NEW YORK (Reuters) – Aluminum producer Alcoa Inc (AA.N) said on Thursday it agreed to sell its wire harness and electrical distribution business to Platinum Equity, a California-based private equity group. Terms of the sale were not disclosed. The wire harness and electrical distribution business is the largest part of the Alcoa Electrical and Electronic […]
Aldus Equity partner Saul Meyer was arrested this morning for his alleged role in the New York kickback scandal, but Aldus isn’t the only firm on Meyer’s resume with troubled ties to state pension funds. Meyer got his start at Holbein Associates, a general investment consulting firm based in Dallas. At Holbein, Meyer arranged commitments […]
DETROIT/WASHINGTON (Reuters) – Chrysler LLC will file for Chapter 11 bankruptcy on Thursday after talks to restructure its debt with bondholders collapsed, a U.S. government official said. Chrysler failed to gain the bondholder support it needed to move forward with a restructuring and avoid the first-ever bankruptcy filing by a major U.S. automaker. The Chapter […]
Atlanta buyout firm Arcapita is in the midst of selling Church’s Chicken, according to a source familiar with the situation. The firm has retained Bank of America to run the auction. Seeing a healthy company go on the auction block is a bit of uplifting news for M&A bankers, who haven’t gotten much action lately. But the term “healthy” is limited to the company’s performance—the offerings of the southern fast food chain won’t keep your cholesterol down. Texas-based Church’s Chicken has shown stable growth of between 8% and 10% through recession as consumers trade down to less expensive dining. In first round discussions, the company attracted interest from a select group of ten middle market private equity bidders. The pool of suitors has since been narrowed to three or four, and its unclear whether second round bids have been submitted, the source said.
LLR Partners has agreed to acquire I-many (Nasdaq: IMNY), an Edison, N.J.-based provider of enterprise contract management software and services. Under terms of the agreement, I-many stockholders would receive $0.43 per share in cash, for a transaction value of approximately $36 million (or $23.3 million net of I-many's debt and transaction-related expenses).
FRANKFURT (Reuters) – U.S. investor J.C. Flowers is heading for a showdown with the German government by refusing to accept its tender offer for stricken Hypo Real Estate (HRXG.DE). The private equity investor is resisting attempts by the German government to nationalise the Munich-based bank by declining to participate in a 1.39 euros a share […]
(Reuters) – Magazine wholesaler and publisher Source Interlink Companies Inc (SORC.O) filed for Chapter 11 bankruptcy protection late on Monday, under a pre-packaged plan it said would wipe out nearly $1 billion of debt and allow it to re-emerge as a privately held company. In a statement on Tuesday, Bonita Springs, Fla-based Source Interlink also […]
TOKYO (Reuters) – A merger between Shinsei Bank (8303.T) and Aozora Bank (8304.T) is facing difficulties as they were not able to get consent from their major shareholders, Jiji news agency reported on Wednesday. The two money-losing lenders were considering merging next April to create Japan’s sixth-largest bank with an announcement slated as early as […]
(Reuters) – British education and training company BPP Holdings Plc (BPP.L) said on Wednesday it had received a preliminary approach from Apollo Global at 620 pence per share in cash. The approach was at a 70 percent premium to BPP’s closing price on Tuesday. It valued BPP at 303.5 million pounds ($447 million), based on […]
MIAMI (Reuters) – The co-founder of private equity firm Apollo Management LP, Joshua Harris, said on Tuesday he did not expect the U.S. economy to hit bottom until 2010-2011, with slow growth from there. “Importantly, we’re not looking at 2013/2014 being any better, or the same level, as 2007,” Harris said during a panel discussion […]