Sallie Mae has received expressions of interest from buyers other than J.C. Flowers, company chairman Albert Lord said today during a Q3 earnings call. Lord did not provide any specifics — including if those buyers would be willing to meet the $60 per share price that Flowers has since walked back from. The Flowers consortium […]
One year ago, Detroit was abuzz with talk that Ford Motor Co. might be the next American icon to go private. It already had put its luxury brands on the block, and its $15.4 billion market cap was well within the reach of buyout firms that still had ready access to cheap debt. But turnaround […]
Buyout pros will look back on Q3 with the type of animus usually reserved for an infectious disease or termite infestation. But they’ll have to write down their qualitative anecdotes, as the historical data won’t look too bad. Buyouts Magazine today published deal closure and fund-raising data for Q3, which shows that the past three months […]
It’s been obvious for some time that private equity pros were smarter than the folks lending them money. Like Alex Trebek to Jeff Foxworthy smarter. But never underestimate a disparity’s ability to expand. The FT is reporting that Citigroup is in talks to sell some of its “hung” leveraged loans to KKR and other private […]
Last week, buyout pros were talking about Sallie Mae in the same breath as Harman International (i.e., dead deal). Today, the comparison may be closer to Home Depot Supply (i.e., living deal, lower price). J.C. Flowers announced earlier today that its consortium has submitted a revised proposal to Sallie Mae’s board of directors, which would […]
The domestic buyout market is showing signs of life, after an August spent drowning. First came word this morning that Bain Capital has agreed to lead a $2.2 billion buyout of telecom equipment maker 3Com Corp. The deal pays out $5.30 per share, which works out to a 44% premium over yesterday’s closing price. Next, Thomson Financial sent […]
Wither the secondary buyout market? That’s what I was thinking as I left the CNBC studios on Wednesday morning, after having discussed the relative lack of exit opportunities for buyout-backed companies. My main talking points were about the September shutout of buyout-backed IPOs (snapped last night by Duff & Phelps), while co-guest Andrew Ross Sorkin […]
Chris Flowers and his banker buds have bailed on their $25 billion buyout of Sallie Mae. Now the fight is on for $900 million in breakup fees, and the likeliest venue is a Delaware courtroom. J.C. Flowers and Sallie Mae had agreed on the $60 per share deal back in April, with additional equity commitments […]
The original buyout of Atkins Nutritionals was one of the worst private equity deals ever transacted. Even worse than Refco. And now it’s back in private equity hands, after having spent several post-bankruptcy years controlled by first-and-second lien holders. Certainly a curious move by new owner North Castle Partners. And brave. And possibly stupid. For […]
Buyouts Magazine is reporting that Providence Equity Partners plans to use a portion of its $12 billion fund to acquire loans and debt securities issued by media companies. In similar news, peHUB has learned that Leonard Green & Partners is doing the same thing, albeit not via the special purpose vehicle strategy that Providence is apparently using. Leonard Green managing partner […]