AT&T Ruling Reinforces Our Views On Merger Arbitrage

By June 19, 2018 05:08

AT&T Ruling Reinforces Our Views On Merger Arbitrage

The weekly Brief

Last week, a court ruling gave the green light to the vertical integration between AT&T and Time Warner. The transaction, which was eventually valued at USD 107bn, was announced in late 2016 but was challenged by the Department of Justice to keep content separate from distribution. The unequivocal decision, being that the Justice Department won’t appeal the court ruling, has implications that go far beyond the deal itself. It translated into a significant spread tightening for several deals such as CVS vs. Aetna and Cigna vs. Express Scripts. Meanwhile, the day after the above-mentioned court ruling, Comcast made an offer for Fox assets on top of Disney’s, setting the stage for a bidding war. It should also lead to additional M&A activity as the case contributes to clarify the rules on vertical mergers. Eventually, the decision could lead to reconsidering anti-trust laws.

By June 19, 2018 05:08


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