The Banking and Strategy Initiative

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The Deal Economy (Midweek brush) : Oaktree IPO priced, yelp’s yellow reviews don’t help, I am not iPad

I am not an iPad?

Drug maker and soon to be Genomics major Roche brought in a new watermark mid week to compare laboratory experiments and start ups to on ground performing ventures. In a letter to target Illumina management Roche reminded the Illumina team that Roche was standing behind their offer and that Illumina was “not the Apple of genomics”. The letter  warns that their “MiSeq and HiSeq are not the iPhone and the iPad” ruling out their instant Commercial success unlike the World’s largest Company Apple which is close to selling a 100 mln iPads in the first year of operations.

PR firms also count M&A Deal value as basis

London based Finsbury , a PR firm that represented $90 bln in M&A value in 2011 including the Glencore – Xstrata deal topped the PR league tables while the Xstrata PR firms Auro and Strockwell were #2. In counts by no. of deals US based Brunswick and FTI counted 38 and 33 deals respectively as #1 and #2 with less than $40 bln in deal value, kekst representing 28 deals worth $30 bln

Yelp gets yellow reviews

yelp closed out a 40 day quiet period after listings and analysts took the opportunity to underwhelm the market with yelp’s prospects. Citi analysts gave it a $28 target and goldman $26

More last minute upgrades for Goldman Sachs and Morgan Stanley

Evercore precipitated another circumspect look  at trading income rebound at GS and MS when they report next week. The rebound in Trading income is obviously unlikely to cross last year’s watermark in Q1 but the analyst also exptressed concrens that the trading income boost will not last

However, Evercore estimates are closer to our $4 expectation for Goldman  numbers on Thursday at $3.74 evercore also upgrade Morgan Stanley estimates to $0.45 cents up 25%

Oaktree gets circumspect

Oaktree looks alittle worried about its listing as it reduced the offering to 9 mln shares and priced it  at $43, the bottom of the issuance range. Obviously, that does not bode well for the listing this week. Carlyle opens later this month and has more than 75% higher girth over Oaktree’s $82 bln AUM at $150 bln AUM. Carlyle is aiming for a 10% float for raising $800 mln. Oaktree closed the IPO book with $387 mln raised in Capital

LA based Oaktree has made its name as a Top US debt investor.


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