This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. As its takeover of Neiman Marcus Group approaches its first anniversary, a leadership shakeup continues at Saks Global. The company formed following the December acquisition of Saks Fifth Avenue’s rival for $2.7 billion. A series of longtime executives have since marched out the door. Most recently, Chief Operating Officer Rob Brooks has left and the responsibilities ...

By Jessica DiNapoli and Abigail Summerville NEW YORK (Reuters) -Kimberly-Clark's nearly $50 billion offer for Tylenol maker Kenvue is a risky bet that the world's biggest consumer market, the United States, will keep growing even as lower-income shoppers trim their budgets, according to analysts. The cash-and-stock deal, announced earlier on Monday, is set to close late next year. It brings the maker of Kleenex tissues and Huggies diapers into a slew of new categories like skin care and pain relief that ...

Key Points Kimberly-Clark will buy Kenvue for $48.7 billion. A merged Kimberly-Clark-Kenvue could have $32 billion in annual sales and profits as high as $5.5 billion. At Kimberly-Clark's current $40 billion market cap, this implies a 7.3x P/E ratio on the merged stock. 10 stocks we like better than Kimberly-Clark › Kimberly-Clark (NASDAQ: KMB) stock tumbled 12.5% through 10:25 a.m. ET Monday, and it's not hard to figure out why. This morning, K-C announced it will acquire Tylenol-maker Kenvue (N ...

Core Viewpoint - Kimberly Clark is set to acquire Ken View for over $40 billion, with a significant equity component in the deal, potentially lowering the cash value of the transaction [1][5]. Company Overview - Ken View has faced organizational challenges, including the removal of its CEO and ongoing struggles since its spin-off from Johnson & Johnson, despite having a strong brand portfolio that includes Tylenol and Listerine [2][4]. - Kimberly Clark has been interested in acquiring Ken View for an extended period, previously attempting a reverse Mars trust deal to separate it from J&J before the spin-off [8]. Financial Aspects - The proposed acquisition includes $2.1 billion in cost synergies, with $1.9 billion primarily from cost reductions, and additional revenue synergies anticipated [4][5]. - The deal structure involves a cash component of $3.50 per share and a stock component, with Ken View shareholders expected to own 46% of the combined entity [5][7]. - The acquisition is priced at a 50% premium, but the overall valuation is impacted by Kimberly Clark's declining share price, leading to a deal multiple of approximately 14.5 times, below the typical median of 18 times for similar transactions [6][10]. Market Implications - The merger aims to create a competitive portfolio that could rival Procter & Gamble, with hopes of achieving a market multiple closer to that of P&G or Colgate in the future [3][7]. - The acquisition is expected to be accretive over time, allowing for potential upside as synergies are realized and Ken View's business is reorganized [4][7].

Core Viewpoint - The UK's Competition and Markets Authority (CMA) has referred the proposed merger between Shutterstock and Getty Images to a Phase 2 review process, despite Getty Images offering remedies to avoid this outcome. Shutterstock expresses disappointment but remains committed to the merger and plans to work with the CMA and Getty Images to secure necessary clearances [1]. Company Overview - Shutterstock operates as a platform that transforms ideas into impactful outcomes, leveraging a global network of creators and advanced technology to provide essential resources for businesses and creatives. The company boasts the world's largest and most diverse collection of high-quality licensable assets, data, AI solutions, and full-service studio production [2]. Merger Details - The proposed merger involves significant regulatory scrutiny, as indicated by the CMA's decision to escalate the review process. This development highlights the complexities and challenges associated with large-scale mergers in the creative and media sectors [1][9].

Core Viewpoint - SM Energy and Civitas Resources have announced a definitive merger agreement involving an all-stock transaction, creating a leading independent oil and gas company with significant free cash flow and enhanced stockholder value [2][3][5] Transaction Details - Each common share of Civitas will be exchanged for 1.45 shares of SM Energy common stock, resulting in a combined enterprise value of approximately $12.8 billion, inclusive of net debt [3][7] - Upon completion, SM Energy stockholders will own approximately 48% and Civitas stockholders will own approximately 52% of the combined company [7] Financial Metrics - Pro forma second quarter of 2025 production is projected to total 526 MBoe/d, with full-year 2025 consensus free cash flow expected to exceed $1.4 billion [1][4] - The merger is anticipated to be immediately accretive to key per share financial metrics, including operating cash flow and free cash flow [10] Synergies and Value Creation - Identified annual synergies of approximately $200 million, with potential upside to $300 million, are expected to enhance stockholder value and support accelerated debt repayment [5][10] - The combined company will operate a premier asset portfolio of approximately 823,000 net acres across high-return U.S. shale basins, positioning it as a top-10 independent oil-focused producer [4][5] Governance and Leadership - The Board of Directors will consist of 11 members, with 6 from SM Energy and 5 from Civitas, and Herb Vogel will serve as CEO of the combined company [8] - The merger has been unanimously approved by the boards of both companies and is expected to close in the first quarter of 2026, subject to customary closing conditions [11]

This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Mastercard remains on the hunt for potential acquisitions, but the card network’s executives declined Thursday to comment on a report the company may acquire the crypto infrastructure business Zerohash. The card network is in the late stages of talks to buy the startup for as much as $2 billion, the digital magazine Fortune reported Thursday, citing unnamed sourc ...

