List of largest mergers and acquisitions

Free market enterprises

1870s

1880s

1890s

1900s

1910s

1920s

1930s

1940s

1950s

1960s

1970s

1980s

1990s

2000s

2010s

2020s

Rank	Year	Purchaser	Purchased	Transaction value	Inflation adjusted	Ref
1	2025	United States State-owned enterprises Top M&A deals worldwide by value between state-owned enterprises: Rank Year Purchaser Purchased Total asset value Inflation adjusted Note 1 2017 Shenhua Group China Guodian Corporation 278.0 In August 2017, SASAC announced that China Guodian Corporation and Shenhua Group would be jointly restructured, with Shenhua Group becoming China Energy Investment Corporation and absorbing China Guodian Corporation to become the largest power company in the world by installed capacity. 2 2015 China Minmetals China Metallurgical Group 245.6 In December 2016, China continued its consolidation drive, focusing on their mining sector where China Minmetals Corp took over equipment maker China Metallurgical Group Corp. Minmetals was China's biggest steel and base metals trader with revenue of more than $50 billion last year, whilst China Metallurgical Group reported revenues of more than $33 billion. 3 2017 Sinograin China National Cotton Reserves Corp. 213.0 In January 2017, the Chinese government confirmed the merger of China National Cotton Reserves Corp and Sinograin as part of their drive to reduce the number of state-owned enterprises to a target of 100. 4 2018 ChemChina Sinochem 120.0 Merger of the Chinese state-controlled ChemChina and Sinochem in a deal reported to be worth $120 billion. The merger would create the largest entity in the industrial chemicals industry, overtaking BASF. In January 2020 ChemChina and Sinochem consolidated their agricultural assets into a new holding company, to be called Syngenta Group. 5 2015 China Power Investment State Nuclear Power Technology Corporation 112.6 In June 2015 the Chinese cabinet approved plans to merge state-owned China Power Investment with State Nuclear Power Technology increasing the exports of nuclear technology from the country, creating the new entity China Power New Energy Development Company Limited, with assets of more than $112.6 billion and annual revenues of more than $32.6 billion. 6 2018 China National Nuclear Corp China Nuclear Engineering & Construction 99.0 Merger of China's second largest nuclear power producer, and their top nuclear power plant builder. 7 2020 China Oil and Gas Pipeline Network PetroChina Sinopec 55.9 PetroChina, China's state-owned oil and gas firm, announced it would sell its major oil and gas pipelines and storage facilities to a newly created State-owned enterprise, China Oil and Gas Pipeline Network, for $55.9 billion. This will lead to the creation of a new company, PipeChina, of which PetroChina will own a 29.9% equity stake worth around $21 billion, with the balance of the transaction paid in cash. Sinopec also announced it would sell some oil and gas pipeline assets to PipeChina for around $6 billion, of which over $3 billion will be used for an equity interest stake. After the deals have completed, PipeChina will have a market capitalisation of 500 billion yuan ; PetroChina will own 29.9% of the business, Sinopec 14% and CNOOC Gas and Power will own 2.9%. 8 2014 CITIC Pacific CITIC Limited 50.0 CITIC Pacific Ltd completed its acquisition of 100 percent of CITIC Ltd after receiving all necessary regulatory approvals, and became China's largest conglomerate with a market value of about $50 billion. 9 2000 China Mobile Ltd Beijing Mobile Shanghai Mobile Tianjin Mobile Hebei Mobile Liaoning Mobile Shandong Mobile Guangxi Mobile 34.2 China Mobile acquired seven Chinese state-owned mobile communications businesses as part of a consolidation effort. 10 2020 Ministry of Finance Central Bank of Russia 28.31 Russia tapped the Russian National Wealth Fund to buy the central bank's stake in Sberbank, ending years of debate about potential conflicts of interest arising from the central bank controlling the country's top lender. 