Deal Of The Week

Hershey's has once again managed to fend off the takeover efforts of a rival. On Monday, Mondelez, the snack company, said it had abandoned its pursuit of Hershey's, becoming the fourth company to have tried - and failed - to buy the chocolate-maker. Here, Ed Hammond and Craig Giammona discuss what makes Hershey's such a tough takeover target and look at the broader trends in food M&A.

As the number of media outlets -- and reporters -- covering deals has risen, so the news flow has boomed, creating what at times feels like an information overload. Looking for an example? Sanofi's attempted takeover of Medivation has yielded no fewer than 1,500 news stories since Bloomberg’s first report back in March -- an average of 10 stories a day for five months. Here, Jeff McCracken, Bloomberg's executive editor of deals, discusses the right and wrong ways to cover a fast-moving M&A story.

This much is for sure: If CVC Capital Partners decides to sell its 35 percent stake in Formula One, it's going to make billions. What's a lot less certain is who's going to buy it, how the new owner will change F1 and how much longer 85-year-old Bernie Ecclestone will continue to run the sport. Bloomberg private equity reporter Kiel Porter and sports business reporter Eben Novy-Williams sit down with host Alex Sherman to explain why F1's business boomed and how Ecclestone is, let's say, a bit of a character.

The first time banker Mark Patricof sat down with Gawker founder Nick Denton, before the company had filed for bankruptcy, Patricof said Ziff Davis should acquire Gawker. Now, one week away from Gawker's auction out of bankruptcy, Patricof tells Deal of the Week host Alex Sherman that Ziff Davis has earned the right to own Gawker because it's a good strategic and cultural fit. Still, the winner will be decided by the all mighty dollar, says Patricof. He explains how he started and sold his media investment banking firm to Houlihan Lokey, and he explains how Time Warner's Hulu investment may pave the way for the next landscape shift in media.

After losing $2 billion in China, Uber threw in the towel this week, agreeing to merge with rival Didi Chuxing. Uber China will still own almost 20 percent of the new $35 billion company, which may mean Uber shareholders will still get rich off Didi's success. But for now, Uber joins Ebay, Yahoo and Google among other Silicon Valley giants that have failed to flourish in China. Bloomberg technology reporter Eric Newcomer, who broke the details on the terms of the deal, discusses Uber's future and China's obstacles with host Alex Sherman.

First, Verizon bought AOL for $4.4 billion. This week, the largest U.S. Wireless provider acquired Yahoo's Internet business for $4.8 billion. The deal makes Verizon the third-largest digital advertising company by revenue, far behind Google and Facebook. Verizon isn't content to stay number three, and that means there may be more acquisitions to come after Yahoo is integrated. What might Verizon buy next? And is it fair to say Marissa Mayer was a failure as Yahoo CEO? Bloomberg wireless reporter Scott Moritz and Bloomberg technology executive editor Tom Giles discuss with host Alex Sherman.

SoftBank is turning its attention -- and $32 billion -- to the Internet of Things with its deal for ARM Holdings. The move seems like founder and Chief Executive Officer Masayoshi Son is moving away from spending the bulk of his time, and money, on Sprint. SoftBank spent more than $20 billion on a majority stake in the money-losing U.S. wireless provider in 2013. Should Sprint shareholders see ARM as a warning sign that an eventual deal for T-Mobile is less likely? New Street Research analyst Jonathan Chaplin discusses with host Alex Sherman.

You may know WME-IMG as a Hollywood talent agency, but those days are officially over. Teamed with private equity firms, WME-IMG agreed to buy Ultimate Fighting Championship for $4 billion this week, pushing Ari Emanuel's company further toward ESPN or WWE. The mixed martial arts franchise was acquired by Frank and Lorenzo Fertitta for $2 million in 2000. Bloomberg sports business reporter Scott Soshnick discusses how UFC exploded in popularity and in value, explaining to Alex Sherman how the organization may grow, or stumble, in the future.

A company whose name sounds like a disease, according to investor Nelson Peltz, is trying to buy Hershey. Mondelez offered about $23 billion to acquire Hershey in an unsolicited bid that was unanimously rejected by the famed chocolate maker. Will Mondelez bump up its bid? Even if it does, will the Hershey Trust, which controls the voting shares, agree to sell the company? Bloomberg reporter Craig Giammona takes a deep dive into a potential Mondelez-Hershey tie up with Deal of the Week host Alex Sherman.

Sanofi and Boehringer Ingelheim agreed to a $25 billion dollar trade of big business units this week, the conclusion of a deal that first surfaced in December. Asset swaps, while complicated, could be an increasingly popular maneuver among pharmaceutical companies, Bloomberg M&A reporter Ed Hammond tells host and colleague Alex Sherman. That's partially because the biggest takeovers in the industry can't seem to get done. Hammond explains why they've failed and what pharma deals might actually get done in the second half of 2016.

