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peHUB Wire: Tuesday, March 30, 2010Random Ramblings
- peHUB Wire: Tuesday, March 30, 2010
Random Ramblings
- FDIC meets PE industry over banks
Roundtable meeting was held last week with more than 20 industry attendees
- Who Was Invited to Sheila Bair's Roundtable? Not Many GPs
Today the FDIC announced /67038/fdic-adopts-final-bank-buyout-guidelines/ what we've known since last week /66527/fdic-to-review-private-equity-rules-on-monday/ - it held a little meeting with a motley crew of people who care about private equity investments in banks. Strangely, that group only included three private equity pros out of 20 attendees. The rest represented pension funds, private investors, investment managers, advisors, hedge fund managers and "others," all gathered to conduct the much-clamored about six-month review. The GPs include David Coulter of Warburg Pincus, Charles Davis of Stone Point Capital and Randal Quarles of Carlyle Group. The lack of GPs, or perhaps the lack of sympathy to their concerns, likely contributed to the failure to get any of the FDIC's stringent rules relaxed, at least so far. There could be a further announcement as to any policy changes, but the FDIC's press release today doesn't leave much room for optimism.
- FDIC Reviews Bank Buyout Guidelines in Roundtable
The FDIC, after meeting with several buyout pros last week, has agreed on and finalized its guidelines for private investment in Failed Insured Depository Institutions. The agency agreed to refine its prior guidelines pertaining to the description of the types of investors covered, the capital standard and clarifying the cross support obligation rules.
- M&A Monday
Here are some potential target ideas, rumored or official, to jumpstart your deal pipeline. Our sources are various news reports and the Buyouts “Seeking Buyers” list. The Golden State Warriors basketball team said it is for sale. (Reuters http://www.reuters.com/article/idUSN2220511120100322 ) The FDIC is seeking buyers for three small Puerto Rican banks which need capital. The FDIC hired a bank to help is sell the assets. (WSJ http://online.wsj.com/article/SB10001424052748703734504575125534112857858.html?mod=WSJ_business_whatsNews ) Novell Inc. has rejected a takeover offer from Elliott Associates LP. The company, an IT management software and Linux producer, will explore strategic alternatives on its own. Spark Networks, an online personals services company, retained Piper Jaffray & Co. to advice it on its strategic alternatives following an offer from Great Hill Partners.
- FDIC, PE pros to meet
FDIC to review rules governing the acquisition of failed banks
- Blackstone in $600M China agricultural deal
Second major China deal for Blackstone in over 2 years