11 2008 China Unicom China Netcom 24.0 The merger took place as part of the first step in the country's reshuffling of its telecom shops. Largest ever deals which have failed to complete This lists catalogues M&A deals which were confirmed, but for a number of reasons, failed to complete. Rank Year Purchaser Purchased Transaction value Inflation adjusted value Note 1 2020 Astra Zeneca Gilead Sciences 232.0 Astra Zeneca approached Gilead about a merger; however, a combination of a lack of interest from Gilead and the COVID-19 pandemic led to any further talking being dropped. The deal also floundered due to the potential to distract both companies from their own pipelines and ongoing COVID-19 vaccine efforts. 2 2019 Altria Philip Morris International 200.0 The merger was called off after a chilly reaction from investors, vaping related illnesses, and Altria's increasingly scrutinized $12.8 billion investment in vaping leader Juul. 3 2015 Pfizer Allergan, plc 160.0 The deal fell through over changes made to tax inversion legislation by the Government of the United States. 4 2008 BHP Billiton Rio Tinto 148.0 As commodity prices fell in value, the deal became too risky for BHP Billiton to complete. 5 2017 Kraft Heinz Unilever 143.0 Kraft's offer was an 18% premium to Unilever's closing share price the day before the announcement, however Unilever Executives claimed the deal undervalued the company, as well as job-cut implications and regulator approval issues. The bid was formally dropped on February 19, citing the complexities of acquiring control in a Dutch entity without the support of shareholders. 6 2023 Cigna Humana 140.0 The deal talks ended due to the parties not being able to agree on price. Also governmental antitrust action was a concern. 7 1999 MCI WorldCom Sprint 129.0 The US Department of Justice and European Commission prohibited the merger on competition grounds, with the DoJ filing a lawsuit against the transaction. 8 2014 Pfizer Astra Zeneca 123.0 Significant concerns were raised by the Government of the United Kingdom over job security, in the end leading to a deal being abandoned due to resistance from the AstraZeneca Board. 9 2018 Broadcom Qualcomm 121.0 Qualcomm claimed that Broadcom had undervalued the business but did propose to meet Broadcom officials, with the initial offer of $121 billion. On February 21, Broadcom reduced their offer to $117 billion in light of Qualcomms increased bid for NXP Semiconductors. 10 2018 Broadcom Qualcomm 117.0 On February 21, Broadcom reduced their offer to $117 billion in light of Qualcomms increased bid for NXP Semiconductors. The deal was effectively blocked after US President Donald Trump blocked any deal based upon national security grounds. 11 2009 BHP Billiton Rio Tinto 116.0 Mining giants Rio Tinto and BHP Billiton abandoned a controversial merger of their Australian iron ore operations after anti-competition complaints from regulators and top customers including China. 12 1999 MCI WorldCom Sprint 111.0 The Board of Sprint claimed that the first deal undervalued the company and thus rejected the proposal. 13 2025 Paramount Skydance Warner Bros. Discovery 108.4 Warner Bros. Discovery's board rejected the hostile takeover bid and called it "illusory" as it accused Paramount Skydance of misleading shareholders about its financing. 14 2014 Pfizer Astra Zeneca 106.0 AstraZeneca claimed the deal undervalued the company. 15 2018 Broadcom Qualcomm 103.0 $130 billion with assumed debt, Qualcomm shareholders would get $60 in cash and $10 per share in Broadcom shares. Qualcomm rejected Broadcom's $103 billion takeover bid, saying the offer “dramatically” undervalued the U.S. company. 16 2006 Kohlberg Kravis Roberts Texas Pacific Group The Home Depot 100.0 In a filing with the Securities & Exchange Commission, Home Depot said that its board "unanimously" supports the management team and its current strategy. The potential world record LBO bid never came to fruition after that. 17 2014 Pfizer Astra Zeneca 98.9 AstraZeneca claimed the deal undervalued the company. 18 2016 Honeywell United Technologies 90.0 Honeywell dropped a bid to acquire United Technologies, citing potential regulatory hurdles. 