You probably wouldn’t have guessed the first European technology startup to pass the $10 billion valuation mark would be the maker of “Boom Beach,” whose name makes Deal of the Week host Alex Sherman laugh. China’s largest internet company, Tencent, is leading a group that will buy 84 percent of Supercell for $8.6 billion. Most of that is being sold by SoftBank, the majority holder of the Finnish gaming company. Bloomberg managing editor Peter Elstrom happens to be visiting from Japan, just in time to give us his expert analysis on why SoftBank is selling now and why the company’s CEO heir apparent -- Nikesh Arora -- surprisingly quit.\u0010\u0010(Corrects title in second sentence)

Microsoft spent $16.9 billion in the past four years to buy Skype, Yammer and Nokia's phone and tablet business. None lived up to the hype. Is there any reason to think Microsoft's $26 billion purchase of LinkedIn will work out any better? Gadfly columnist Shira Ovide and Deal of the Week host Alex Sherman hash out some possible answers. Plus, Bloomberg broke the news that daily fantasy sports behemoths FanDuel and DraftKings have started merger talks. Bloomberg sports reporter Eben Novy-Williams explains why antitrust concerns may hinder a deal.

Roy Behren and Mike Shannon, professional merger arbitrage investors, make money by placing on bets on how likely it is that a deal will get completed. They do this by investing in targeted companies and sometimes shorting potential acquirers. What's unusual about them is they also give retail investors a way to profit from their decisions through the Merger Fund, a publicly traded mutual fund they run through Westchester Capital Management. Plus, Behren and Shannon give Deal of the Week host Alex Sherman opinions how to reap gains from Yahoo's sale process, the merger of Dupont and Dow Chemical's and Bayer's pursuit of Monsanto.

While they aren't household names, but utility deals are likely to drive 2016 M&A, reporter Matt Monks tells Deal of the Week host Alex Sherman. They discuss why an $8.6 billion takeover of Midwestern energy producer Westar by Great Plains Energy proves industry consolidation isn't slowing down, and Monks offers a few suggestions for future deal targets. Plus, Gadfly columnist Max Nisen says he can't see a situation where anyone buys Valeant, even though the stock spiked on last week's Wall Street Journal report that Japanese pharma firm Takeda and private equity giant TPG approached the floundering company about a possible takeover.

Welcome back, megadeals! Bayer wants to buy Monsanto for at least $62 billion. It would be the year's largest, and the biggest in German history. But Monsanto has rejected Bayer's offer, although it's still open to talks. Will a deal happen? Bloomberg Executive Editor Jeff McCracken says... Well, you'll just have to listen. Plus, Men's Warehouse founder George Zimmer guarantees you'll like the way you look, loves marijuana and wants to buy back his company after a disastrous deal with Joseph A. Bank. Bloomberg Gadfly columnist Tara Lachapelle and Deal of the Week host Alex Sherman examine how he might be able to retake the business he founded.

Warren Buffett's decision to back a bid for Yahoo might seem to violate some of the billionaire investor's cardinal rules: Don't invest in tech, and don't touch companies whose businesses you don't understand. As Bloomberg reporter Noah Buhayar tells Deal of the Week host Alex Sherman, though, Buffett no doubt extracted a low-risk deal to help finance the bid for Quicken Loans founder Dan Gilbert. Plus, Bloomberg Gadfly columnist Brooke Sutherland offers her thoughts on Gannett's improved hostile offer for Tribune, following up on last week's episode.

Newspapers might have a future. Surprised? There's more! Two of the last remaining big publishers -- Tribune, owner of the LA Times and Chicago Tribune, and Gannett, publisher of USA Today, are embroiled in merger talks. Here's the intrigue: In February, Tribune sold 5.2 million new shares to its chairman for just $8.50 each. And now, Tribune says Gannett's hostile offer of $12.25 per share ``understates the company's true value.'' Deal of the Week host Alex Sherman and media reporter Gerry Smith discuss Tribune's tactics -- and whether the two sides can ultimately strike a deal.

Halliburton's quest to buy Baker Hughes is over. Joining this week's episode is Bloomberg M&A Matthew Monks, who was first to report that the deal had died. Monks talks with host Alex Sherman and fellow reporter Ed Hammond to discuss why the companies couldn't find a path forward, even when faced with a $3.5 billion breakup fee.

Was there something in the water? Brazilian-born Osmar Abib graduated from the same Houston high school with three other men -- Ralph Eades, Hugh "Skip" McGee, and Greg Pipkin -- who, like him, became prominent investment bankers specializing in energy. They even played on the same basketball team! Three decades later, the Credit Suisse banker joins the show to talk about opportunities in the industry, and how he made the transition from oilfield engineer. Abib also contrasts Credit Suisse to Perella Weinberg and Tudor Pickering, two firms that have begun merger talks to strengthen their position in the M&A advisory world.

Verizon is the frontrunner to acquire Yahoo. But what will the largest U.S. wireless company do with it? Bloomberg telecom reporter Scott Moritz and Deal of the Week host Alex Sherman decide it's all about mobile video... they think. Plus, Bob Teitelman discusses his new book "Bloodsport," which details the characters that developed modern M&A, including Marty Lipton, Felix Rohatyn, Michael Milkin and Joseph Flom. It's a must-read for avid listeners of the podcast.