Here are the stories that caught our eye this week.
Unilever shuts down Kraft Heinz
Unilever plc (NYSE:UL) shares soared during Friday’s trading, rising 13% in London and New York on reports that Kraft Heinz Co (NASDAQ:KHC) made an official takeover bid at $50 per share. The bid comprised of about two-thirds cash and one-third Kraft Heinz shares.
Unilever declined the deal, saying it “fundamentally undervalues” the company, but that didn’t seem to discourage Kraft Heinz. The acquirer said “we look forward to working to reach agreement on the terms of a transaction.” In other words, a higher bid is likely coming.
Smaller price for Yahoo
Shortly after Yahoo! Inc. (NASDAQ:YHOO) agreed to sell its core web properties to Verizon Communications Inc. (NYSE:VZ) for $4.8 billion, the tech giant disclosed two massive data breaches had affected 500 million and 1 billion users, respectively.
Verizon believed these data breaches decreased Yahoo’s value and sought to renegotiate the deal. Reports this week say a new deal has been reached, valuing Yahoo’s web properties at about $4.5 billion. Both companies also agreed to share any liability from the breaches 50/50.
Peltz bumps Procter & Gamble
Billionaire hedge fund manager Nelson Peltz appears to have a new target after his Trian Partners fund announced this week it had accumulated $3.5 billion Procter & Gamble Co (NYSE:PG) shares in the fourth quarter.
Shares rose approximately 4% on the news, hitting a new 52-week high. Investors are hopeful Peltz can help shake up the company and unlock value. Reports say Peltz has not spoken to the company’s management yet, but plans to do so in the future.
