May 25, 2013 |
Yahoo Inc., fresh off its $1.1-billion deal this week to acquire personal blogging site Tumblr, got in line Friday to pick up video streaming site Hulu. The late bid by the cash-rich Internet portal giant came on the same day that the Santa Monica company received bids from private equity firms KKR & Co. and Silver Lake Management, said people familiar with the matter. For its bid, Silver Lake teamed up with powerful Hollywood talent agency William Morris Endeavor, said the people, who did not want to be named because the bidding process was confidential.
March 12, 2013 |
Twinkies, the cult favorite snack brand orphaned by its liquidating parent company, Hostess Brands Inc., may have a new home. The popular product, along with Hostess brands such as CupCakes, Ho Hos and Ding Dongs, is being sold to private equity firms Apollo Global Management and C. Dean Metropoulos & Co. for $410 million. The companies submitted the only qualified bid by the deadline set by the Bankruptcy Court overseeing Hostess' case. The purchase, which includes five bakeries and certain equipment, is headed to court March 19 for final approval.
March 7, 2013 |
Brooding-teen retailer Hot Topic Inc. is about to become family with Talbots Inc., an apparel chain beloved by moms. Hot Topic, a mall staple based in City of Industry, is being sold for $600 million to Sycamore Partners, the private equity firm that this summer bought Talbots for $391 million. The $14-per-share cash price represents a 30% premium over Hot Topic's closing stock price Wednesday and was unanimously approved by the retailer's board, the company said Thursday. But the deal still requires shareholder and regulatory approval.
December 18, 2012 |
Retailers are pulling back on sales of assault weapons and investors are abandoning gun makers' stocks as the nation's grief focuses on the funerals of the 20 children and six adults killed in the Sandy Hook Elementary School rampage in Newtown, Conn. Calling the deadly assault "tragic and devastating," private equity firm Cerberus Capital Management said Tuesday that it will sell its 95% stake in Freedom Group Inc., which makes the Bushmaster AR-15 rifle that police said was used in the attack.
December 15, 2012 |
Struggling Best Buy Co., hoping that the Christmas season will boost its fortunes, agreed Friday to give founder and former chairman Richard Schulze more time to make a takeover bid for the electronics chain. The announcement came amid a two-day burst of trading that ended about where it started. The stock went up nearly 16% to $14.12 on Thursday with word of an imminent bid from Schulze, only to be followed Friday with a drop of $2.07, or 14.7%, to $12.05 with news of the delay.
October 6, 2012 |
In a swift overhaul, top officials of troubled teen clothier Wet Seal Inc. - including the chairman - were ousted and replaced by board members handpicked by an activist shareholder that directed the coup. The Foothill Ranch retailer, which operates about 550 mall-based stores under the Wet Seal and Arden B. brands, has been under attack for months by its third largest shareholder, New York City private equity firm Clinton Group. "The company now has a newly formed board where the majority have specialty retail experience," Greg Taxin, managing director of Clinton Group, said in an interview.