When Friday Becomes Monday
The term “Merger Monday” came into popular use for a simple reason: many deals are discussed and/or consummated over a weekend and announced on Monday morning -- or, at the very least, details of a potential deal are discovered before the fact by enterprising M&A reporters.
Today is a Friday, but it sure felt like a Monday -- so much so, that several people in the "Squawk Box" control room wondered aloud if they'd missed the weekend.
The companies themselves won’t comment, but it’s now been widely reported that Microsoft is trying to get Yahoo to the negotiating table to talk about a possible merger deal. This is exactly the type of story we typically see on a Monday, but the day of the week notwithstanding, this would be a blockbuster in terms of both price and significance.
Then, Reuters issued a statement saying it had been approached by a third party it wouldn’t name about a possible takeover, though it added that there was no guarantee that a formal offer would be forthcoming. Sources told several wires and newspapers that the third party was Thomson, though Thomson wouldn’t confirm. This was the capper on a week of rumored media deals sparked by Rupert Murdoch’s offer to buy Dow Jones for $60 per share.