Tembec Inc's largest shareholder, Oaktree Capital Management LP, asked other shareholders to reject Rayonier Advanced Materials Inc's deal to buy the Canadian paper and cellulose pulp maker, saying it was a "flawed" sale process, Reuters reported. Oaktree, which owns a 19.9 percent stake in Montréal-based Tembec, said there is a significant value gap between Rayonier's offer price and the "real value" of Tembec. Rayonier, which makes high-value cellulose specialties fibres, said in May it would buy Tembec for US$807 million to expand into packaging and forest products. Oaktree, which last week decided to vote against the transaction, said the deal in its current form is unlikely to close.
2 min read · 18 July 2017
Grupo Carrefour Brasil SA's initial public offering could price at the bottom of a suggested price range later on Tuesday, reflecting concern over too stretched a valuation for Brazil's biggest supermarket chain, sources told Reuters.
1 min read · 18 July 2017
The California Public Employees' Retirement System (CalPERS) on Monday said it was considering making direct investments in private companies, a potential major shift in strategy that would be the first such action by a U.S. public pension fund, Reuters reported.
2 min read · 18 July 2017
Landis+Gyr is almost certain to opt for a planned public listing of its shares instead of a straight sale of the company, three sources familiar with the matter told Reuters.
2 min read · 17 July 2017
Valeant Pharmaceuticals International Inc said it would sell its Obagi Medical Products business for US$190 million in cash, as part of the Canadian drugmaker's efforts to cut down its debt, Reuters reported. Valeant, which bought the Irvine, California-based Obagi for about US$344 million in 2013, will sell the business to Haitong International Zhonghua Finance Acquisition Fund I LP. The Obagi Medical Products unit includes skin-care products designed to help minimize the appearance of premature skin aging, skin damage and hyperpigmentation. The deal is expected to close in the second half.
1 min read · 17 July 2017
Sandvine Corp said on Monday it had terminated a deal with Vector Capital and accepted a higher offer from a unit of private equity firm Francisco Partners and Procera Networks Inc, valuing the network equipment maker at about C$562 million ($444 million).
1 min read · 17 July 2017
Sandvine Corp said it had terminated a deal with U.S. private equity firm Vector Capital and accepted a higher offer from a unit of Francisco Partners and Procera Networks Inc, valuing the Canadian network equipment maker at about $562 million, Reuters reported. U.S. private equity firm Francisco and Procera, a Fremont, California-based networking equipment maker, will pay $4.40 per Sandvine share. Sandvine will be merged with Procera, whose Chief Executive Lyndon Cantor will lead the combined entity. Earlier this month, Sandvine had accepted an amended offer from Vector Capital's unit, Scalar Acquireco Corp, for $4.15 per share, valuing Sandvine at about $529 million.
2 min read · 17 July 2017
Oaktree Capital Management placed an investment stake in Australian drilling services company DDH1 Drilling Pty Ltd, the drilling company announced in a statement on Sunday.
1 min read · 17 July 2017
German publisher Axel Springer (SPRGn.DE) on Monday said it sold two Berlin real estate assets for 755 million euros, Reuters reported.
1 min read · 17 July 2017
KKR & Co LP (KKR.N), the private equity firm founded and headed by Henry Kravis and George Roberts, said on Monday it had appointed Joseph Bae and Scott Nuttall as co-presidents and co-chief operating officers, setting them up as its future leaders, Reuters reported.
4 min read · 17 July 2017
