Private Equity
In March, Blackstone's €3.1bn landmark public-to-private of German chemicals group Celanese almost hit a wall when hedge funds refused to tender their shares. PEI's Deal Mechanic explains why
3 min read · 30 December 2012
The securitisation of UK motorway services group Welcome Break in its buyout from Granada by Investcorp in 1997 was hailed as another example of how this technique was empowering sponsors. Today's acrimonious war of nerves between the company's equity sponsor, bondholders and in particular a hedge fund suggests that not all securitisation works though. The Deal Mechanic investigates why
6 min read · 30 December 2012
