July 6, 2007 |
Now that Hilton Hotels Corp. and Blackstone Group are picking out matched luggage, speculation is running high that other lodging companies might be the next target for private equity suitors. Investors seemed to think so. Shares of hotel operators surged Thursday in the wake of Blackstone Group's deal to buy Beverly Hills-based Hilton Hotels for $26 billion.
December 24, 1998 |
Capital Z Financial Services Fund II, a private equity fund, said Wednesday it has agreed to pay as much as $100 million to take a controlling stake in Los Angeles-based Aames Financial Corp., a home equity lender. Aames, which bundles loans and sells them to investors, was hurt this year as falling currencies in emerging markets and Russia's default led investors to flee high-risk bonds for safer U.S. Treasury bonds. Aames Chief Executive Cary H.
December 8, 2004 |
A watchdog group settled a lawsuit with the California Public Employees' Retirement System on Tuesday, forcing the giant pension fund to disclose the fees it pays to have its money managed. The settlement was hailed as a victory by open-government advocates and may give ammunition to critics who contend that CalPERS is fraught with conflicts of interest.
June 27, 2007 |
Blackstone Group's shares slid 5.2% on Tuesday, closing below the $31 price the private equity giant fetched in its initial public offering last week, as investors worried that the private equity boom might have peaked. "There's some people who think the top of the private equity binge was marked when Blackstone became public," said Elliot Spar, market strategist with Ryan Beck & Co. in New York. Blackstone shares traded as low as $30.32 before closing at $30.75, down $1.
May 11, 2011 |
The nation's most popular television show — "American Idol" — will be owned by private equity. Apollo Global Management has struck an all-cash deal to acquire CKX Inc., the parent of 19 Entertainment, producer of Fox's hit show, for $5.50 per share, putting the purchase price at about $509 million, a 25% premium from where CKX stock closed Monday. The sale, which is expected to close within the next two months, would end a period of uncertainty for CKX. In the last few years, several suitors including "American Idol" creator Simon Fuller, CKX founder and former chairman Robert F.X. Sillerman and Hollywood dealmaker Allen Shapiro have each made overtures at CKX only to come away empty-handed.
April 29, 2010 |
Buyouts are back. A panel of private equity fund managers at the Milken Institute Global Conference in Beverly Hills this week celebrated the comeback of highly leveraged corporate takeovers, which had ground almost to a halt during the financial crisis. "What a difference a year makes," said Leon Black, head of Apollo Management in New York. Black and the other buyout honchos attributed the return of debt-financed acquisitions to the recovery in the credit markets and the overall economy.
December 15, 2010 |
The biggest private-equity deal of the year is a bet on the aging of the baby boom generation. HCP Inc., a Long Beach-based real estate investment trust, announced that it would pay $6.1 billion to buy the real estate assets of nursing home giant HCR ManorCare Inc. HCP is acquiring 338 post-acute, skilled nursing and assisted-living properties in 30 states, including Ohio, Pennsylvania and Florida. HCR ManorCare, based in Toledo, Ohio, will continue to run the company and will lease back the properties.
May 31, 2012 |
The future of Pep Boys has been cast in serious doubt after a Los Angeles private-equity firm scuttled a $1-billion deal to buy the struggling auto parts retailer. Gores Group walked away from the acquisition amid worries that Pep Boys' business was deteriorating. The company posted weak first-quarter results this month, when the deal first began to disintegrate. Analysts pointed out that the Gores Group's willingness to pay a $50-million breakup fee without challenging it in court might signal trouble for Pep Boys.
December 6, 2011 |
Lehman Bros. Holdings Corp., now just the odds and ends of the global financial behemoth that collapsed in September 2008, received court approval Tuesday to exit bankruptcy early next year. Lehman may now wind down its remaining operations, U.S. Bankruptcy Judge James Peck said at a hearing in New York. Once a mammoth investment bank and brokerage, Lehman is now a collection of assets including real estate, private equity and banking investments. Peck, who has spent more than three years overseeing the bankruptcy, choked up as he looked back on the largest ever bankruptcy, one that accelerated the global financial crisis and eroded confidence in markets worldwide.
September 19, 2010 |
The holiday catalogs are already being mailed out by Harry & David, offering the century-old merchant's trademark luxury gifts including gourmet fruit from Oregon's Rogue River Valley, with a promise of "happiness delivered. " The picture is much less cheerful at the company's headquarters in Medford, Ore., where corporate cost-cutting and absentee management belie the firm's public face as a folksy, agrarian outfit with roots as solid as those growing under the pear trees in Harry & David's orchards.