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Leveraged Buyouts

April 19, 2007 | Josh Friedman, Times Staff Writer
The buyout of Clear Channel Communications Inc. remains anything but clear. The high-stakes poker game to own the nation's largest radio broadcasting firm and billboard giant took another turn Wednesday when, on the eve of a shareholder vote, the company agreed to a sweetened, $39-a-share takeover offer from private equity investors valued at $19.5 billion. The bid by Thomas H. Lee Partners and Bain Capital Partners is about 4% higher than what they bid in November.
February 26, 2007 | Janet Wilson and Peter Pae, Times Staff Writers
Directors of the biggest utility in Texas, TXU Corp., agreed Sunday to a $45-billion buyout, with sweeping concessions for environmentalists and consumers, people involved in the deal said. It would be the largest such buyout by private investors. The agreement calls for TXU to scrap highly controversial plans for eight new coal power plants in Texas, a promise not to build them in any other state, and a vow to double investments in wind and other alternative energy sources.
February 24, 2007 | Janet Wilson, Times Staff Writer
Private investment companies Texas Pacific Group and Kohlberg Kravis Roberts & Co. are close to a deal to buy Texas utilities giant TXU Corp. in what is expected to be the largest leveraged buyout ever, according to people familiar with the negotiations. The sale, slated to be announced Sunday, will include "not only the acquisition, but some very major announcements related to global warming," one person told The Times.
February 13, 2007 | From the Associated Press
Two more investment advisory firms recommended Monday that shareholders of Caremark Rx Inc. reject a buyout offer from the drugstore operator CVS Corp. when it comes up for a vote next week. CtW Investment Group and Institutional Shareholder Services Inc. joined two other advisors who said Nashville-based Caremark's board and managers had not tried to get the best deal for shareholders. CtW held a forum Feb.
December 20, 2006 | From the Associated Press
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 | From a Times Staff Writer
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.
December 4, 2006 | From Bloomberg News
Buyout firms are preparing to start their own lobbying group to fend off increased regulation, Carlyle Group co-founder David Rubenstein said. The trade association will begin work early next year and represent some of the largest leveraged buyout firms in the U.S. and Europe, Rubenstein said in an interview Friday at Private Equity International's Emerging Markets Forum in London. He declined to identify other firms involved.
November 17, 2006 | Thomas S. Mulligan, Times Staff Writer
In the latest and biggest of a recent wave of media buyouts, radio giant Clear Channel Communications Inc. agreed Thursday to be purchased by private-equity firms and the company's founding family for $18.7 billion. The deal, which also involves the assumption of about $8 billion in debt, ranks as the fourth-biggest leveraged buyout in history. Nine of the top 10 have come this year, the only exception being Kohlberg Kravis Roberts & Co.'s $25.1-billion buyout of RJR Nabisco Inc. in 1988.
November 16, 2006 | From Bloomberg News
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 | Claire Hoffman, Times Staff Writer
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.
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