6 biggest deal reports this week: Estee Lauder, Hasbro

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6 biggest deal reports this week: Estee Lauder, Hasbro
Credit: © Reuters.

Here are the 6 most head-turning deal dispatches from the past week, as covered first on InvestingPro+.

1. Estee Lauder (NYSE: EL ) has agreed to buy Tom Ford (NYSE: F ) for $2.8 billion. The company will pay about $2.3 billion, in addition to $300 million in deferred payments to sellers starting from July 2025, as well as including a $250 million payment from Marcolin S.p.A. to extend the long-term global eyewear license for the brand.

D.A. Davidson analyst Linda Bolton Weiser thinks the Tom Ford deal is a “huge positive for EL.” EL had to buy Tom Ford, Bolton Weiser argues, because “if Kering (EPA: PRTP ) had acquired Tom Ford, Kering could have brought the beauty business in-house at some point in the future, removing one of EL’s highest growth revenue streams.” Bank of America analyst Bryan Spillane raised the price target on EL stock to $230 per share from the prior $218 and weighed in positively on the deal.

2. 8x8 Inc (NASDAQ: EGHT ) has been approached about a takeover by a strategic buyer, according to a source cited by StreetInsider. The buyer is said to have hired bankers to explore a deal. It is unclear if 8x8 is entertaining the approach or has hired its own advisors. 8x8 is an integrated cloud communications platform that has had its fair share of takeover speculation over the years. In 2017, the company unsuccessfully explored a sale although its stock was trading at over 4 times the current level at that time.

3. Hasbro Inc (NASDAQ: HAS ) has decided to put most of Entertainment One up for sale, according to Bloomberg, citing people familiar with the matter. The company appointed JPMorgan and Centerview Partners to steer the process after receiving takeover interest.

4. Opiant Pharmaceuticals Inc (NASDAQ: OPNT ) said it has agreed to be acquired by Indivior Inc, a subsidiary of Indivior PLC (OTC: INVVY ) (LON: INDV ), for $20.00 per share in cash, plus contingent value rights (CVRs) representing, if achieved, potential additional payments over a period of seven years of up to $8.00 per share. The companies say the upfront payment represents a premium of approximately 111% to Opiant's closing share price on November 11, 2022.

5. Standard General's proposed acquisition of Tegna Inc (NYSE: TGNA ) has cleared its security review, according to Bloomberg. A filing says U.S. security agencies have "no objection" to the deal, which still needs to clear antitrust and FCC review. Earlier this month Standard General's acquisition of Tegna drew Department of Justice queries over potential TV price hikes, according to Bloomberg, citing people familiar with the matter. Antitrust officials are also concerned about information sharing.

6. Diamondback Energy Inc (NASDAQ: FANG ) agreed to an acquisition of Northern Midland Basin assets through its deal to purchase all leasehold interest and related assets of Lario Permian, LLC, a subsidiary of Lario Oil & Gas Company, and certain associated sellers, in exchange for 4.18 million shares of Diamondback common stock and $850 million of cash.

Senad Karaahmetovic contributed to this article.

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