Tuesday, December 31, 2013
What better way to ring out the old year than with some M&A news... According to Reuters:
An eccentric Chinese recycling magnate said on Tuesday he was preparing to open negotiations to buy the New York Times Co..
Chen Guangbiao, a well-known philanthropist, is something of a celebrity in China. During a particularly murky bout of pollution in January, the ebullient and tireless self-promoter handed out free cans of "fresh air".
But Chen says he is perfectly serious in his bid to buy the Times, which he said he had been contemplating for more than two years. He said he expected to discuss the matter on January 5, when he is due to meet a "leading shareholder" in New York.
"There's nothing that can't be bought for the right price," Chen told Reuters.
That's true. Everything has its price, I suppose. But, for all my recent M&A students who are still recovering from their exam - believe me, I'm still recovering from grading it - does the Times have to sell itself? It's not a trick question.
Happy New Year!