December 20, 2006 |
Aramark Corp., the nation's largest food service company, will go private for the second time in 22 years if shareholders vote, as expected, for a $6.3-billion leveraged buyout bid today. It would also be the second time longtime Chief Executive Joseph Neubauer led an investment group to take Aramark private. The first was in 1984, to thwart a hostile takeover from corporate raiders. Shares of Philadelphia-based Aramark fell 1 cent to $33.35.
December 19, 2006 |
The lead independent director of Tribune Co. said the company's management team "has remained independent and has not aligned itself" with any of the outside bidders interested in buying all or parts of the media conglomerate. William A. Osborn issued the statement in response to a story in The Times on Monday that said Tribune Chief Executive Dennis J. FitzSimons was thinking of making a leveraged buyout offer in concert with three private investment firms.
November 16, 2006 |
Kohlberg Kravis Roberts & Co., Carlyle Group and most other major U.S. buyout firms were accused in an investor lawsuit Wednesday of illegally conspiring to hold down the prices they pay when taking companies private. The suit was filed in federal court in New York by shareholders who claim they were shortchanged because the firms restrained bidding for leveraged buyouts such as the $33-billion takeover of hospital chain HCA Inc., the largest such buyout ever.
October 3, 2006 |
Flush with cash, two private investment companies are placing bets on the gambling business, anteing up nearly $15.1 billion in a bid to acquire the world's largest casino company, Harrah's Entertainment Inc. Harrah's said Monday that it had received an offer from Apollo Management and Texas Pacific Group to purchase all the company's stock for $81 a share. The deal, if accepted, would be one of the largest buyouts in history.
July 25, 2006 |
Monday's announcement that the country's largest hospital chain agreed to be acquired by private investors shows long-term optimism about an industry that has been battered by bad news in recent years, analysts said. Nashville-based HCA Inc. -- which owns 276 hospitals and surgery centers, including nine facilities in California -- agreed to be bought for $21.3 billion. The proposed buyers include private equity firms, HCA's management and the chain's founding family.
March 29, 2005 |
A group of investment firms banded together Monday to take a major software company private in an $11.3-billion deal -- the second-largest leveraged buyout in history, and a sign of how big-money investors increasingly are looking for ways to boost their returns as the stock market struggles. SunGard Data Systems Inc. of Wayne, Pa.
October 3, 2001 |
Jack Welch, former chairman of General Electric Co., joined Clayton, Dubilier & Rice Inc. after a yearlong courtship, giving the 23-year-old leveraged buyout firm more clout. The New York-based firm, which manages $6.6 billion of capital, said Welch, 65, will help it assess new investments and expand overseas as well as court clients. Welch, who retired from the world's biggest company last month, won't be actively involved in companies.
November 9, 2000 |
A leading leveraged buyout firm is offering its investors a rare commodity in today's turbulent markets--guaranteed returns. The move by Hicks Muse Tate & Furst, disclosed to investors Tuesday, is already shoring up confidence in the struggling LBO firm, say partners there. Dallas-based Hicks Muse manages more capital than any LBO shop, overseeing $10.5 billion.
May 20, 2000 |
WestPoint Stevens Inc. said a proposed buyout offer by a group led by Chairman and Chief Executive Holcombe Green Jr. was canceled because of higher-than-expected financing costs. Green had offered $22 a share, or about $800.4 million, in the leveraged buyout. The maker of Martex, Utica and Lady Pepperell linens had said in November it hired Merrill Lynch & Co. for advice on a buyout or merger.
December 11, 1996 |
Big-money corporate leveraged buyouts, which became the symbol of late-1980s greed on Wall Street, are making a dramatic comeback this year. The number of $1-billion-or-bigger LBO transactions--purchases of companies by outside investors, using mostly borrowed money--should reach at least 10 by year's end, worth a total of $14.1 billion, says Buyouts newsletter in New York. That would be the greatest number of billion-dollar deals in any one year since 1989.