19 2007 Barclays ABN AMRO 89.6 Barclays lost out after RBS Group, Fortis, and Banco Santander bid $98 billion with the plan to break ABN AMRO between the three banks. 20 1999 Pfizer Warner-Lambert 82.4 Pfizer made a hostile bid, just after the announcement of a $65 billion deal with American Home Products, the eventual purchase price would be in excess of $90 billion. 21 1999 Deutsche Telekom Telecom Italia 81.0 Olivetti was able to sway key Telecom Italia shareholders and win control of 51% of shares, killing the proposed merger of the telecommunication giants. 22 2014 21st Century Fox Time Warner 80.0 21st Century Fox abandoned its takeover of Time Warner, due to the unwillingness of the Time Warner Board to engage with the Fox executives. This also caused a sharp dip in Fox's stock price which made a deal unattractive to Fox shareholders. 23 1998 American Home Products SmithKline Beecham 77.0 The deal was reportedly killed in response to British regulators who feared losing jobs to a proposed U.S. headquarters location. 24 2019 KKR Walgreens Boots Alliance 70.0 KKR did not follow through with a formal bid as the potential world record LBO was simply deemed too large. 25 2021 Unilever GlaxoSmithKline 68.4 Unilever made the offer for Glaxo's household brands unit in late 2021 but Glaxo's board and Pfizer, which owns a minority stake in the business, rejected the bid as too low. 26 2009 Xstrata Anglo American plc 68.0 Anglo American rejected rival mining group Xstrata's “merger of equals” proposal, knocking a no-premium marriage and a combination with what it regarded as Xstrata's inferior mines. 27 2004 Comcast Disney 66.0 Comcast executives abandoned the deal to buy Walt Disney after both investors and Disney executives failed to agree on the acquisition. 28 1999 Warner–Lambert American Home Products 65.0 Following the merger announcement, Pfizer filed a complaint against Warner-Lambert and initiated an ultimately successful hostile takeover. Pfizer was looking to secure the full rights to Lipitor which was co-marketed with Warner-Lambert. 29 2018 Comcast 21st Century Fox 65.0 Main Article: Acquisition of 21st Century Fox by Disney 30 2018 Takeda Pharmaceutical Shire 62.5 Third bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the company, its growth prospects as well as pipeline. 31 2018 Takeda Pharmaceutical Shire 62.1 Fourth bid with enhanced cash component, super-ceded by a fifth bid on April 24. 32 2018 Takeda Pharmaceutical Shire 61.0 Second bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the company, its growth prospects as well as pipeline. 33 2002 Comcast MediaOne 60.0 Comcast initially bid $60 billion in stock for MediaOne but AT&T trumped them with a better offer of $62 billion in cash and stock. 34 2020 NextEra Energy Duke Energy 60.0 NextEra Energy approached Duke Energy about a possible merger; however, Duke Energy rejected the bid. Even had Duke Energy accepted, the deal would have been unlikely to close due to regulatory hurdles particularly in the Carolinas, and Florida. 35 2018 Takeda Pharmaceutical Shire 58.2 First bid, unanimously rejected by the Shire Board, who concluded that it significantly undervalued the company, its growth prospects as well as pipeline. 36 2025 Paramount Skydance Warner Bros. Discovery 57.0 Warner Bros. Discovery CEO David Zaslav believed the company was worth $30 per share, or around $70 billion, and convinced the board to reject the bid. Paramount Skydance CEO David Ellison is expected to increase his bid. 37 2007 E.ON Endesa 54.0 Intervention from the Spanish Government delayed the planned takeover and E.ON's offer was eventually trumped by a $65.3 billion deal with Enel and Acciona. The two divested several Spanish assets to E.ON upon completion. 38 2014 AbbVie Shire 54.0 The deal fell through over changes made to tax inversion legislation by the US Government. 39 2014 Valeant Pharmaceuticals Allergan Inc 54.0 Allergan argued that the Valeant cash-and-stock offer, would hurt its shareholders, given the Canadian drug-maker's history of cutting research and development spending at companies it acquires. Allergan would be acquired by Actavis and form Allergan. 