Melrose Industries plc, the British turnaround specialist who acquires underperforming companies to improve their operations and management for resale, is now actively considering selling off the bulk of Nortek in a deal that could be worth $3 billion, according to reports from Bloomberg News and the Financial Times. If they actually execute this sale, it will be a relatively early exit from their ownership of Nortek which they purchased in 2016 for $2.8 billion.
acquisition
Sonos Announces Record Fiscal 2019 Results; Acquires Snips
Sonos announced this week that it has acquired French AI voice control software maker Snips in a deal valued at $37.5 million. The company also released their Fiscal 2019 results in a letter to investors denoting a record year for the company – its first as a publicly traded one.
See more on Sonos’ new announcements…
[Read more…] about Sonos Announces Record Fiscal 2019 Results; Acquires SnipsOnkyo to Slash Overall Company Headcount by 30%, Cutting Management by 50%
Also: Consolidating Facilities & Moving Headquarters
It appears that the other shoe is dropping in the wake of the failed acquisition of Onkyo Corporation’s branded A/V division by Sound United last month, as the company now says it will reduce its overhead by cutting jobs. This appears to be the first step in a major reorganization of the company, as it seeks to right-size the organization for the industry’s new, smaller, and more competitive environment in which electronics manufacturers find themselves.
See more on Onkyo’s restructuring…
[Read more…] about Onkyo to Slash Overall Company Headcount by 30%, Cutting Management by 50%Private Equity Giant Apollo Global Management Acquires Tech Data in $5.4B Buyout
Tech Data, one of the largest technology distributors in the U.S. and globally, has been acquired by Apollo Global Management, a private equity powerhouse, in a deal valued at $5.4 billion. The deal announced today, is expected to close by mid-2020.
Read more on this mega-deal with Tech Data
[Read more…] about Private Equity Giant Apollo Global Management Acquires Tech Data in $5.4B BuyoutSound United Calls Off Onkyo Acquisition
BREAKING NEWS
In a tersely worded release, Sound United announced today that its deal to acquire the Onkyo, Integra, Pioneer, and Pioneer Elite brands is off. Originally announced in May, the deal was said to be conditional on the completion of due diligence, the signing of “definitive agreements” and other specific elements. Apparently, that process was not successful.
See more on this surprising, but rumored, outcome…
[Read more…] about Sound United Calls Off Onkyo AcquisitionDid Control4 Just Try to End-Run Multiple Shareholder Lawsuits?
As Strata-gee recently reported, there are currently seven active lawsuits that have been filed against Control4 and their Board of Directors in the wake of their acquisition by SnapAV. In a new DEFA14A filing with the Securities and Exchange Commission last Friday, the company addresses the issue of these lawsuits – saying that they are going to fight them. But then they do something very curious – they file an amendment to their original Schedule 14A filing, their Proxy Statement, with added information that appears to add missing material in response to allegations in the lawsuits filed against them.
Is Control4 trying to end-run the litigation just days before shareholders vote? See more below…
[Read more…] about Did Control4 Just Try to End-Run Multiple Shareholder Lawsuits?Control4 Hit With Another Class Action Lawsuit by Shareholders
The Control4 Corporation has been hit with another class action lawsuit filed on behalf of all shareholders of their stock in connection with their acquisition by Wirepath Home Systems, LLC – better known as SnapAV. Filed by the law firm of Rigrodsky & Long, P.A., the lawsuit alleges certain violations of Securities Exchange Act of 1934 and names both Control4 and its Board of Directors as defendants.
See more on this litigation against Control4…
[Read more…] about Control4 Hit With Another Class Action Lawsuit by ShareholdersSnapAV Continues to Grow Their Physical Footprint, Buys Custom Plus
SnapAV announced this afternoon that they have acquired Custom Plus Distributing, a regional distributor that started in the Pacific Northwest and expanded into California. This is the fourth acquisition by the company who seeks to grow their physical distribution footprint to better serve their customers in local markets.
See more on this new acquisition by SnapAV…
[Read more…] about SnapAV Continues to Grow Their Physical Footprint, Buys Custom PlusSnapAV Slammed with Credit Downgrade by Moody’s
Credit rating agency Moody’s Investors Service has downgraded the credit rating of Wirepath LLC (corporate name of SnapAV) from B2 to B3 in the wake of their announced acquisition of Control4. The primary reason for the downgrade is due to the fact that SnapAV will be forced to increase their debt by an additional $390 million to a new high of $683 million in order to close on this acquisition.
See more on SnapAV’s credit downgrade…
[Read more…] about SnapAV Slammed with Credit Downgrade by Moody’sThe Real Story of Why Control4 Wanted to be Acquired
In the wake of the recent announcement about the acquisition of Control4 by SnapAV, all executives associated with this deal have not been available to the media…their lips are sealed. But Control4 is a public company – at least until this deal closes and they go private – and a recent filing gives a dramatic, detailed view of how hard the parties worked to make this deal happen, and why Control4 really, really wanted to be acquired.