May 24, 2012 |
Top agents at International Creative Management on Wednesday completed the buyout of the agency from longtime Chairman and Chief Executive Jeff Berg and private equity firm Rizvi Traverse Management - ending a long-running management drama at one of Hollywood's leading agencies. Staff members of the 400-person firm celebrated with a champagne breakfast. Twenty-nine agents are now partners who will own and control the Century City-based firm, which has been renamed ICM Partners.
May 23, 2012 |
Benihana Inc., the Japanese-style and sushi restaurant chain known for slicing, dicing and frying food in front of diners, has accepted an offer to be sold to a private equity group for $296 million. Angelo, Gordon & Co. plans to pay Benihana shareholders $16.30 a share in cash in a transaction that's been approved by the Miami-based chain's board. Benihana shareholders must also approve the acquisition. The price is a premium of 46% over the average closing price for the 30 days before March 13, when Benihana first said it was exploring strategic alternatives for its business.
May 22, 2012 |
It's come to this: Joe Biden compared Mitt Romney to a horse. The vice president, campaigning in New Hampshire on Tuesday, argued that Romney has it wrong when he tells voters that things "have gotten much worse" and that Obama administration policies are to blame. Biden was armed with a chart that showed monthly job losses that grew in the final months of the George W. Bush administration began to diminish after President Obama took office, and eventually turned into job growth.
May 8, 2012
Clothing retailer The Talbots Inc. says it has received a $210.9 million takeover offer from private equity firm Sycamore Partners. Sycamore, Talbot's largest shareholder, is offering $3.05 per share for the company. That's a 9 percent premium from the stock's closing price on Friday. Talbots, based in Hingham, Mass., announced the offer on Monday. Talbots had 69.2 million shares outstanding as of Jan. 28, according to a filing with the Securities and Exchange Commission.
May 1, 2012 |
Asian-themed restauranteur P.F. Chang's China Bistro Inc. will go private for $1.1 billion in a deal with private equity firm Centerbridge Partners after attempting to refresh its image and offerings. The Scottsdale, Ariz., company, which operates its namesake upscale casual dining spots as well as fast-casual Pei Wei Asian Diners, has struggled to catch up to competitors who are now enjoying post-recession sales and traffic highs . Last month, it introduced a new lunch menu.
May 1, 2012
SCOTTSDALE, Ariz. — P.F. Chang's is being acquired and taken private by a private equity firm in a deal valued at about $1.09 billion. Under the terms of the agreement released Tuesday, New York's Centerbridge Partners LP will buy shares of P.F. Chang's China Bistro Inc. for $51.50 each. The cash offer represents a 40 percent premium over the company's Monday closing stock price. The news sent shares of P.F. Chang's soaring $12.06, or 30 percent, to $51.75 in premarket trading.
April 4, 2012 |
WASHINGTON — Trying to ward off a financial crisis like the one that shook the world in 2008, a powerful panel of federal regulators approved criteria for classifying which non-banking firms pose a risk to the entire financial system and are subject to tougher rules. The new financial regulations are aimed at large, previously unregulated insurance companies, such as bailed-out American International Group Inc., as well as hedge funds, private equity funds and other firms whose complicated securities and bad bets on mortgages created a credit crisis and helped deepen the recession.
April 2, 2012 |
A national ground beef processor owned by Los Angeles private equity firm Yucaipa Cos. and basketball Hall of Famer Magic Johnson filed a bankruptcy petition seeking protection from creditors, blaming, in part, bad publicity over products containing so-called pink slime. AFA Foods Inc. said it sought bankruptcy protection because it was "faced with an immediate and unanticipated liquidity crisis" and was unable to pay vendors last week without a loan, which banks refused to provide.
March 20, 2012 |
Are political centrists in America without a political home? Do we need a third-party presidential candidate to represent those socially progressive, fiscally austere voters who find our two parties too extreme? There's no disputing that the Republican Party continues to move rightward at warp speed. Virtually every GOP elected official who's been in office for more than a couple of years has had to repudiate previously mainstream Republican positions (such as creating a health insurance system with an individual mandate, an idea cooked up by a right-wing think tank)
March 10, 2012 |
Technology firm Quest Software Inc. has agreed to go private in a deal valued at $2 billion. The Aliso Viejo software company said Friday that it had agreed to be acquired by private equity firm Insight Venture Partners for $23 a share in cash, a 19% premium over its closing price Thursday. The announcement led to a surge in Quest's stock price, with shares rising $4.67, or 24%, to close Friday at $24.07, as some investors bought on the prospects of a bidding war for the company.