NEW YORK (Reuters) – Sony Music Entertainment (6758.T) is suing smaller rival EMI Music and one of its executives after he allegedly broke his promise to join Sony on a new $3 million contract. The suit alleges that Ron Werre used his deal with Sony as leverage in negotiating a promotion at EMI. Sony charged […]
TORONTO (Reuters) – DHS Systems, a manufacturer of high-tech shelter systems serving the military, is up for sale in an auction that drew final bids ranging from $200 million to $400 million on Friday, sources familiar with the matter said. Only two bidders made it to the final round for DHS Systems, which is owned […]
ROME (Reuters) – Telecom Italia (TLIT.MI) has hired banks to seek buyers for a 49 percent stake in its Sparkle business and could also sell some of the unit’s assets, the Italian telecom company said on Tuesday. The statement came after business daily Il Sole 24 Ore reported that the company had hired Mediobanca and […]
Wynnchurch Capital has agreed to acquire Sencorp, the parent company of Cincinnati-based toolmaker Senco Products. Under terms of the $41 million agreement, Sencorp will file for a pre-packaged Chapter 11 bankruptcy. www.wynnchurch.com
(Reuters) – Huntsman Corp (HUN.N) said on Monday a Texas court cleared the way for the chemical maker to go forward with a multibillion dollar suit against Credit Suisse and Deutsche Bank stemming from its failed takeover by Apollo Management’s Hexion Specialty Chemicals unit. The company said Judge Fred Edwards of the 9th District Court […]
NEW YORK (Reuters) – SumTotal Systems Inc (SUMT.O) said on Monday its board determined that a sweetened $146 million buyout offer it received from private equity firm Vista Equity Partners was superior to the deal it agreed to with Accel-KKR. SumTotal said its board of directors is not withdrawing, amending, qualifying or modifying its recommendation […]
The two largest buyout deals of 2009 have had one thing in common: seller financing. KKR’s $1.8 billion deal to buy Oriental Brewery and CVC Capital’s $4.4 billion deal to purchase iShares from Barclays were each made possible, in part, because the seller put up some of the capital. According to the Times Online, the […]
The PFM Group, a Philadelphia-based financial and investment advisor to state governments, local governments and nonprofits, has raised an undisclosed amount of private equity funding from ICV Capital Partners. Also investing equity was the Michigan Employees Retirement System Strategic Opportunity Fund LP.
BANGALORE (Reuters) – Syndicate Asset Management Plc (SYND.L), the target of a potential offer from Cygnet Capital LLC, said it was not up for sale. “The company is not for sale,” joint group Chief Executive Jonathan Freeman told Reuters in an interview. Syndicate shares, which have gained more than 20 percent in the last one […]
(Reuters) – Former North Fork Bancorp Chief Executive John Kanas is leading a private equity consortium looking to buy BankUnited Financial Corp (BKUNA.O), Bloomberg reported on its website on Monday. The group includes Carlyle Group, Blackstone Group LP (BX.N), Centerbridge Capital Partners LLC and WL Ross & Co, Bloomberg reported, citing unnamed sources. Other potential […]