40 2017 Disney 21st Century Fox 52.4 Main Article: Acquisition of 21st Century Fox by Disney 41 1999 Elf Aquitaine TotalFina 50.0 After TotalFina's hostile bid for Elf Aquitaine, Elf Aquitaine submitted their own hostile bid for TotalFina. They eventually consummated a 'friendly' merger. 42 2008 Bharti Airtel MTN Group 50.0 Bharti called off negotiations after MTN turned Bharti's takeover plan upside down, proposing to take over Bharti instead. 43 2024 BHP Group Limited Anglo American plc 49.18 Anglo American rejected the third bid from BHP in a month. The structure of any deal and the fate of Anglo's businesses in South Africa remain big obstacles, with Anglo chairman Stuart Chambers highlighting concerns about completion and execution risks in BHP's proposal. 44 2007 Teachers' Private Capital Providence Equity Madison Dearborn Partners BCE Inc 48.5 Due to the tightening of the credit market caused by the subprime mortgage crisis, the investment banks financing the deal – led by Citigroup, Deutsche Bank and the Royal Bank of Scotland – started negotiations on May 16, 2008, to revise the terms of their loans with greater interest rates and greater restrictions to protect themselves. On November 26, 2008, BCE announced that KPMG had informed BCE that it would not be able to issue a statement on the solvency of the company after its privatization, one of the required conditions of the buyout. As a result, the purchase was cancelled. 45 2015 Anthem Cigna 48.0 The transaction was blocked by US Federal Judges on grounds of diminished competition and the 'irreparable harm' that would be done to the US health insurance market. 46 2008 Microsoft Yahoo! 47.5 Yahoo pulled out of talks with Microsoft after they agreed to let Google sell search ads on its site. 47 2015 Monsanto Syngenta 46.5 Monsanto dropped its hostile bid for Syngenta, refocusing on its five-year plan to double earnings and avoid a backlash from large shareholders. Subsequently, Bayer purchased Monsanto, with ChemChina acquiring Syngenta. 48 2014 Comcast Time Warner Cable 45.2 Main Article: Attempted purchase of [Time Warner Cable by Comcast] 49 1996 Credit Suisse Union Bank of Switzerland 45.0 UBS not only spurned the offer from CS Holding but insisted that it had been "taken aback" by its rival's offer. 50 2000 General Electric Honeywell 45.0 The EU Competition commission recommended blocking the deal, arguing that the merger would reduce competition – specifically within the aerospace industry – which could end up generating higher prices for consumers. 51 2012 EADS BAE Systems 45.0 Lack of investor support, coupled with opposition from the UK Government, German Government and the French Government. 52 2018 Qualcomm NXP Semiconductors 44.0 Qualcomm raised their offer from $110 per share to $127.50 per share after pressure from activist investors. In 2018, China failed to approve the merger, leading to its cancellation by Qualcomm on July 26, 2018. 53 2024 BHP Group Limited Anglo American plc 42.7 Anglo American rejected the improved bid saying that it "continues to significantly undervalue". 54 1999 Banque Nationale de Paris Paribas Société Générale 41.0 BNP launched a dual bid to create a European super-bank and to break up the planned Paribas-SocGen merger. The three party merger failed after SocGen shareholders did not tender enough shares. Paribas did successfully merge with BNP. 55 2000 United Technologies Honeywell 40.0 United Technologies ended merger talks with Honeywell after it had emerged that General Electric had dealt a counter-offer. 56 2008 France Télécom TeliaSonera 40.0 France Telecom withdrew its bid after the two parties could not reach an agreement on the terms of the deal. 57 2010 BHP Billiton PotashCorp 40.0 Potash Corp rejected the offer claiming it undervalued the company. 58 2015 Teva Pharmaceutical Industries Mylan 40.0 In April, Teva offered to acquire Mylan for $40 billion, only a fortnight after Mylan offered to acquire Perrigo for $29 billion. Teva's offer for Mylan was contingent on Mylan abandoning its acquisition of Perrigo. Mylan stated in June 2015 that Teva's disclosure that it had a 1.35 percent stake in Mylan violated US anti-trust rules. 