Shares in PCCW surged HK$0.78, or 26.9%, to HK$3.68 after largest shareholder Richard Li unveiled plans to take the Hong Kong telecom company private with the backing of Chinese state telecom China Netcom, which has a 19.9% holding. At present the duo own 47.9% of PCCW’s shares. However, that left PCCW below the cash offer […]
NEW YORK (Reuters) – As Apollo Management’s options dwindle in its struggle over the acquisition of Huntsman Corp (HUN.N: Quote, Profile, Research, Stock Buzz), the private equity firm would benefit from a strategy to reduce its substantial legal risk from the deal. Apollo’s Hexion Specialty Chemicals unit agreed to buy Huntsman, a specialty chemicals maker, […]
LOS ANGELES (Reuters) – Private equity firm Green Equity Investors V LP has bought preferred shares in Whole Foods Market Inc (WFMI.O: Quote, Profile, Research, Stock Buzz) for $425 million, which can give them a stake in the company of about 17 percent, if converted into common. The high-end grocery chain’s shares rose nearly 22 […]
Just like with Christmas, all the good companies went on the clearance rack after the buyout boom. Meaning, the stock market is about 4,000 points below where it was a year ago, and there are some steals to be had on solid public companies. Companies that could easily be taken private by a PE firm… if they only had the money. Too bad they maxed out their credit cards. Seeking Alpha created a list of 100 strong take-private targets, based on steady cash flows, good balance sheets, a low valuation, and the ability to pay 9% interest on debt. Peruse the list if you’re in the mood for window shopping at stores that are now, sadly, out of everyone’s price range. (Don’t worry, there are a few sub-$500 million market cap targets listed. Cross Country Healthcare anyone?) Seeking Alpha: 100 Companies That Can Take Themselves Private
Pala Investment Holdings has withdrawn its $85.7 million buyout offer for Rockwell Diamonds Inc. (TSX: RDI). The move comes a week after South African regulators said that Pala’s existing bid does not “properly consider the rights of option holders and warrant holders.”
SAN FRANCISCO (Reuters) – Boscov’s Department Store LLC said on Tuesday it had signed an asset purchase agreement for the sale of nearly all of its assets to a family group led by Albert Boscov and Edwin Lakin. The department store chain, which filed for bankruptcy in August, also said it had terminated a previously […]
Standard & Poor’s has lowered its credit rating from B to B- for Hexion Speciality Chemicals, an Apollo Management portfolio company that is in the midst of a protracted battle to acquire Huntsman Corp.
Oncap has acquired an undisclosed stake in Caliber Collision Centers, an Irvine, Calif.-based owner and operator of 66 collision repair facilities in California and Texas. No financial terms were disclosed.
Bayside Capital has acquired Flight Express Inc., an Orlando-based provider of same-day air courier services to banking and life sciences customers in the South and Midwest. No financial terms were disclosed.
(Reuters) – Retailer Mervyn’s LLC may pay accrued vacation to its fired employees if its closing-down sales raise enough cash to pay off its debt to Wachovia Corp (WB.N: Quote, Profile, Research, Stock Buzz), the Wall Street Journal reported, citing a court hearing. The privately held retailer withheld accumulated vacation pay from staff who lost […]