But if you're hoping for excitement, the one with the greatest potential is Mondelez -- will it try again to acquire Hershey Co.? Or will it get bought by 3G Capital-backed Kraft Heinz Co.? Either would be good news for shareholders as foodmakers grapple with slow growth and turn to synergistic mergers to drive profit.
It hasn't been smooth sailing for Nomad Foods Ltd., a European food company founded by dealmakers and built to make acquisitions, nor Platform Specialty Products Corp., a chemical business. Nomad says it's roaming the frozen-food aisles for a purchase or other opportunities as they come along, but it's tough to judge the stock until that happens. As for Platform Specialty, its balance sheet is stretched, but Ebitda is poised to jump 10 percent next year, so there's certainly a risk-reward trade-off.
And Valeant. Valeant, Valeant, Valeant. The embattled drugmaker may change its name, which would probably be a good thing, a fresh start. And it's been selling what it can to pay down debt, which is also good (although simultaneously revealing how much it's overpaid in the past for some assets). Gadfly's Max Nisen says not to cheer for the company just yet and that the situation could get uglier still.
On a positive note, Ackman's short bet against Herbalife Ltd. could actually start to pay off. The company's financials are looking less compelling -- revenue has slowed tremendously and operating income is down 27 percent during the past 12 months from the prior period -- and the stock is down slightly for the year.
It may only get tougher to sign people up after John Oliver featured Herbalife in his Nov. 6 episode of "Last Week Tonight" about pyramid schemey multilevel marketing companies. He noted that the Federal Trade Commission walked "right up to the line of outright calling" Herbalife one. Where ABC News's 2014 investigation did little to get the public to care about Herbalife, Oliver -- a comedian on HBO whose short, digestible shows go viral on social media -- could bring more attention to it.
Overall, the outlook for Pershing Square's portfolio is mixed, but leans more negative than positive for now. At least the worst seems out of the way. Better luck next year, Bill, and hopefully you're right about Trump.
This article was provided by Bloomberg News.