New On The Block
- Miyoko Schinner — the chef and activist who pioneered artisanal vegan cheese — is mounting a bid to buy back Miyoko's, the plant-based dairy brand she founded in 2014 and was ousted from three years ago. After raising more than $70 million and helping bring cashew-based butter and cheese to grocery shelves nationwide, Miyoko's has hit financial trouble. The California company is up for sale. Now Schinner is assembling a values-aligned team to rescue the company she built. "I believe I'm the best person to be the face of the brand," she told AgFunderNews.
- It's been a turbulent journey for both founder and firm. Schinner's 2022 departure sparked dueling lawsuits with the board, which were later settled through mediation. Her removal was followed by falling sales, factory closures, and a strategic review that culminated in the company's insolvency. Schinner now sees opportunity in revival. Whether her comeback bid succeeds remains to be seen.
Updates From The Block
- Metsera (NASDAQ:MTSR), valued at $3 billion just two months ago, is at the center of a hot bidding war. In one corner: Novo Nordisk A/S (NYSE:NVO). Pfizer Inc (NYSE:PFE) is in the other. In September, Pfizer offered to buy Metsera for up to $7.3 billion. Novo countered with an offer worth up to $9 billion. The bid includes $6.5 billion upfront, even if the deal fails to win approval. Metsera deemed Novo's bid "superior," and Pfizer is peeved. The pharma giant filed (and lost) a temporary restraining order this week in Delaware Chancery Court.
- Novo has since raised its offer to about $10 billion, with $7.2 billion upfront. Pfizer then lifted its bid to $8.1 billion and may go higher. Novo's offer delivers billions even if the deal collapses, while Pfizer's has fewer regulatory risks—it already holds FTC clearance. But with Metsera's lead obesity treatment still in Phase 2 trials, investors must weigh Novo's rich terms against the risk of weaker future data.
- Comcast (NASDAQ:CMCSA) has two M&A plays in motion. Not only is it discussing a deal with ITV (LSE: ITV) for its media and entertainment division, it’s also reportedly hired financial advisers to help place a bid for Warner Bros Discovery (NASDAQ:WBD).
Off The Block
- Disney (NYSE:DIS) and Fubo have finalized their joint venture combining Hulu + Live TV with Fubo, according to Variety. The deal creates the second-largest virtual pay-TV provider in the U.S. with nearly 6 million subscribers, trailing only YouTube TV. Disney holds a 70% stake, with Fubo shareholders retaining 30%. The merger received antitrust clearance from the DOJ, and Fubo's advertising sales team will integrate into Disney's ad organization. Both Hulu + Live TV and Fubo will remain available as separate services. Andy Bird, former Disney International chairman, will serve as independent chairman, while Fubo co-founder David Gandler will continue as CEO.
Bankruptcy Block
- Spirit Aviation Holdings, the parent of Spirit Airlines, inked an agreement with its pilots and flight attendants as part of its Chapter 11 restructuring. These agreements, pending final documentation, ratification and court approval, aim to strengthen the airline's financial position. Spirit's senior leadership will take salary cuts at least as large as the pilots' reductions. The company expects these agreements to generate annual savings sufficient to meet the target for its next DIP financing draw.
- Florida-based coffee chain The Blend Coffee & Cocktails filed for Chapter 11 bankruptcy, according to Tampa Bay Business Journal. The company listed liabilities between $500,000 and $1 million and minimal assets. The chain, which operates eight Florida locations, will remain open during the reorganization process. Founded by Stach Madsen in 2006 and expanded to Florida in 2019, The Blend is known for its creative coffee and cocktail flights.
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