Industry Trend:
How Alternative Data Sets are Reshaping How Investors Think

How Alternative Data Sets are Reshaping How Investors Think Information has always been the source of competitive advantage for investors, and the importance of gathering new information and quickly implementing it into investment decisions has been key. As new technologies and skill sets emerge, the potential to obtain even more information related to investments arises….

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Public M&A:
Divestiture Analysis, Alimentation Couche-Tard (ACT) and CST Brands, Inc. (CST)

Overview On August 22nd, 2016 CST Brands, Inc. (CST) announced that its Board of Directors approved a merger agreement with Alimentation Couche-Tard (ACT) under which Couche-Tard will acquire all the shares of CST for a total enterprise value of approximately $4.4 billion. VogelHood believes that the ACT/CST merger will receive receive regulatory approval, with conditions….

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Public M&A: RAD/WBA:
MERGERANX™ Score Increases, Store Count Accurately Predicted

VOGELHOOD ACCURATELY PREDICTS STORE DIVESTITURE COUNT NEARLY A YEAR IN ADVANCE; MERGERANX™ SCORE INCREASES IN Q1 2017 Overview On October 27, 2015, Walgreens Boots Alliance (WBA) announced its plan to buy its rival Rite Aid (RAD) for $17.2 billion. VogelHood’s HHI™ analysis suggests the deal falls into Level 2 (171-500 HHI change) category, indicating moderate…

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Public M&A:
TWX/T, Mounting Political Pressure From Regulators

TWX/T, Mounting Political Pressure From Regulators VogelHood Group believes that a merger between AT&T and Time Warner will be challenged by at least one regulator. A merger of this nature requires regulatory approval from both the Department of Justice (DoJ) Antitrust Division and the Federal Communications Commission (FCC). The DoJ is the lesser hurdle of…

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Public M&A:
Walgreens (WBA) and Rite Aid (RAD)

WALGREENS & RITE AID UPDATE: FTC EXPECTED TO APPROVE TRANSACTION; NEW DEVELOPMENTS IN POLITICAL ENGAGEMENT There are four reasons for our shift in position; (1) After United Health and Catamaran, VogelHood believes that the FTC would want more PBM competition. Post-merger, the combined entity can build out RAD’s EnvisionRX into a player that could alleviate…

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Policy Outlook:
Agricultural Chemicals (DOW/DD, BAYN/MON, ChemChina/SYT)

POLITICAL OPPOSITION TO AGRI-CHEM DEALS NOT MEANINGFUL TO DATE; DEAL ON TRACK TO GAIN REGULATORY APPROVAL As with most deals of this magnitude (DOW/DD, BAYN/MON, ChemChina/SYT), there has been expected and routine political pushback from trade associations and some members of Congress, specifically regarding the agriculture chemicals mergers; however, we do believe that the risk…

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Public M&A:
Abbott Laboratories (ABT) and Alere, Inc. (ALR)

ABBOTT LABORATORIES AND ALERE —APPROVAL EXPECTED On February 1, 2016, Abbott Laboratories (ABT) announced its plan to acquire Alere Inc. (ALR) for $5.8 billion to boost its global diagnostics business. VogelHood’s HHI™ analysis suggests that the transaction falls in the Level 1 (1-171 HHI change) category, indicating limited antitrust scrutiny. MERGERANX™ score is 0.84; political…

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Public M&A:
Shire (SHPG) and Baxalta (BXLT)

SHIRE PLC AND BAXALTA INC.—APPROVAL EXPECTED On January 11, 2016, it was announced that drugmaker Shire Plc (SHPG) has agreed to buy U.S. biotech firm Baxalta Inc. (BXLT) for $32 billion. VogelHood’s HHI™ analysis suggests that the deal falls in the Level 1 (1-171 HHI Change) category, indicating limited antitrust scrutiny. MERGERANX™ score is 0.59;…

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Public M&A:
Charter (CHTR) and Time Warner Cable (TWC)

CHTR/TWC LOBBYING OPPOSITION ON DECLINE; LOOKS LIKE A PEAK On May 26, 2015, Charter Communications officially announced the company’s plans to acquire Time Warner Cable for $55 billion. Since the announcement, Charter Communications has increased the company’s lobbying efforts hiring seven additional firms. Team Strength Index™ (TSI) Analysis of Charter Communications and Time Warner Cable…

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Public M&A:
Halliburton (HAL) and Baker Hughes (BHI)

ONE YEAR ANNIVERSARY OF DEAL ANNOUNCEMENT: HALLIBURTON AND BAKER HUGHES— REJECTION EXPECTED On November 17, 2014, Halliburton and Baker Hughes reached an agreement to combine in a stock and cash transaction valued at $34.6 billion. VogelHood’s HHI™ analysis suggests that the deal falls in the Level 2 (171-500 HHI Change) category, indicating moderate antitrust scrutiny….

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Public M&A:
Staples (SPLS) and Office Depot (ODP)

STAPLES AND OFFICE DEPOT CONTINUE TO FACE AN UPHILL BATTLE TO RECEIVE REGULATORY APPROVAL Federal Trade Commission Continues to Review Merger On May 27, 2015, the American Postal Workers Union urged federal regulators to block Staples $6.3 billion acquisition of Office Depot. Office Depot is still waiting on the vote from their stockholders for merger…

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Policy Outlook:
Highway Trust Fund (HTF)

Overview of the Highway Trust Fund The Highway Trust Fund (HTF) is the federal program that authorizes and funds surface transportation programs. Unlike most federal government programs, which are funded by appropriations drawn from the U.S. Department of Treasury’s general fund, these transportation programs are funded through a separate and distinct fund. The fund is…

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