Financial Data and Key Metrics Changes - The company's net income for Q3 was $59.8 million, or $0.63 per diluted share, with adjusted earnings of $72.9 million, or $0.77 per diluted share, excluding merger charges [5][6] - Loans increased by $462 million on a linked quarter basis, representing a 9.9% annualized growth [5][6] - Deposits decreased by $158 million from the second quarter, primarily due to a seasonal decline in public funds [5][6] - The adjusted return on average assets improved by 12 basis points to 1.09%, while the adjusted return on tangible common equity rose by 296 basis points to 14.22% [7][8] Business Line Data and Key Metrics Changes - Net interest income growth was driven by improved net interest margin and loan growth [9] - Non-interest income for Q3 was $46 million, showing a linked quarter decrease of $0.841 million, excluding gains from the sale of MSR assets in Q2 [9] - Non-interest expense for Q3 was $183.8 million, excluding merger and conversion expenses of $17.5 million, with a linked quarter increase of $3.6 million [9] Market Data and Key Metrics Changes - The reported net interest margin remained flat at 3.85%, while the adjusted margin increased by four basis points to 3.62% [6] - The adjusted total cost of deposits rose by four basis points to 2.08%, and adjusted loan yields increased by five basis points to 6.23% [6] Company Strategy and Development Direction - The integration with The First is progressing well, with systems conversion completed in early August, aiming to create a high-performing Southeast bank [4][5] - The company is focused on achieving profitability goals related to return on assets, return on tangible common equity, and efficiency ratio [4] - Future profitability improvements are anticipated as efficiency savings are realized post-integration [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the loan growth and overall performance, indicating that Q3 results position the company to achieve its financial goals [5][10] - The company expects to see additional profitability improvements in upcoming quarters as synergies from the merger become more evident [9] - Management acknowledged the potential for increased payoffs in Q4 due to the current interest rate environment [46][70] Other Important Information - The company recorded a credit loss provision on loans of $10.5 million, with net charge-offs of $4.3 million [8] - All regulatory capital ratios remain above required minimums, indicating a well-capitalized status [7][8] Q&A Session Summary Question: Can you provide insights on loan growth and pipeline perspective? - Management noted that loan growth was strong across all categories and regions, with expectations for continued growth in Q4 and beyond [13][17] Question: What is the pace of expense savings from the merger? - Management indicated expectations of a $2 million to $3 million decrease in core non-interest expenses for Q4 and Q1 of 2026 [19][20] Question: Can you elaborate on the drivers of core margin expansion? - Management expressed that modest contraction in margin is expected in Q4, with a general outlook of modest expansion for 2026 [23][24] Question: How does the company view capital management and buybacks? - Management highlighted that capital ratios could grow by 60 to 70 basis points by year-end 2026, with buybacks being a focus for future capital management [31][32] Question: What are the plans for deposit growth in the current rate environment? - Management emphasized the goal of growing core deposits in line with loan growth, despite seasonal fluctuations [35][36] Question: How does the company plan to improve revenue growth? - Management is focused on improving accountability and performance at the individual and market levels to enhance revenue growth while managing expenses [66][68]

Core Viewpoint - Ryerson Holding Corporation and Olympic Steel, Inc. have announced a definitive agreement to merge, creating the second-largest metals service center in North America, which is expected to generate approximately $120 million in annual synergies by the end of year two [1][2][4] Summary by Sections Merger Agreement - Olympic Steel shareholders will receive 1.7105 Ryerson shares for each Olympic Steel share, resulting in them owning approximately 37% of the combined company [2] - The merger is anticipated to be immediately accretive to shareholders and will reduce the pro-forma leverage ratio to less than three times, assuming partial credit for synergies [2] Leadership Structure - Michael D. Siegal, Executive Chairman of Olympic Steel, will become chairman of the Board of Directors of the combined company, while Eddie Lehner, CEO of Ryerson, will serve as CEO [3] - Olympic Steel will appoint three additional directors to the combined 11-member Board [3] Strategic Benefits - The merger is expected to enhance market presence and add significant value to stakeholders through improved customer experience, faster lead times, and a wider array of custom solutions [4] - The combined company will leverage Ryerson's digital investments to enhance Olympic Steel's capabilities within a larger network [4] Company Backgrounds - Ryerson, founded in 1842, is a leading value-added processor and distributor of industrial metals with around 4,300 employees across approximately 110 locations [8] - Olympic Steel, established in 1954, focuses on the direct sale and value-added processing of various steel products and operates from 54 facilities [9]

Companies to host joint conference call and live webcast today at 8:00 a.m. EDTKey Highlights Enhances scale with revenue of $7.7 billion and Adjusted EBITDA of $2.1 billion1Combines complementary product and technology portfolios and world-class engineering capabilities, creating R&D scale to deliver innovative RF solutionsCreates $5.1 billion mobile business positioned to address rising RF complexityEstablishes $2.6 billion diversified Broad Markets platform with a growing and profitable TAM across defens ...