Business and Tech News - 4.23.24

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Skool Projekt Staff
April 23, 2024

Salesforce Abandons Plans To Buy Informatica

Informatica refuted claims of current acquisition talks with Salesforce, which was reportedly interested in a $10 billion deal, causing Informatica's shares to fall 7% while Salesforce's rose by 1%. The talks allegedly failed due to disagreements over the purchase terms, initially proposed in the mid-$30s per share. Salesforce's history of expansive mergers and acquisitions, led by CEO Marc Benioff, has recently come under investor scrutiny, prompting significant strategic adjustments in 2023.

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Retailer Express Files For Bankruptcy

Express has declared Chapter 11 bankruptcy and is planning to sell most of its retail stores and operations to an investor group led by WHP Global to aid its recovery. The company will close 95 Express stores and all UpWest stores, but will continue normal operations, having secured $35 million in new financing and $49 million from the IRS. This strategic move aims to alleviate financial strain by allowing Express to exit expensive leases and strengthen its financial stability.

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Private Equity Firm CVC Capital Targets $16 Billion IPO

CVC Capital Partners plans a second IPO attempt in Amsterdam, aiming to raise at least €1.25 billion for a valuation between €13 billion and €15 billion. The firm, managing around €186 billion in assets including significant sports investments, withdrew from a previous IPO last November. This listing will enable shareholders to realize gains and bolster CVC's fundraising and acquisition strategies.

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Kroger and Albertsons Sell More Stores To Save Merger

Kroger and Albertsons are expanding their store divestiture to C&S Wholesale Grocers, selling a total of 579 stores for about $2.9 billion, to gain regulatory approval for their $25 billion merger. The Federal Trade Commission and several states oppose the merger, arguing it could lead to higher grocery prices. Concerns persist over C&S's limited operational experience and potential flipping of acquired assets.

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FTC Sues To Black Merger Between Coach Parent and Michael Kors Owner

The FTC has filed a lawsuit to prevent Tapestry's $8.5 billion acquisition of Capri Holdings, a merger that would combine brands like Coach, Kate Spade, Versace, Jimmy Choo, and Michael Kors, citing it would harm competition, consumer choices, and worker conditions. The deal, which aims to unite these major fashion brands, is anticipated to close in 2024, pending approval from U.S. regulators. Both Tapestry and Capri have expressed their intention to challenge the FTC's decision in court.

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