Why First Republic Has Not Done a Deal
Still, analysts say those challenges may not yet be lethal, leaving First Republic in a somewhat painful holding pattern. “The only acquisition scenario that is possible for FRC, in our view, is through receivership, in which a would-be acquirer is able to take advantage of an FDIC-assisted bargain purchase,” analysts at Wedbush Securities wrote on April 10. “Therefore, we conclude that FRC will attempt to grind it out as a stand-alone company for the foreseeable future.”
HERE’S WHAT’S HAPPENING
Johnson Johnson reportedly seeks to end the I.P.O. doldrums. The group will start pitching prospective investors on Kenvue, its consumer health division that produces household products like Tylenol, as soon as today, according to The Wall Street Journal. J.J. is hoping to raise at least $3.5 billion from the offering.
A top Budweiser marketing executive steps back amid conservative backlash. Alissa Heinerscheid, who oversaw Bud Light’s partnership with a transgender influencer, is taking a leave of absence following calls to boycott the brand from critics of its effort to adopt more inclusive marketing. Others have since attacked Budweiser for its moves to tamp down the controversy.
Twitter’s verification overhaul takes a strange turn. After the social network stripped thousands of notable users of their check mark icons, a move meant to drive subscriptions to its Twitter Blue service, it restored the badges to some celebrities — including dead ones like the chef and author Anthony Bourdain. Critics said the confusion was the latest sign of chaos at Twitter under Elon Musk.
Tulane Law School’s dean is leaving. David Meyer will become dean of Brooklyn Law School. Since taking the role in 2010, Meyer helped oversee Tulane’s Corporate Law Institute, which hosts perhaps the top gathering for M.A. lawyers, bankers and other advisers who descend upon the school’s hometown, New Orleans, to talk shop.
Article source: https://www.nytimes.com/2023/04/24/business/dealbook/first-republic.html