acquisition

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Bancrofts Agree to Sale
Bancrofts Agree to Sale
Jul 31, 2007 10:22 AM CDT

Bancrofts Agree to Sale

Dow Jones 'will be part of News Corp.'

(Newser) - Enough members of the Bancroft family are supporting Rupert Murdoch's $5B bid for Dow Jones to seal the deal. The Wall Street Journal reports that 32% of the votes in its parent company are virtually guaranteed to Murdoch's News Corp.; the tycoon will likely be able to pick up the...

Corporate Buyers Muscle In on Private Equity Deals

Credit squeeze puts business-as-usual on hold

(Newser) - Corporations have the upper hand over private equity firms in acquisitions for the first time in years because of chaos in the debt markets, the Wall Street Journal reports. Private equity firms are stalled until the credit situation stabilizes and they can sell off some of their debt. Corporate buyers...

Battling Bancrofts Take Journal Deal Down to Wire

Deadline today on Murdoch's offer

(Newser) - The Bancroft family, which controls the majority of shares in Dow Jones, is so deeply divided over the proposed sale of the Wall Street Journal to Rupert Murdoch that the deal is still too close to call, the Journal reports. A decision on the $5 billion bid is set for...

Major Bancroft Branch to Nix Murdoch Offer

Family trust may force mogul to raise price for Journal

(Newser) - An important faction within the Bancroft family will vote against Rupert Murdoch’s controversial $5 billion deal for Dow Jones, instead demanding a significant increase of his offer. The Denver branch of the family, which owns a crucial 9.1% of Dow Jones voting stock, wants an extra $120 to...

$24B Buyout Buzz Boosts Macy's Shares

KKR and Goldman considering offer

(Newser) - Shares in Macy's soared amid reports of a pending $24-billion buyout plan by KKR and Goldman Sachs, reports Bloomberg. Stock rose $3.06—7.6%—to $43.09 after Women's Wear Daily reported the news. The Wall Street firms would pay $52 a share—a 30% premium on Wednesday's close,...

Whole Foods CEO Sorry for Web Subterfuge

Online shenanigans draw board scrutiny along with SEC probe

(Newser) - The CEO of Whole Foods apologized yesterday for boosting his company and posting snide comments about a rival supermarket chain in Internet forums and said he "had fun doing it." John Mackey's actions over the last 8 years have already triggered an SEC investigation, and the company's board...

IHOP Gets a Taste of Applebee's
IHOP Gets a Taste of Applebee's
Jul 16, 2007 10:50 PM CDT

IHOP Gets a Taste of Applebee's

(Newser) - Breakfast giant International House of Pancakes is acquiring the bar-and-grill chain Applebee's for $1.9B, or $25.50 a share—4.6% higher than Friday's closing price. IHOP will turn most of Applebee's 508 restaurants into franchises at a rate of 40 per quarter beginning in 2008, a move that...

Kraft Goes Cookie Shopping in France

American snack giant bids $7.2B for Danone's biscuit division

(Newser) - Kraft moved to elevate its international profile today with a $7.2 billion for Danone's biscuit division, setting up a deal that would make the Oreo manufacturer Europe's largest cookie maker. The polyglot alliance of Ritz crackers and Petit Ecolier biscuits faces numerous obstacles, the Times of London reports, including...

Carlyle Bids on Faltering Virgin Media

Debt-riddled UK cable provider, 35 ($ a share), seeks rich buyout firm

(Newser) - The friendly corporate raiders at the Carlyle Group have floated an offer to buy out Virgin Media, the British cable provider, with total equity in the range of $8B and $10B, the Journal reports. The besieged media company has been losing customers to rivals in the UK, and has stacked...

CEO Passes Reins at Wells Fargo
CEO Passes Reins at Wells Fargo
Jun 28, 2007 6:01 AM CDT

CEO Passes Reins at Wells Fargo

Successor will continue bank's strategy

(Newser) - Dick Kovacevich, the CEO of Wells Fargo, stepped down yesterday after an enviable run at the helm of the country's fifth-largest bank. His successor will be COO John Stumpf. At a time when most financial institutions are seeking global acquisitions, the San Francisco-based bank has outperformed larger rivals while shunning...

Murdoch Says $5B Is Final Offer for Dow Jones

Mogul won't raise offer to push stalling Bancroft family

(Newser) - Rupert Murdoch won't raise his $5B bid for Dow Jones, the media mogul said today. Murdoch deflected speculation that he would up the ante to move along negotiations with the openly skeptical Bancroft family, which owns a majority stake in the Journal publisher. Instead, Reuters reports, Murdoch is suggesting he...

