If there are fewer places around where you can buy a Cadillac, will that make the brand seem more luxurious and precious? That’s not really why General Motors has offered to buy out the franchises of 400 of its dealers that sell Cadillacs, but maybe it will help make the brand seem more exclusive, like its weird brand experience café/art gallery in Manhattan. [More]
Judge Says Top Dole Execs Owe Shareholders $148M For Driving Down Company’s Stock Price Before Buyout
Two top executives at Dole are on the hook for $148 million after a judge ruled that CEO and chairman of the board David H. Murdock, and the company’s former chief operating officer, C. Michael Carter fraudulently drove down their company’s stock price so they could shortchange shareholders and buy the business on the cheap.
When it comes to courtship, sometimes asking more than once is just too much. That’s why a proposed law in New York City would make it illegal for landlords to offer a tenant a buyout after they’ve already been told that the renter doesn’t want any such deal. But a group representing the landlords says tenants might change their minds down the line.
Burger King, (financially) depressed after grappling with the economic downturn and constant scrapping with McDonald’s, is going private. The Home of The Whopper loudly sighed today and agreed to an offer by private-investment firm 3G Capital Management for $24 a share. What went wrong?
Tsk tsk, Wells Fargo. You should’ve known that stealing Citibank’s unspoiled bride at the alter was going to draw a bitter legal challenge. Late last night, Citibank’s team of repo-lawyers claimed a partial victory, announcing that a New York judge has agreed to block Wachovia’s sale. Citibank is also demanding $60 billion from Wells Fargo for interfering with the deal.
Surprise! Wells Fargo is buying Wachovia, even though Citibank said at the beginning of the week that it was going to. (Check out the full post here.) Unlike Citibank, Wells Fargo will absorb all parts of Wachovia, including its securities and retail brokerage biz, in a “$15.1 billion all-stock merger.” [DealBook] (Thanks to Stephen!)
Part of Wachovia will remain independent — including its massive brokerage business which ballooned after it purchased AG Edwards in 2007, as well as its Evergreen investment management division.
Blockbuster has offered to buy Circuit City for a little over $1 billion, with the goal of creating “a chain that could sell portable devices and entertainment for them, much like Apple Inc.’s stores.” [Chicago Tribune] (Thanks to everyone who sent this in!)
Yahoo is re-opening talks with Google about a possible business alliance in an effort to rebuff Microsoft’s takeover proposal, which Yahoo says undervalues the company at $31 a share.