Buying and Selling
Andrew Ross Sorkin is The New York Times’s chief mergers and acquisitions reporter and a columnist. He is also the author of the 2009 book, "Too Big To Fail." Mr. Sorkin, a leading voice about Wall Street and corporate America, is also the editor of DealBook, an online daily financial report he started in 2001. In addition, Mr. Sorkin is an assistant editor of business and finance news, helping guide and shape the paper’s coverage.Mr. Sorkin, who has appeared on NBC's “Today” show and on “Charlie Rose” on PBS, is a frequent guest host of CNBC’s “Squawk Box.” He won a Gerald Loeb Award, the highest honor in business journalism, in 2004 for breaking news. He also won a Society of American Business Editors and Writers Award for breaking news in 2005 and again in 2006. In 2007, the World Economic Forum named him a Young Global Leader. Mr. Sorkin began writing for The Times in 1995 under unusual circumstances: he hadn’t yet graduated from high school. Mr. Sorkin lives in Manhattan.
Andrew Ross Sorkin: The seller, well, I think there's a couple of things that typically happen when a company gets sold and why a company gets sold. You know, one reason is that the stock is in the toilet. And that the CEO sees the handwriting on the wall and says, I got to get out of this. It's not going to get any better. If we can get a premium for our shares, we should take it and we should run like the wind. That's one scenario. You have other scenarios where a company is owned by family for example.
You have a situation like the sale of Dow Jones frankly, where you have a family who is divided, who some people need money, want money, some others don't. And depending on who wins, perhaps they decide to sell the company. You have generational change. You have situations where a company or a company may have a CEO, a great leader of a CEO who's going to retire and then the board has to say to themselves, well how are we going to continue running this company? Well maybe the better option is to sell the company to a buyer. And then of course you have hostile deals where a company approaches you on a hostile basis and depending on how the market reacts, you may not have a choice.
Recorded on: June 3, 2008
Sorkin outlines why a company typically gets sold.
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