NEW YORK (Reuters) – Rental car company Hertz Global (HTZ.N) expects to further cut costs and boost cashflow in 2009, and sees opportunities for acquisitions, according to a letter from private equity firm Clayton, Dubilier & Rice, a large shareholder of Hertz. The letter, obtained by Reuters, gave highlights of a March 19 conference call […]
Fabrinet Inc., a Thailand-based provider of foundry services to optical component, module/subsystem and optics OEMs, has canceled a proposed $250 million IPO, due to "market conditions." The company had planned to trade on the NYSE, with Morgan Stanley and Deutsche Bank Securities serving as co-lead underwriters. Shareholders include H&Q Asia Pacific (60.4% pre-IPO stake), JDS Uniphase Corp. (6.7%) and J.F. Shea Co. (6.7%). www.fabrinet.th.com
As usual, we have a week’s worth of downgrades PE-backed company debt from Moody’s and Standard and Poor’s. (It’s a day early this week as tomorrow is a holiday.) This week there are only four, two of which were followed by withdrawals. As these withdrawals -- which happen “at the company’s request” -- increase, I'm starting to wonder about the ratings agencies (which naturally take their fair share of the blame for the credit crunch). I don’t like the idea that if a company doesn’t like what’s being said about its debt, it can make one phone call to silence the critics. It’d be like a public company dropping an analyst that rates it a “sell.” It’s unfair to debt holders.
Swander Pace Capital has invested an undisclosed amount in Applegate Farms LLC, a brand of organic and antibiotic-free natural deli meats, hot dogs, sausage and bacon. The company was founded in 1987 by its current CEO, Stephen McDonnell. www.applegatefarms.com
LONDON (Reuters) – Barclays Plc has agreed to sell its iShares asset management business to private equity firm CVC Capital Partners for 3 billion pounds ($4.4 billion), but kept the right to hunt for a better deal for two months. The deal, which will be 70 percent financed by Barclays, will land a windfall […]
BERLIN/FRANKFURT (Reuters) – The German government offered 1.39 euros per share on Thursday for stricken lender Hypo Real Estate (HRXG.DE), a move which sets the stage for the first nationalisation of a German bank in the postwar era. The offer for the Munich-based bank was widely expected after Berlin pushed through a law earlier this […]
HONG KONG (Reuters) – Private equity firm Crescent Point, founded by former Morgan Stanley (MS.N) bankers, is looking to sell its controlling stake in Masterskill, Malaysia’s largest nursing training school, sources said, in a deal that could fetch more than $200 million. The plan came after Masterskill Sdn Bhd shelved its plans for an initial […]
LONDON (Reuters) – Indebted insurer Pearl Group said it plans to raise 500 million pounds ($734 million) in new equity but warned debt holders they should not assume the funds will be used to restart deferred payments. Pearl, owned by entrepreneur Hugh Osmond’s Sun Capital and private equity firm TDR Capital, said on Thursday it […]
NEW YORK (Reuters) – Three bidders remain for General Motors Corp’s (GM.N) Hummer brand, two sources with knowledge of the matter said, adding that current offers range from $100 million to $200 million in cash, in addition to other commitments. None of the bidders are automakers. One bidder is from the United States and the […]
Hertz Equipment Rental Corp., a subsidiary of Hertz Global Holdings (NYSE: HTZ), has acquired Rent One, a provider of power to event and media companies in Spain. No financial terms were disclosed, except that Rent One had 2008 revenue of $2.9 million. Hertz shareholders include The Carlyle Group and Clayton, Dubilier & Rice.