59 2020 Nvidia Corporation SoftBank Group 40.0 Nvidia and the Softbank-owned Arm Holdings abandoned the attempted merger due to "significant regulatory challenges" as the US Federal Trade Commission filed a lawsuit to block the merger. Softbank stated that Arm is likely to IPO instead. 60 2011 AT&T T-Mobile US 39.0 On August 31, 2011, the Department of Justice Antitrust Division|Antitrust Division] of the United States Department of Justice formally announced that it would seek to block the takeover, and filed a lawsuit to such effect in federal court. Main Article: Attempted purchase of T-Mobile USA by AT&T 61 2019 Hong Kong Exchanges and Clearing London Stock Exchange 39.0 $39 billion takeover proposal was rejected by the Board of the London Stock Exchange. 62 2024 BHP Group Limited Anglo American plc 39.0 Anglo American rejected the bid saying that it significantly undervalued the company. 63 2024 Alimentation Couche-Tard Seven & i Holdings 38.5 7-Eleven operator Seven & i said the takeover proposal was not in the best interest of shareholders and was likely to face significant antitrust challenges in the U.S., where the combined company would be the convenience store industry's biggest by a considerable margin. 64 1999 Global Crossing US West 37.0 Global Crossing lost out on acquiring US West after Qwest outbid them. 65 2015 Aetna Humana 37.0 The transaction was blocked by US Federal Judges on grounds of diminished competition and the 'irreparable harm' that would be done to the US health insurance market. 66 2010 Prudential AIA Group 35.5 Prudential tried to lower their bid to $30 billion following shareholder opposition but AIG said they would “not consider” any alterations to the deal. Prudential subsequently withdrew the deal. 67 2014 Omnicom Publicis 35.0 Proposed merger as Publicis [Omnicom Group]. Omnicom wanted their people to occupy the CEO, CFO and general counsel jobs. Uncertainty over the deal lead to a drop in revenue of $1.5 billion in the period. 68 2019 Fiat Chrysler Renault 35.0 At the end of May 2019, news broke of a potential $35 billion merger-of-equals between Renault and Fiat Chrysler, aiming to create the third largest car manufacturer. The deal allegedly failed due to Nissan's abstaining from voting on the merger proposal and the French Government's stake in Renault. 69 2020 Xerox HP Inc 35.0 Xerox's second bid of $35 billion consisting of cash-and-stock saw an increase of $2 per share to buy HP. HP declined and told shareholders it would return $16 billion to shareholders in the next three years to ward off a hostile takeover attempt. 70 1998 American Home Products Monsanto 34.4 The companies said that the deal was abandoned because it was not in the best interest of the shareholders. Yet, people close to the deal said the merger was terminated because of the power struggle between the two companies’ chairmen. 71 1999 Bank of Scotland NatWest 34.3 NatWest rejected the deal saying that it undervalued the company. They would end up being acquired by The [Royal Bank of Scotland Group] for $42.5 billion. 72 2018 Comcast Sky plc 34.0 Comcast offered £17.28 per share, exceeding Fox's offer of £15.67 per share, in a blind auction set up by the UK's Takeover Panel. 73 2021 Canadian National Railway Kansas City Southern 33.6 After US regulators rejected a key aspect of the proposed deal, Kansas City Southern notified Canadian National Railway that they were going to terminate the agreement. Kansas City Southern accepted Canadian Pacific Railway's revised offer of $31 billion which had previously been rejected in favor of the Canadian National Railway bid. 74 2019 Xerox HP Inc 33.5 Xerox's $33.5 billion cash-and-stock offer to buy bigger rival HP was declined, with HP indicating it might make its own counter-offer for Xerox. 75 1994 Bell Atlantic Tele-Communications Inc 33.0 The companies blamed the deal's collapse on the FCC which voted to reduce cable television rates against the protests of the cable TV industry. The FCC denied this vehemently with an FCC commissioner James Quello saying “They may be paying too much for it .” 