Mogul's Interest In Journal Is No Passing Fancy

Groundwork for Murdoch's Dow Jones bid dates back decades

(Newser) - Rupert Murdoch's bid for Dow Jones may have seemed to come out of nowhere, but the Australian media mogul has had his eye on the Wall Street Journal for years. In three decades in the States, Murdoch has made his mark in news, entertainment, and, of course, politics. The Times ...

Gambling Firm Agrees to Buyout
Gambling Firm Agrees to Buyout
Jun 15, 2007 4:08 PM CDT

Gambling Firm Agrees to Buyout

Penn National Gaming changes hands for $8.9B

(Newser) - The casino-operator buyout spree continued today as Penn National Gaming agreed to be acquired by two private-equity firms for $8.9 billion. The deal, which allows the company to solicit bids for 45 days, includes $2.8 billion in debt. News of the $67-a-share offer, a 31% premium over yesterday's...

KKR Buyout Spree Hits a Snag
KKR Buyout Spree Hits a Snag
Jun 12, 2007 4:31 PM CDT

KKR Buyout Spree Hits a Snag

Traditional investors tapped out; equity firm looking elsewhere

(Newser) - Buyout giant KKR's $26B acquisition of electronic payment processor First Data Corp is not going smoothly, reports the Wall Street Journal. Once enthusiastic investors are shying away from private equity deals as interest rates steepen. "We have enough exposure to KKR already," said one major financier.

Hot LBO Market Takes Hit
Hot LBO Market
Takes Hit
Jun 8, 2007 9:40 AM CDT

Hot LBO Market Takes Hit

As big-time deals struggle to manage debt, beware the Trojan piggy bank

(Newser) - The red-hot market for LBOs may be hitting a long-awaited rough patch. Several big deals—including Apollo's $1.3 billion Linens 'n Things buy and the multigroup $17.6 billion acquisition of Freescale Semiconductor Holdings—have turned sour, with the companies struggling to generate enough cash to pay down debt...

Union Seeks Journal Savior
Union Seeks Journal Savior
Jun 5, 2007 4:48 PM CDT

Union Seeks Journal Savior

Burkle agrees to talks with Dow Jones employees

(Newser) - The Wall Street Journal employees' union, in search of a white knight as Dow Jones and Rupert Murdoch appear to be moving closer to a deal, has enlisted the help of supermarket billionaire Ron Burkle. News Corp. has offered $60 a share for the company, and one analyst tells Bloomberg,...

Murdoch Says He's Flexible, Up to a Point

Jousting over editorial independence may derail Dow Jones deal

(Newser) - Rupert Murdoch has renewed his vow to maintain the Wall Street Journal's editorial independence should his bid for Dow Jones succeed, but it's unlikely he'll allow the controlling Bancroft family to run an editorial oversight board. That sticking point could be a deal-breaker, the Journal reported hours before today's scheduled...

What Made the Bancrofts Buckle?
What Made
the Bancrofts Buckle?
Jun 2, 2007 8:21 AM CDT

What Made the Bancrofts Buckle?

Key Dow Jones director switched sides, eyeing Reuters-Thomson merger

(Newser) - In a surprising about-face Dow Jones director and Bancroft family trustee Michael Elefante shifted from the cons to the pros, advocating putting the company in play at a recent family meeting. His change of position was behind the family's decision that it would meet with Rupert Murdoch and consider other...

Wachovia Nabs A.G. Edwards
Wachovia Nabs A.G. Edwards
May 31, 2007 12:58 PM CDT

Wachovia Nabs A.G. Edwards

Deal takes aim at small investors, creates country's No. 2 retail brokerage

(Newser) - Wachovia will buy A.G. Edwards for $6.8 billion, forming the nation's number two retail brokerage. Wachovia's $89.50 per share offer for the historic Midwest brokerage—it survived the crash of '29—helps the bank further expand its growing securities arm. The combined company will manage over $1...

Tishman, Lehman Close REIT Deal
Tishman, Lehman Close REIT Deal
May 29, 2007 11:50 AM CDT

Tishman, Lehman Close REIT Deal

$13.5B offer for apartment giant marks major privatization

(Newser) - In a penthouse-level play, real estate developer Tishman Speyer Properties and investment bank Lehman Brothers will spend $13.5 billion to buy the nation's second-largest apartment owner. The $60.75 per share offer for real estate trust Archstone-Smith, confirmed this morning, will take the company private in a deal worth...

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