TakeoverBid
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Canadian government blocked potential Lenovo bid for BlackBerry over security concerns
The BlackBerry of today could've been a Chinese-controlled company -- if the Canadian government hadn't put its foot down, that is. A report in The Globe and Mail, citing inside sources, claims the government feared a Lenovo takeover would compromise national security given how connected BlackBerry's business is with the country's communications infrastructure. Though Lenovo was apparently very serious about moving forward with acquisition talks, the government's objections were so strong that BlackBerry never bothered to submit a formal proposal for consideration. That and the fact that BlackBerry also desperately needed a speedy solution to stem its downward spiral; something a pending merger would only exacerbate. No matter now though, as BlackBerry's since abandoned takeover talks in favor of financing and ousting failed CEO Thorsten Heins.
Seagate reportedly turned down takeover bid from Western Digital
File this one under industry-changing mergers that never were -- Bloomberg is reporting that Seagate rejected a takeover bid from rival Western Digital in October, which would have created a hard drive company to dwarf all others. According to "two people with knowledge of the matter," Western Digital was willing to offer as much as ten to fifty percent more than a competing takeover proposal from TPG Capital, which had already put more than $7.5 billion on the table for Seagate. As you might expect, however, the sheer size of the merger was apparently largely responsible for its refusal. Not only would it have created a huge amount of product overlap and likely led to numerous management departures, but it would have almost certainly faced some pretty significant antitrust obstacles. Of course, neither company is actually commenting on the matter itself and, for the time being at least, it looks like Seagate is content with going it alone.
