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Started by Imperator; Last updated May 17, 08 9:55 AM CDT by SeacoastNH | View history

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Private Equity

Taking public companies private was the hot new paradigm in mergers and acquisitions, until the credit crisis walloped the markets, and a lot of hot deals suddenly cooled

Stories

Stories 41 - 60 of 128

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October 2007
- Court Overturns Volkswagen Law, Takeover Likely
  
  Bloomberg | Oct 23, 07 8:31 AM CDT
  
  (Newser) - The EU’s highest court today overturned a 47-year-old German law that protected Volkswagen AG from takeover, opening the door for a long-rumored Porsche coup. Porsche already owns 31% of VW, but the law capped their voting rights at 20%. With that impediment gone, “I see Porsche flexing its muscles and going for outright control,” one analyst told Bloomberg. More »
- Ex-Sallie Mae Suitor Tries to Dodge Breakup Fee in Court
  
  MarketWatch | Oct 16, 07 4:13 AM CDT
  
  (Newser) - The group that offered to buy out educational lender Sallie Mae for $25 billion is now seeking court approval to back out and avoid paying a $900 million break-up fee. The investor group, including Bank of America and JPMorgan Chase, is arguing that recent legislation will reduce the student loan corporation's profits, which investors see as "material adverse circumstances" and grounds to get out of the deal without penalty. More »
- Chrysler to Cut Non-Union Jobs
  
  Detroit Free Press | Oct 9, 07 2:27 PM CDT
  
  (Newser) - With Chrysler deep in talks on a new contact with the UAW—the clock is ticking on a strike deadline tomorrow morning—sources tell the Detroit Free Press that cuts to non-union employees are in the works. Loss of about 1,600 salaried and contract jobs is expected, on top of the 14,000 layoffs over the next 3 years announced as part of a restructuring in February. More »
- Congress Drops Tax Hike for Private Equity
  
  Washington Post | Oct 9, 07 12:39 PM CDT
  
  (Newser) - A proposed tax hike on some of America's wealthiest investors isn't likely to happen this year, as Senate Democrats say they're shelving a bill that would have eliminated the special tax rate enjoyed by private-equity managers. Senate Majority Leader Harry Reid says a crowded legislative calendar makes considering the bill—the object of a massive lobbying effort—impossible, the Washington Post reports. More »
- Sallie Mae Sues Spooked Suitors
  
  New York Times | Oct 9, 07 5:45 AM CDT
  
  (Newser) - College student lender Sallie Mae is suing a group of private equity firms and banks that are backing out of a $25-billion buyout deal. The group—J.C. Flowers & Company, Friedman Fleischer & Lowe, JP Morgan Chase and Bank of America—had set a deadline of today for negotiating new terms, or they'll walk away from the deal, despite a $900-million breakup fee, reports the New York Times . More »
- Auto Workers Face Off With Chrysler Next
  
  Bloomberg | Oct 6, 07 9:19 AM CDT
  
  (Newser) - The United Auto Workers have decided to sit down with Chrysler next, hoping to extend the terms of the contract negotiated with GM last month, Bloomberg reports. At Chrysler, the UAW will be dealing with a CEO who's been on the job just two months—Robert Nardelli, former chief of Home Depot—and new owners, private-equity firm Cerberus Capital Management, which bought the struggling company from DaimlerChrysler earlier this year. More »
September 2007
- Bain, Chinese Firm Buy 3Com
  
  Wall Street Journal | Sep 30, 07 5:14 PM CDT
  
  (Newser) - Chinese company Huawei Technologies Co. will help private equity firm Bain Capital buy 3Com Corp., a flailing US telecommunications company, by picking up almost 20% of the tab. Recently Chinese businesses have bought strategic stakes in US companies rather than full buyouts to skirt political scrutiny, which can lead to a deal collapse, reports the WS Journal. More »
- $25B Sallie Mae Buyout on the Rocks
  