76 2016 Energy Transfer Equity Williams Companies 33.0 Energy Transfer Equity terminated the merger agreement with Williams after ETE's counsel were unable to declare the deal as tax-free. 77 2019 Chevron Corporation Anadarko Petroleum 33.0 On April 12, Chevron Corporation announced it would acquire Anadarko for $33 billion. However, on April 24, Occidental Petroleum announced a counter-offer to Chevron's previous announcement, offering $38 billion – Occidental's offer would ultimately prove successful. 78 2018 21st Century Fox Sky plc 32.5 Fox raised their offer to $32.5 billion for Sky. 79 2016 Deutsche Börse London Stock Exchange Group 31.0 The merger was prohibited on competition grounds by the EU Commission. 80 2018 Comcast Sky plc 31.0 Comcast offered $31 billion for Sky plc which Fox trumped. 81 2021 Canadian Pacific Railway Kansas City Southern 31.0 Kansas City Southern rejected the bid as the Canadian National Railway bid was still the superior offer. 82 2000 Deutsche Bank Dresdner Bank 30.0 Dresdner Bank abandoned the deal when the two couldn't agree on what to do with Dresdner's investment bank. Deutsche Bank wanted to sell most of it, but Dresdner did not want that to happen. 83 2020 Aon plc Willis Towers Watson 30.0 Aon and Willis Towers Watson called off their merger after reaching an impasse with US regulators. 84 2006 Aviva Prudential 29.6 Aviva's all-stock proposal was rejected by the Prudential Board, despite Aviva offering a premium to the current share price. 85 2017 PPG Industries Akzo Nobel 29.5 Akzo again rejected PPG's bid, citing the deal still undervalued the company, as well as potentially facing antitrust risks, and not addressing other concerns such as "cultural differences". 86 2004 Sumitomo Mitsui Financial Group UFJ Bank 29.2 UFJ Bank rejected the proposal as it had already committed to a merger with Mitsubishi Tokyo Financial Group. 87 2017 Emerson Electric Rockwell Automation 29.0 Rejected as Rockwell believed the offer still undervalued the company. 88 1997 GTE MCI 28.0 GTE made an unsolicited offer of $28 billion all-cash to MCI two weeks after Worldcom bid $30 billion in stock. Worldcom would end up winning with a $37 billion bid. 89 2001 Lloyds TSB Group Abbey National 28.0 The British Government blocked the proposed merger as they believed it would be against the public interest. 90 2005 Gas Natural Endesa 28.0 Endesa rejected the bid saying it was "manifestly insufficient". Endesa would be acquired for $65.3 billion by Enel and Acciona. 91 2016 Canadian Pacific Norfolk Southern 28.0 Canadian Pacific Railway scrapped the deal after the U.S. Justice Department urged the Surface Transportation Board to reject a voting trust arrangement that was part of the bid. U.S. lawmakers, the U.S. military, and UPS and FedEx all opposed the merger as well. 92 2016 Halliburton Baker Hughes 28.0 Oilfield services provider Halliburton and smaller rival Baker Hughes terminated their $28 billion merger deal after opposition from U.S. and European antitrust regulators. 93 2007 Alcoa Alcan 27.6 Alcan rejected the offer as they believed it did not reflect the full value of the company and advised shareholders not to tender any of their shares to the bid. 94 2017 Emerson Electric Rockwell Automation 27.6 Rejected as Rockwell believed the offer undervalued the company. The $27.6 billion was made up of $107.50 per share in cash with the rest of the balance being paid in 225 million shares of Emerson stock. 95 2001 Prudential American General 26.5 Prudential's bid of $26.5 billion in stock was reduced to just over $20 billion when Prudential's shares plummeted after the announcement. AIG then stepped in and offered $23 billion which was accepted by American General. 96 2017 PPG Industries Akzo Nobel 26.1 Akzo rejected the unsolicited offer, claiming the revised offer was still too low. Akzo claimed that key stakeholder issues as well as uncertainties and risks that had already been raised in response to earlier offers had not been answered. 97 2007 Express Scripts Caremark Rx 26.0 Express Scripts bid $26 billion for Caremark Rx but refused to pay a $675 million breakup fee to void Caremark's pending merger with CVS. Even though Express Scripts offered $4 billion more than CVS, CVS and Caremark Rx completed their merger. 