the US.

It also looks like Bristol-Myers is not finished with its own dealmaking. For example, the company says it plans to launch a public offering of its Mead Johnson division.

What this really looks like, however, is that all these actions, for the most part, might just be a prelude for Bristol-Myers to sell itself to a mega pharma company.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar On the internet Guide to Decoding Financial Statements. He also operates MergerBook.com.

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Filed under: Deals, Industry, US Airways Group (LCC), UAL Corp (UAUA), Delta Air Lines (DAL)

Reading the paper everyday means seeing a headline that another airline merger is in the offing. The most current wave of articles is on a United Airlines (NASDAQ: UAUA) merger with US Air (NYSE: LCC). It is yet another example of two carriers hoping that they can get together and save costs, without alienating customers in the process.

According to The Wall Street Journal, “The companies have identified more than $1.5 billion in potential cost savings and revenue enhancements from joining forces.” The word “potential” is the key.

Airline employees who are in unions have a good chance of shutting down a merged airline if they think they will loss a ton of jobs. Pilots, flight attendants, and mechanics all have plenty of leverage. A combination of United and US Air would have almost $10 billion in revenue a quarter. It wouldn’t take a very long strike to eat through $1.5 billion of that.

The number of pending mergers is also almost certain to get some of them canceled by The Justice Department. Members of Congress who have employees on airline payrolls are also likely to take a position. This day, the US has at least five major carriers. If Delta (NYSE: DAL) and Northwest (NYSE: NWA) get married, that cuts consumer choice down by a lot.

Don’t count on a United hook up with US Air. It is not likely to happen.

Douglas A. McIntyre is an editor at 247wallst.com and author of the Ten Stocks Under $10 letter.

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Filed under: Deals, World wide web, Microsoft (MSFT), Yahoo! (YHOO), NASDAQ

Once again investors get left holding the bag.

Microsoft (NASDAQ: MSFT) shareholders should breathe a sigh of relief for not overpaying for an internet search company, Yahoo (NASDAQ: YHOO) where CEO Jerry Yang let his ego get in the way of handsome profits. Yang rejected the $47.5 billion offer that Microsoft put on the table. Why? Because he thought the company is worth more than $50 billion. As reported by the AP: “Clearly there’s frustration,” said Darren Chervitz, co-manager of the Jacob Internet Fund, which owns Yahoo stock. “I am not even sure if Yahoo loves its shareholders because they didn’t show much regard for shareholders’ best interests in this process.”

Yang actually thinks that a more sophisticated advertising platform is the secret sauce needed to produce a spike in revenue growth. Keep in mind that revenue grew by only 12% last year, and there’s no indication that that number is going to be much higher in ‘08. Yang thinks that he will be able to grow revenue’s by 25 percent in 2009 and 2010. Uh Huh!

I think that today’s selloff in Yahoo stock will be an indication of what the public thinks of Yang’s plan.

Could it be that in the long run he will be proved correct? I doubt it but only time will tell.

Aaron Katsman is the lead Portfolio Manager and Managing Director of America Israel Investment Associates, LLC. and Senior Editor of IsraelNewsletter.com. DISCLOSURE: Writer’s fund has no position in any stock mentioned, as of 5/5/08.

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Filed under: Deals, Microsoft (MSFT), Yahoo! (YHOO), Options

Microsoft (NASDAQ: MSFT) announced it has withdrawn its proposal to acquire Yahoo (NASDAQ: YHOO).

YHOO closed at $28.67 on Might 4. YHOO shut at $19.18 on January 31, 2008, prior to MSFT’s buyout offer on February 1.

YHOO May option implied volatility of 77 was above its 26-week average of 42 according to Track Data, indicating huge uncertainty.

Options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

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