August 12, 2013 |
Pianos seem to be popular on Wall Street, as two financial firms face off in their quests to acquire Steinway Musical Instruments Inc. The Waltham, Mass. company - which in addition to its namesake pianos also makes Bach Stradivarius trumpets, Selmer Paris saxophones, Leblanc clarinets and more - said it has received a superior takeover bid to the deal announced in June with private equity firm Kohlberg & Co. The new bidder, an unnamed affiliate of a mysterious investment firm only described as managing $15 billion, is offering $38 a share for Steinway.
August 12, 2013 |
Rockwell Collins Inc. announced over the weekend it is buying ARINC, a flight systems company, for $1.39 billion, from private equity firm the Carlyle Group. The deal will bolster Cedar Rapids, Iowa-based Rockwell Collins' flight systems business. "Strategically, this acquisition is a natural fit for Rockwell Collins,” Kelly Ortberg, Rockwell Collins' chief executive, said in a statement. “It accelerates our strategy to develop comprehensive information management solutions by building on our existing information-enabled products and systems and ARINC's ground - based networks and services to further expand our opportunities beyond the aircraft.
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.
May 1, 2013 |
President Obama officially nominated lobbyist-turned-venture capitalist Tom Wheeler on Wednesday as the new chairman of the Federal Communications Commission. Wheeler is well known to the media industry. He has headed both the National Cable & Telecommunications Assn. and the Cellular Telecommunications & Internet Assn. Most recently he was a managing director at Core Capital, a private equity firm. "For more than 30 years Tom has been at the forefront of some of the very dramatic changes that we've seen in the way we communicate and how we live our lives," Obama said in announcing Wheeler's appointment.
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.