98 2015 Mylan Perrigo 26.0 In order for the hostile takeover to go through successfully, Mylan needed 50% of Perrigos shares to be tendered under the deal. However, only 40% or 58 million shares were tendered and the hostile takeover fell through. 99 2002 Hughes Electronics EchoStar 25.6 US and state anti-trust enforcers filed a lawsuit to halt the deal, claiming that the deal would eliminate competition and adversely effect consumers. 100 2013 Dish Network Sprint Corporation 25.5 Sprint requested a revised offer but Dish stated that it was not practical to do so. 101 2004 Johnson & Johnson Guidant 25.4 Johnson & Johnson announced that it was acquiring Guidant on December 15, 2004, for $76 a share, with the deal being approved on April 27, 2005, by Guidant shareholders. However, on May 25 of the same year, Guidant reported 26 cases of implantable defibrillator failure, including a death. Johnson & Johnson announced the possibility of them pulling out from the deal, Guidant then sued Johnson & Johnson in an attempt to enforce the acquisition. However, they later re-negotiated a lower price of $21.5 billion. 102 2006 Boston Scientific Guidant 25.0 A day after Johnson & Johnson raised their price for Guidant to $23.2 billion, Boston Scientific announced a further increased offer. 103 2007 J.C. Flowers & Co. Friedman Fleischer & Lowe Bank of America JPMorgan Chase & Co. Sallie Mae 25.0 Sallie Mae attempted to craft an "alternative transaction" but the proposal was rejected. Subsequently, the takeover was dropped. 104 2013 The Blackstone Group Dell 25.0 Blackstone noted in a letter to Dell's special committee that a "unprecedented 14 percent market decline in PC volume in the first quarter of 2013" worried the firm and didn't line up with Dell's projections for modest industry growth. In addition, Blackstone's evaluation of Dell showed a "rapidly eroding financial profile." Blackstone subsequently withdrew their bid. 105 2021 Chubb The Hartford 25.0 The Hartford rejected two enhanced buyout offers. 106 Attempted acquisition of [Albertsons by Kroger|2022] Kroger Albertsons 25.0 After a three-week trial, U.S. District Judge Adrienne Nelson sided with the Federal Trade Commission and ruled that the merger was likely to remove direct competition between the two grocers, making it unlawful. The two companies subsequently called off the deal. 107 2005 Boston Scientific Guidant 24.6 With the re-negotiated lower price of $21.5 billion between Johnson & Johnson and Guidant, Boston Scientific announced an unsolicited offer of $24.6 billion for Guidant. 108 2006 Johnson & Johnson Guidant 24.2 After Boston Scientific increased their offer to $25 billion, Johnson & Johnson further increased their offer to $24.2 billion. 109 2017 PPG Industries Akzo Nobel 24.1 Akzo rejected the unsolicited offer, claiming the revised offer was still too low. 110 1998 Bank of New York Mellon Bank Corporation 24.0 Bank of New York called off its takeover proposal after Mellon's Board declined to meet with Bank of New York officials to discuss the merger. The two would later merge in 2007. 111 2018 Albertsons Rite Aid 24.0 Albertsons and Rite Aid called off the planned merger after several advisory firms recommended voting against the proposal. 112 2021 Chubb The Hartford 23.9 The Hartford rejected two enhanced buyout offers. 113 2022 Prologis Duke Realty 23.7 Duke Realty rejected the offer calling it "insufficient" despite being Prologis' third bid. 114 1988 First Boston Pritzker family Philip Anschutz RJR Nabisco 23.38 The group's final bid was beat out by Kohlberg Kravis Roberts. 115 2021 Chubb The Hartford 23.24 The Hartford's board of directors unanimously rejected the unsolicited proposed takeover from Chubb stating that the transaction would "not be in the best interests of the company and its shareholders." 116 2006 Johnson & Johnson Guidant 23.2 After the re-negotiated lower price of $21.5 billion was trumped by Boston Scientific's offer of $24.6 billion, Johnson & Johnson raised their offer to $23.2 billion. 