Investment firm Mount Kellett Capital Management said it was concerned about allegations that SandRidge Energy Inc. Chief Executive Tom Ward and a trust purportedly run by his son engaged in "persistent front running of the company," Reuters reported. Mount Kellett Capital, which holds about 4.5 percent in SandRidge, said in a letter on Thursday it was reviewing allegations by another investor, TPG-Axon, that Ward and his son acquired mineral rights and sold them to SandRidge or other oil and gas companies at a profit.
1 min read · 17 January 2013
Italian private equity fund Clessidra would consider a full takeover bid for Telecom Italia Media, a source close to the fund said, as the board of Telecom Italia met to decide what to do with its stake in the loss-making company, Reuters reported. Telecom Italia had hoped to sell its 78 percent stake in Telecom Italia Media by the end of 2012 to help cut its debt of 29.5 billion euros ($39 billion) and focus on its core telecoms business, but has been hampered by low bids. Clessidra has already submitted a binding offer for Telecom Italia Media - seeking control of its two cash-burning television channels and profitable broadcast network operator - that Telecom Italia dismissed in December as being too low.
3 min read · 17 January 2013
Medical device maker Stryker Corp. said it will buy Hong Kong-based Trauson Holdings Co. Ltd. for $764 million in cash to expand in China, one of the fastest-growing markets for orthopedic products, Reuters reported Thursday. Stryker will pay HK$7.50 ($0.97) for every share of Trauson. The offer is at a premium of about 45 percent to Trauson's closing price on January 8, when the shares were halted on the Hong Kong Stock Exchange. Founded in China in 1986, orthopedics firm Trauson had sales of about $60 million in 2011 and makes spine devices and products for trauma surgeries.
2 min read · 17 January 2013
Billionaire investor Wilbur Ross wants International Automotive Components, the auto supplier he controls, to go public to get access to cheaper capital, but he added he was in no rush for an initial public offering. Ross, speaking ahead of a speech at the Automotive News World Congress in Detroit, said the investment banks will tell him when the markets desire an IPO by Southfield, Michigan-based IAC, Reuters reported Wednesday.
3 min read · 17 January 2013
Private equity group Silver Lake Partners is close to arranging about $15 billion in financing for a buyout of Dell Inc., Bloomberg reported, citing people familiar with the matter. Talks to take Dell Inc private are at an advanced stage with at least four major banks lined up to provide financing, two sources with knowledge of the matter earlier told Reuters.
1 min read · 17 January 2013
Mexico's Grupo Bimbo and a partnership between Apollo Global Management and veteran food executive C. Dean Metropoulos are among the leading candidates to buy Hostess Brands Inc.'s snack cake brands, according to three people familiar with the matter, Reuters reported Thursday. Hostess, maker of the iconic Twinkies and Ding Dongs, would like to announce by Jan. 25 a so-called stalking horse bidder that would set a baseline for an auction and guarantee a buyer, said two other people familiar with the matter. The sale, which could raise around $400 million or more according to one of the sources, is part of the company's bankruptcy reorganization. Hostess decided to shut down its business and liquidate after a strike by its bakers' union crippled the 82-year-old company.
2 min read · 17 January 2013
Beverage carbonation company NuCO2 is exploring a possible sale and hopes to bring in more than $1 billion, writes Reuters. The Stuart, Florida-based company, owned by private equity firm Aurora Capital Group, has hired Goldman Sachs Group to run an auction, writes Reuters.
1 min read · 17 January 2013
Reuters inspects how a cleantech and VC legend came to watch investments with his VC firm struggle, and watched the same firm struggle against harassment allegations.
8 min read · 16 January 2013
Online learning company Lynda.com has won $103 million in new funding from venture capital firm Accel Partners and equity investor Spectrum Equity, writes Reuters. The cash infusion marks the company's first outside funding and will allow the company to expand internationally, add new content areas, and improve its Web and video platforms, writes Reuters.
1 min read · 16 January 2013
Talks to take No. 3 computer maker Dell Inc private are in an advanced stage with at least four major banks lined up to provide financing, two sources familiar with the matter told Reuters.
2 min read · 15 January 2013
