I Hate When That Happens
One of the fun aspects of covering merger and acquisition activity is to see how big a premium a transaction commands, and daydreaming what it would have been like, if only you’d bought the stock yesterday, or a few weeks ago.
I Hate When That Happens
Occasionally, though, the fun gets left at the door. Like when "Squawk Box" broke the news Monday morning that nursing home operator Manor Care was being taken private in a deal worth $6.3 billion dollars, including assumed debt.
The normal reaction upon hearing such news, if you’re a Manor Care shareholder, would be something along the lines of “woo hoo!" But I’m betting we’re not hearing many cries of “woo hoo” today -- with Manor Care shares actually falling following the deal's announcement.
Manor Care did take the time to point out in its news release that the stock was up 20% since April, when it first announced it was examining strategic alternatives -- Wall Street parlance for “buy us, please."
But I can almost guarantee there were many disappointed investors this morning. You can almost hear them saying, “It figures that when I finally pick a takeover stock..."
Now, a bit of the behind-the-scenes dirt that I know you expect from this space.
One of the pet peeves of my bosses is something referred to in the TV business as “wallpaper video.” That means, for instance, that in a story about airlines, you might see video of jets, or passengers, or perhaps the outside of a terminal with a logo. Or in a story about a specific company, you might see a logo outside their headquarters, followed by pictures of employees walking around wondering what some clown with a camera is doing in their workplace.
There’s nothing inherently wrong with wallpaper video, but it’s not very exciting and -- just between you and me -- doesn’t add much to the story, other than to help us not keep the camera on the unfortunate news anchor for extended periods of time. I work as hard as I can at putting good pictures in the segments I write, but in the absence of a good courthouse "perp walk" or something similar, it's not always easy.
Ah, but today, we had exactly the right pictures for the right story: The office building located at 450 Park Avenue in New York City was sold for $1,600 per square foot -- a record for a commercial real estate transaction. We had shots both inside and outside of the building from all possible angles, all to help prompt you to ask yourself the question, “is this building worth that much?” Someone thinks it is; but at CNBC, we put you in a position to judge for yourself.