Change‑of‑control Clause Stalls Estée‑Lauder‑Puig Merger
Per Axios Pro's @Ryanbarwick on Estee Lauder/Puig deal breakdown: "A big hurdle was a contract issue with Charlotte Tilbury ...She had a change of control clause in her contract with Puig that allowed her to renegotiate terms of her deal. Estée wasn't willing to pay the difference." https://t.co/1zy0fYjO2E
2000‑Shareholder Rule Fuels SPV Boom and Syndication
One big reason for the SPV boom is the 2000 shareholder rule. If you did look-thru on SpaceX SPVs, for example, there's no way it doesn't breach the limit. If a startup is raising $300-$1b from a "VC fund," it's lying...
Trump Media CEO Launches Latin America-Focused SPAC
New CEO of Trump Media launches a SPAC focused on "Latin America and Venezuela." I'll just let that sit there... https://t.co/v67LqFZlqb
Mittal Poised to Become NFL's First Foreign Control Owner
I've also confirmed. Note: Mittal would almost certainly be control owner (there needs to be one). And, if so, he'd be the first NFL control owner to reside outside the U.S.
J.M. Smucker Hires Goldman Sachs, May Divest Hostess
Axios Pro scoop from @Ryanbarwick: JM Smucker hired Goldman Sachs to launch a review of its portfolio. Hostess to hit the block? $SJM https://t.co/bTz1wCRTv8
Nationwide Gas Prices Surpass $4, Avg $4.50
Gas prices now are above $4 per gallon in all 50 states, with the average topping $4.50 https://t.co/ctzY2rZFdb
Cohen Turns Simple Math Into “Advanced Calculus”
This @SquawkCNBC interview with Ryan Cohen is wild. @andrewrsorkin is asking him a 3rd grade math question and he keep pretending they’re asking him an advanced calculus equation.
Poor Management and Fuel Costs Both Threaten Spirit
Spirit being run poorly and Spirit shutting down because of high jet fuel prices are not mutually exclusive.
AI Optimists Control Rules and Capital, Regardless of Outcome
It’s impossible to know if AI optimists or doomers are right. But we do know that optimists are writing the rules and raising unprecedented capital to pursue their goals. They’ve won, even if they’re wrong and everybody loses.
Biotech IPOs Surge, Exposing Wall St Underestimation
Three biotech IPOs this week. Each one raised its number of shares and priced atop range. Suggests that Wall St is slightly underestimating investor interest in new biotech issues.
Rising Gas Prices May Be Price for Nuclear Deterrence
You can argue that high gas prices are a price worth paying, vis-a-vis the possibility of a nuclear Iran. Reasonable people can disagree on that. You can't argue that gas prices aren't at their highest rate in 4 years, and climbing....
Elon’s Self‑Owned IPO Creates a Single Point of Failure
Only Elon can fire Elon. https://t.co/kFbAxAN1nn This is just the strangest IPO. It's essentially a brand new company with a brand new mission, given the "x" acquisitions and orbital data center plans. Reliant on a single point of failure.
Strategic Risks Keep Tesla and SpaceX Separate for Now
From a strategic standpoint, what’s the argument for not just merging Tesla and spacex now and getting it over with?
Ships Avoid Strait of Hormuz Amid Open‑Lane Uncertainty
Video shows ships turning away from the Strait of Hormuz as confusion reins over whether sea lane is really open https://t.co/IOus6xH66m
DOJ Praises Live Nation Win Amid State AG Resistance
DOJ officials congratulating themselves for the Live Nation win -- a case they settled after political pressure but state AGs saw through to the end -- is really the definition of chutzpah.