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 […]
MIAMI (Reuters) – David Rubenstein, co-founder of private equity firm Carlyle Group, said the U.S. government program to buy toxic bank loans and securities should provide opportunities for good returns, but he needs to see the rules before committing to it. “We’re always interested in looking for opportunities for good returns. I suspect this will […]
Big 10 Tire Stores Inc., a Mobile, Ala.-based tire retailer, has received bankruptcy court approval to auction off its assets. The leader bidder is an affiliate of Sun Capital Partners, which acquired Big 10 back in 2006. www.big10tires.com
PADUA, Italy (Reuters) – Italian eyewear maker Safilo’s (SFLG.MI) main shareholder is continuing talks with, mainly, four private equity funds and a deal is hoped for before end-June, chief executive Roberto Vedovotto said on Monday. Only 3T, which owns just over 39 percent of Safilo, last week confirmed the group was considering new funding to […]
HONG KONG (Reuters) – Despite growing opportunities in the United States and Europe, it is too early to jump into distressed investing across Asia, according to a panel of regional experts. The reason to wait is that there is still plenty more pain to come from Asian corporations, as corporate earnings across the region are […]
NEW YORK (Reuters) – Private equity firm Terra Firma Capital Partners Ltd [TERA.UL] is one of three groups to bid for American International Group Inc’s (AIG.N) aircraft leasing business, which drew offers under $5 billion, a source familiar with the matter said on Monday. International Lease Finance Corp (ILFC) also drew second round bids from […]