M&a
Nielsen (of TV ratings fame) is set to make a return to the equity markets merely 4 years after being taken private. The former VNU was one of our international holdings that were LBO’d in the final stages of the booming markets in 2006 and early 2007, along with others. These cycles make for interesting opportunities to reacquaint ourselves with companies we admire in businesses we like, and hopefully our efforts to understand these companies in the past will again pay off.
Kraft’s all-out effort to acquire Cadbury involved a “side deal” in which Nestlé bought Kraft’s frozen pizza division. One company had cash on hand and served as “white knight”, the other had a pressing need and none other than Warren Buffett applying pressure. We think it’s safe to assume that Nestlé got a sweet deal…
Read more about Nestlé benefits from Kraft’s resolve to buy Cadbury