  Wall Street Journal | Sep 27, 07 9:52 AM CDT
  
  (Newser) - Sallie Mae doesn’t look like such a bargain at $25 billion anymore, and J.C. Flowers & Co. is trying to renegotiate—or escape—its deal to acquire the student lender, citing the credit market implosion and legislation to reform student loan practices. It’s the kind of deal once considered unbreakable, the Wall Street Journal says, but private equity is in disarray. More »
- Nursing Homes Raise Profits, Cut Care
  
  New York Times | Sep 23, 07 5:04 PM CDT
  
  (Newser) - Caring for grandma has become big business for private firms that are buying nursing homes and making them profit generators. But to do it, they’ve severely cut staff—sometimes below legal levels, the New York Times found. “Chains have made a lot of money by cutting nurses,” said one analyst, “but it’s at the cost of human lives.” More »
- Blackstone Lobbying Backfires
  
  Bloomberg | Sep 21, 07 8:10 PM CDT
  
  (Newser) - Private equity firms launched their first coordinated effort at lobbying this year—and overshot by a long stretch, Bloomberg reports. Blackstone and 11 other firms joined hands to fight a tax hike on carried interest—fund managers' share of profits—and have gone so far as to argue that the lower rate they enjoy spurs development in poor communities. As one GOP congressman put it, "When they start talking about women and children, they're overreaching.'' More »
- KKR Abandons Harman Buyout
  
  Bloomberg | Sep 21, 07 6:39 PM CDT
  
  (Newser) - Kohlberg Kravis Roberts and Goldman Sachs today called off their deal to buy out audio giant Harman International for $8 billion. The firms announced that a "material adverse change in Harman's business has occurred,'' one of the limited circumstances in which they could abandon the deal without getting stuck with a $225 million break-up fee, Bloomberg reports. More »
- KKR Prepares for Test of Credit Markets
  
  Washington Post | Sep 11, 07 8:17 AM CDT
  
  (Newser) - Kolhberg Kravis Roberts is pushing forward with some of the biggest deals in US history, but the iconic buyout firm finds itself under unprecedented scrutiny. Analysts say the huge deals KKR has pending will be a test of the struggling credit markets, the Washington Post reports: If they don't go through, the age of private equity may be over. More »
- House Targets Hedge-Fund Tax Deferments
  
  Wall Street Journal | Sep 7, 07 7:56 AM CDT
  
  (Newser) - Democratic Rep. Rahm Emanuel said yesterday he will draft a bill to close a loophole that allows private-equity and hedge-fund managers to defer taxes on income earned by funds abroad. Emanuel proposes to limit such tax deferrals to $19,500—the amount anyone can put into a retirement account tax-free. A Senate bill passed earlier this year included a cap of $1 million on deferrals. More »
August 2007
- Life Without Chrysler Suits Daimler Fine
  
  BusinessWeek | Aug 30, 07 4:31 PM CDT
  
  (Newser) - Rid of the Chrysler albatross since its May sale, German automaker DaimlerChrysler says its profits are taking off, Business Week reports. CEO Dieter Zetsche said yesterday the company—which aims to strip "Chrysler" from its name this fall—is likely to beat his estimates of 7% profit this year, and hit 10% by 2010, which would boost it past luxury rival BMW. More »
- Home Depot Deal Renovated
  
  Wall Street Journal | Aug 27, 07 5:37 AM CDT
  
  (Newser) - The sale of Home Depot's wholesale supply unit—threatened by the credit crisis —is going ahead after tense negotiations between Home Depot, private equity firms buying the company and banks providing the financing. Home Depot slashed its price 18% to $8.5 billion and guaranteed some of the loans to close the deal, the Wall Street Journal reports. More »
- Banks Might Derail Home Depot Deal
  
  Wall Street Journal | Aug 24, 07 7:10 AM CDT
  
  (Newser) - The pending sale of part of Home Depot took an ugly turn last night as three banks and three private equity firms entered into a showdown over financing. Home Depot dropped its asking price by over $1 billion, but the banks involved—JPMorgan Chase, Lehman Brothers and Merrill Lynch—have threatened to withdraw from a deal that may become the first casualty of the credit crunch.