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Reuters – Revised Billabong Offers Come InRevised takeover offers for Australia's Billabong International Ltd have come in considerably lower than indicative bids, with the highest valuing the struggling surwear firm at only A$287 million ($300 million), the Australian Financial Review reported on Friday. A consortium comprising Billabong's former U.S. boss Paul Naude and private equity firm Sycamore Partners has put forward an offer of about A$0.60 cents per share, while a rival group made up of private equity firm Altamont Capital Partners and U.S. clothing group VF Corp has offered less than A$.50 cents per share, it said.
- Reuters – Clear Channel Agrees to Settle Shareholder Lawsuit
Clear Channel Outdoor Holdings Inc. agreed to settle a shareholder lawsuit seeking to rescind an allegedly improper loan that the billboard advertising company made to its ailing parent Clear Channel Communications Inc. The loan "so significantly" depleted Clear Channel Outdoor's cash reserves that the company was forced to borrow $2 billion to fund a special dividend, according to the lawsuit filed in Delaware's Chancery Court in March last year. Clear Channel Communications Inc and its owners, private equity firms Bain Capital and Thomas H Lee Partners, were also named as defendants.
- Carlyle’s Rubenstein Sees 'More Normal Limit' Of $5B-$7B On Deal Size
Carlyle Group Co-CEO David Rubenstein sees few leveraged buyouts on the horizon above $15 billion, with co-investments from limited partners replacing club deals among private equity firms as the preferred mode for big mergers, he said at the PartnerConnect East conference in Boston on April 3.
Carlyle's Rubenstein: Non-U.S. PE Firm Likely to Join Ranks of Seven Global Buyout ShopsA major private equity firm, not based in the U.S., will likely join the ranks of seven large buyout shops that invest globally, says David Rubenstein, the Carlyle Group's co-CEO and co-founder.
- Reuters – Second Round Bids Due for Ista
The sale of German energy metering firm Ista is heating up as a number of buyout houses including Axa Private Equity and BC Partners prepare to submit second round bids, Reuters wrote on Wednesday. Private equity groups Charterhouse and CVC Capital Partners kicked off the sale of Ista last year, hiring Deutsche Bank and Goldman Sachs to run the process.
US Buyout Shops Vie for Onex's Carestream - ReutersBain Capital, Carlyle Group and Thomas H. Lee Partners are among the U.S. buyout firms competing for Carestream Health Inc., a Rochester, New York-based medical imaging systems provider, reports Reuters/193617/bain-carlyle-thl-vie-carestream-health-sources/ The company's owner Onex Corp. hopes to sell it for as much as US$3.5 billion, according to people familiar with the matter. Hellman & Friedman and Kohlberg Kravis Roberts are also bidding in the auction of Carestream, the sources said. Onex bought Carestream in 2007 for US$2.35 billion.
- Reuters – Billabong Says Its Still in Talks Over Buyout
Troubled Australian surfwear firm Billabong International Ltd said on Tuesday it is still in talks with two takeover suitors and requested a trading halt in its shares ahead of a possible announcement this week. Billabong has received offers from a consortium comprised of private equity firm Altamont Capital Partners and U.S. clothing group VF Corp and another group led by Billabong's former U.S. boss Paul Naude and private equity firm Sycamore Partners. The two competing groups had made indicative matching offers of A$1.10 a share, valuing the company at A$527 million ($549 million), but analysts expect the final bids -- which were due in last week -- to be around A$0.80-90. That would be slightly above Billabong's close on Thursday of A$0.73.
Billabong Still in Talks with BuyersTroubled Australian surfwear firm Billabong International Ltd said on Tuesday it is still in talks with two takeover suitors and requested a trading halt in its shares ahead of a possible announcement this week.
- Taylor Morrison Steps Up In IPO Parade
TPG Capital, Oaktree Capital Management and JH Investments Inc. are guiding builder Taylor Morrison Home Corp. to an IPO just in time for the traditional spring real estate selling season, as sponsors look to capitalize on the bull market.
- Reuters - Toys R Us Withdraws IPO
Toys R Us Inc. withdrew its proposed initial public offering on Friday, ending months of uncertainty as the world's largest dedicated toy retailer also issued a quarterly report card showing disappointing results for the crucial holiday season. Toys R Us determined not to pursue the IPO due to unfavorable market conditions and executive leadership transition, Toys R Us spokeswoman Kathleen Waugh told Reuters. KKR & Co LP, Bain Capital and Vornado Realty Trust took Toys R Us private in 2005, in a $6.6 billion deal.