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Pro Rata is officially on vacation, in part because we figured the July 4th week would be slow. We were wrong. So below is a roundup of what you might have missed while at the beach, via a Top 10 format I'm stealing borrowing from Mike Allen. Your regular Pro Rata will return on Monday...
500 Startups is the latest venture capital firm to be rocked by accusations of sexual harassment and associated cover-up.
There was $1.6 trillion in announced global M&A activity in the first half of 2017, per Thomson Reuters. That's up 2.2% over the first half of 2016, although the actual number of deals fell 4.1%
Jawbone, a consumer hardware company once valued at $3.2 billion by VCs, is being liquidated, as first reported by The Information and confirmed by Axios.
President Trump's escalating feud with CNN may bleed into the regulatory review of AT&T's proposed $85 billion merger with Time Warner, per The New York Times:
"White House advisers have discussed a potential point of leverage over their adversary, a senior administration official said: a pending merger between CNN's parent company, Time Warner, and AT&T. Mr. Trump's Justice Department will decide whether to approve the merger, and while analysts say there is little to stop the deal from moving forward, the president's animus toward CNN remains a wild card."
Flashback: Trump signaled his opposition to the deal with it was first announced, and reiterated it in a January interview with Axios (although he also admitted: "I haven't seen any of the facts yet").
Why it matters: There could be a chilling effect on M&A activity if it was believed that DoJ would block a merger — or require applicants make certain concessions — due to a political beef between an applicant and the White House. It also would be sure to spark legal challenges.
Warren Buffett's Berkshire Hathaway Energy has agreed to acquire electric grid giant Oncor at an equity value of around $11.25 billion and enterprise value of around $18 billion.
Dropbox is talking with investment bankers about a possible 2017 IPO, per Reuters.
U.S. Energy Sec. Rick Perry yesterday toured a coal-fired power plant in West Virginia, and reportedly said:
"Here's a little economics lesson: supply and demand. You put the supply out there and the demand will follow."
I reached out to the Department of Energy for comment, but never heard back. Perhaps I should have also called the Department of Education.
Kindred Healthcare (NYSE: KND) agreed to sell its 96 skilled nursing facilities for $700 million to BlueMountain Capital Management.
The U.S. economy added 222,000 jobs in June, beating economist estimates of 178,000, while the unemployment rate climbed slightly to 4.4%.
Cirque du Soleil has acquired Blue Man Group, combining two of North America's more popular live entertainment brands. No financial terms were disclosed for the deal, which results in Blue Man's founders retaining some equity.