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HP says Xerox tender offer is “disastrous” in current climate Acquisitions News 

HP says Xerox tender offer is “disastrous” in current climate

GaryPageau ,
HP Inc. advised shareholders advancing Xerox’s proposed tender offer could be “disastrous” during the current global COVID-19 pandemic. HP said the Xerox’s offer would burden the company with a debt level that could potentially threaten its cash needs, but hasn’t ruled out a future combination if and when the economy improves.  HP also raised concerns the “highly leveraged capital structure”... Read More
Madavor Media acquires Imaging Resource Acquisitions News 

Madavor Media acquires Imaging Resource

GaryPageau , ,
Madavor Media has acquired the Imaging Resource brand and website, “allowing IR’s uniquely objective, balanced and always good-humored voice to continue into the future,” according to a post by IR founder Dave Etchells. Etchells had previously announced plans, after 22 years of operating one of the leading technical photography sites, to scale back. Etchells added, “ forward under Madavor, the IR... Read More
Xerox puts HP bid on hold due to COVID-19 concerns Acquisitions News 

Xerox puts HP bid on hold due to COVID-19 concerns

GaryPageau ,
Xerox Holdings Corp. today put a hold on takeover bid activities for HP Inc. due to the global COVID-19 pandemic. “In light of the escalating COVID-19 pandemic, Xerox needs to prioritize the health and safety of its employees, customers, partners and affiliates over and above all other considerations, including its proposal to acquire HP,” said John Visentin, Xerox vice chairman... Read More
Xerox officially launches HP tender offer; HP rejects it Acquisitions News 

Xerox officially launches HP tender offer; HP rejects it

GaryPageau , 1 Comment
Xerox Holding Corp. officially launched its $34 billion cash-and-stock offer for HP Inc., a proposal valued at about $24 a share. (For each HP share, a holder would receive $18.40 in cash and 0.149 Xerox shares.) The offer is set to expire April 21. Xerox already nominated 11 candidates for HP’s board to help close the deal. “Our proposal offers... Read More
Noritsu Koki spends $325 million to buy DJ equipment maker AlphaTheta Acquisitions 

Noritsu Koki spends $325 million to buy DJ equipment maker AlphaTheta

GaryPageau
Global private equity giant KKR is selling its stake in Japanese DJ equipment maker AlphaTheta (formerly known as Pioneer DJ) to photo processing machine manufacturer Noritsu Koki Co., according to Deal Street Asia. Noritsu said it will acquire all shares of AlphaTheta for 35 billion yen ($324.9 million), and will also use a 30 billion yen non-recourse loan to pay... Read More
PromarkBRANDS, OmegaBrandess Distribution announce partnership Acquisitions News 

PromarkBRANDS, OmegaBrandess Distribution announce partnership

GaryPageau ,
PromarkBRANDS and OmegaBrandess Distribution announced the two companies joining forces, offering “one of the largest and most diverse sources of products catering to the photographic, video and audio markets at both the professional and semi-professional levels. PromarkBRANDS has been in the photography, videography and pro audio industries since 1994 and manufactures and distributes a wide variety of products. OmegaBrandess Distribution,... Read More
HP announces earnings, plans to spend $15 billion to buy back shares Acquisitions Earnings reports Feature News 

HP announces earnings, plans to spend $15 billion to buy back shares

GaryPageau ,
Facing an increasingly hostile takeover pitch from Xerox Holdings, HP Inc. used its quarterly earnings announcement to offer a “multi-year strategic and financial value creation plan” to deliver improved financial results by 2022. The cross-company plan will include billions in “sustained cost actions” and a $16 billion capital return program over three years. Under the plan, HP says it will... Read More
Adobe Stock adds Hero Images and Caia Image, expands EyeEm collaboration Acquisitions 

Adobe Stock adds Hero Images and Caia Image, expands EyeEm collaboration

GaryPageau
Adobe Stock announced its the new home to Hero Images and Caia Image, and expansion of its agreement with EyeEm. Adobe says “both agencies are renowned for their authentic recreations of fully-released large conferences, ranging from empowering the voices in disability to capturing the inspiration of TED Talk-style scenarios, the thrill of marathons, the exuberance of being at LGBTQ PRIDE, largescale sporting events, and the intimate... Read More
While Xerox courts HP shareholders, HP adopts poison pill Acquisitions News 

While Xerox courts HP shareholders, HP adopts poison pill

GaryPageau , 1 Comment
HP Inc. announced it would implement a poison pill plan to thwart the attempt by rival Xerox Holdings to acquire the maker of printers. Xerox recently raised its offer earlier this month by $2 to $24 per share, following a series of rejections of other buyout offers. Meanwhile, Reuters reported Xerox execs hosted a dinner in Greenwich Village for HP shareholders... Read More
UK-based PA Media Group acquires Alamy, the global stock imagery business Acquisitions 

UK-based PA Media Group acquires Alamy, the global stock imagery business

GaryPageau , ,
PA Media Group, the UK-based news and information business, has acquired Alamy, a leading stock imagery supplier. Terms weren’t disclosed. Founded 20 years ago, Alamy has creative and editorial stock imagery collections comprising almost 200 million photographs, vectors, and 360-degree panoramic images. The business has close to 100,000 customers in more than 150 countries, working across a range of sectors including... Read More
After purchase by GameFace, MarathonFoto announces Bruce Franke returns Acquisitions News 

After purchase by GameFace, MarathonFoto announces Bruce Franke returns

GaryPageau , , 2 Comments
MarathonFoto, the world’s largest publisher of amateur endurance sports photos, announced Bruce Franke has rejoined the company as a Senior Advisor. Franke has spent more than 30 years in the event photography industry with MarathonFoto and its predecessor companies; he formerly served as the president of MarathonFoto before departing two years ago to pursue other initiatives in the endurance industry,... Read More
Xerox names Nicole Torraco as Senior Vice President, Chief Strategy and M&A officer Acquisitions People on the Move 

Xerox names Nicole Torraco as Senior Vice President, Chief Strategy and M&A officer

GaryPageau
Xerox Holdings Corp. appointed Nicole Torraco as senior vice president and chief strategy and M&A officer. In this newly created role, she reports to John Visentin, vice chairman and CEO of Xerox, and serves as a corporate officer. “Nicole brings a rare combination of financial acumen and entrepreneurship, with an impressive record of identifying strategic opportunities that deliver value,” said... Read More
Updated: Xerox to nominate up to 11 for HP board seats Acquisitions News 

Updated: Xerox to nominate up to 11 for HP board seats

GaryPageau , ,
Xerox Corp. will nominate as many as 11 directors to the HP Inc. board, according to the Wall Street Journal. as the company pushes its unsolicited $33.5B takeover offer. The current HP board consists of 12 members, including chairman Chip Bergh, CEO and managing director Enrique Lores, and former CEO Dion Weisler. In a statement, Xerox nominated the following as board... Read More
Apollo completes Snapfish acquisition, combines with Shutterfly Acquisitions News 

Apollo completes Snapfish acquisition, combines with Shutterfly

GaryPageau , ,
Apollo Global Management Inc. announced the successful completion of their previously announced acquisition of Snapfish, LLC and the combination of Snapfish with Shutterfly Inc., which was acquired by the Apollo Funds Sept. 25, 2019. According to the announcement, Snapfish owners became significant minority owners in the combined Shutterfly and Snapfish business. “As a business dedicated to connecting people, places and... Read More