MELBOURNE (Reuters) – Australian hospital operator Healthscope (HSP.AX) said it has received a $1.6 billion takeover approach from a group of buyout firms, which a source said were Carlyle Group and TPG. Healthscope shares soared as much as 21 percent to a two-year high on news of the approach, which marked a return of big […]
Ikaria, a Clinton, N.J.-based biopharma company, has filed for a $200 million IPO. It plans to trade on the Nasdaq under ticker symbol IKAR, with Goldman Sachs and Morgan Stanley serving as co-lead underwriters. The company reports nearly $275 million in 2009 revenue, compared to $237 million last year. Its net income grew from $9.6 […]
(Reuters) – Noranda Aluminum Holding Corp cut its initial public offering size and price, the producer of primary aluminum products said on Thursday. In a regulatory filing, Noranda said it now expects to offer 10 million shares priced between $8 and $9 each, down from its earlier plan to offer 16.7 million shares at $14 […]
NEW YORK (Reuters) – Express Parent LLC (EXPR.N), a U.S. clothing company, and Roadrunner Transportation Systems Inc (RRTS.N), a transportation logistics company, fell in their market debuts on Thursday. Express shares opened flat with their initial public offering price, then traded down. The shares opened at $17 and dipped as low as $16.50 before recovering […]
HONG KONG (Reuters) – Newbridge Asia, a unit of buyout fund TPG, is selling 160 million shares in China’s Ping An Insurance (2318.HK) (601318.SS) for up to $1.26 billion, according to a term sheet obtained by Reuters on Thursday. Newbridge is selling the shares in a price range of HK$60.52-$61.28 each, which will raise up […]
It's not as if finance is at a loss for mysteries these days: We're having trouble explaining everything from last week's flash crash to the subprime crisis of 2007. But even among the chaotic tentacles of financial mysteries, there is one conundrum that I find particularly vexing: Current pricing of junk bonds and leveraged loans. Leveraged loans have returned 5.25% this year, according to Standard & Poor's LCD loan index. Bloomberg says junk-bond underwriting has quadrupled so far this year compared to the same time in 2009, to $91.8 billion. Since the Freeze of 2008, demand for leveraged loans jumped nearly 70%; the resurgence of big buyout talk shows the willingness of banks to lend to private equity firms. Silver Lake and Warburg Pincus will borrow $2 billion of IDC's $3.4 billion pricetag. Financing is so easy that even the much-maligned dividend recap is back. S&P Leveraged Commentary and Data shows that LBO financing increased by 15 times this year so far compared to the same time in 2009.
(Reuters) – Outdoor advertising company Clear Channel Outdoor Holdings Inc (CCO.N) posted a narrower-than-expected quarterly loss, helped by improved advertising spending and lower expenses. First-quarter net loss narrowed to $48.8 million, or 14 cents a share, from $91.4 million, or 25 cents a share, a year ago. Revenue rose 5 percent to $608.8 million and […]
Silver Lake Sumeru has invested an undisclosed amount in flash memory company Spansion Inc., which earlier this week emerged from Chapter 11 bankruptcy.
Contrax Furnishings, a Gainesville, Fla.-based provider of furnishings and equipment to educational institutions, hass raised an undisclosed amount of private equity funding from Hudson Ferry Capital. McGladrey Capital Markets advised Contrax on the deal.
International Absorbents Inc. (NYSE IAX) shareholders have approved a $4.75 per share buyout by private equity firm Kinderhook Industries. International Absorbants makes consumer and commercial products derived from recycled, renewable materials.