117 2016 Mondelez International The Hershey Company 23.0 Mondelez ceased its pursuit of the Hershey Co acquisition after the chocolate company turned down its $23 billion cash-and-stock offer. 118 2024 Alphabet Wiz 23.0 Wiz ended takeover talks, instead choosing to focus on an IPO. Wiz CEO Assaf Rappaport said, "Saying no to such humbling offers is tough, but with our exceptional team, I feel confident in making that choice." 119 1988 Shearson Lehman Hutton F. Ross Johnson RJR Nabisco 22.9 The group's final bid was beat out by Kohlberg Kravis Roberts. 120 1995 Tracinda Chrysler 22.8 Tracinda, led by Kirk Kerkorian, was unable to come up with the financing in order to complete the deal. Chrysler was able to leverage its relationships with investment banks to block Kerkorian from being able to get the money necessary for the takeover. 121 2023 Glencore Teck Resources 22.5 Copper and zinc miner Teck Resources rejected an unsolicited bid from Glencore, citing a reluctance to expose its shareholders to thermal coal, oil, LNG, and related sectors. 122 1996 British Telecom MCI 22.0 British Telecom held a partial stake in MCI since 1994 and was looking to acquire the entirety of it. Worldcom ended up winning the takeover fight with a $37 billion bid. 123 2020 Seven & i Holdings Marathon Petroleum 22.0 Seven & i and Marathon agreed to a price of $21 billion, after 5 months of baulking at the deal. 124 2021 DraftKings Entain 22.0 Neither DraftKings nor Entain explained exactly why the deal talks floundered but said in separate statements that they believed strongly in their individual growth prospects. The potential deal was likely hindered by Entain's joint venture with MGM, BetMGM. 125 2007 Vornado Realty Trust Starwood Capital Group Walton Street Capital Equity Office 21.6 The Vornado-led takeover attempt failed after a better bid came from The Blackstone Group. 126 2007 Terra Firma Capital Partners Wellcome Trust HBOS Alliance Boots 21.6 The Terra Firma-led takeover attempt failed after a better bid came from a group led by Kohlberg Kravis Roberts. 127 1989 James Goldsmith Jacob Rothschild Kerry Packer British American Tobacco 21.0 British American Tobacco rejected the deal as it planned to break up the conglomerate which the company's chairman Patrick Sheehy described as “most disadvantageous to the company, its shareholders, customers, policyholders and employees.” 128 2014 Bouygues SFR 20.6 Bouygues offer was soon trumped by Numericable's, who purchased SFR for $23 billion. 129 2017 Hochtief Abertis 20.1 Hochtief launched a bid to rival a lesser one from Atlantia. However, soon after Atlantia and Hochtief's parent company, ACS Group succeeded in the takeover with a joint bid. 130 2007 CVC Capital Partners J Sainsbury plc 20.0 The proposed offer collapsed because of CVC's failure to broker an agreement with the Sainsbury family, owners of a nearly 20% stake, and trustees who demanded it fill a billion pound pension deficit. 131 2017 Clariant Huntsman 20.0 After months of pressure from activist investors, the companies announced they would abandon their merger plans, with investors citing a reduction in shareholder value as the cause. 132 2020 Blackstone Inc Global Infrastructure Partners Kansas City Southern 20.0 Kansas City Southern rejected the $20 billion offer from a consortium led by Blackstone Inc and Global Infrastructure Partners. 133 2021 Alimentation Couche-Tard Carrefour 20.0 The two abandoned talks on the proposed merger following stiff opposition from the French finance minister. 134 2021 CVC Capital Partners Toshiba 20.0 A notice for shareholders said the buyout offer "was not, objectively viewed, a bona-fide and feasible acquisition proposal" under Japanese regulations. Toshiba therefore sent CVC a "please explain" letter to seek more information. Toshiba said CVC's reply "contained no specific and detailed information capable of detailed evaluation." 135 2022 Adobe Figma 20.0 The two companies abandoned the deal, with Adobe stating that there was "no clear path to receive regulatory approvals from the European Commission and the UK Competition and Markets Authority."