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PHILADELPHIA (Reuters) – The merger market is suffering the worst “dog days of summer” in 16 years. While merger volume traditionally slows in August as Wall Street investment bankers escape to the Hamptons, this year's U.S. deal volume is on pace to be the slowest August since 1992, according to data from Thomson Reuters. With […]
LONDON (Reuters) – Lenders to UK fitness and sports club operator David Lloyd Leisure Ltd's 795.6 million pounds ($1.49 billion) buyout loan are awaiting the outcome of the possible break-up of fitness club operator Esporta before committing to the deal, a banking source said on Thursday. The plan may see Esporta's racquet club business sold […]
NEW YORK Reuters) – Investment firms Bay Harbour Management and York Capital Management will buy apparel retailer Steve & Barry's LLC for $168 million, the bankrupt clothing chain said on Thursday. The company, which sells celebrity-branded clothing for less than $11, had filed for bankruptcy protection in July citing tight credit markets and a pullback […]
(Reuters) – Israel-based Aladdin Knowledge Systems Ltd (ALDN.O: Quote, Profile, Research, Stock Buzz) said it received an unsolicited offer from private equity firm Vector Capital to acquire the software security firm, and that it is reviewing the proposal. As a potential alternative to a full buyout, Vector Capital also proposed a possible acquisition of the […]
NEW YORK (Reuters) – Off-price retailer TJX Companies Inc (TJX.N: Quote, Profile, Research, Stock Buzz) sold its Bob's Stores unit to private equity firms Versa Capital Management and Crystal Capital. for an undisclosed sum. TJX also raised its full year forecast for fiscal 2009 earnings as a result of the sale. It said the sale […]
LONDON (Reuters) – Vulture funds are finally saying debt from Spanish retailer Cortefiel may now be cheap enough to buy, after waiting months for prices of the struggling company's debt fall further. The funds, which have raised billions of dollars to invest on the hopes that a worsening global economy will depress debt prices, are […]
(Reuters) – Bankrupt home furnishings retailer Linens 'n Things has devised a plan to emerge from bankruptcy early next year, the New York Post reported. Under the plan, the retailer will reverse many of the strategies introduced after the company was bought for $1.3 billion in 2005 by billionaire Leon Black's buyout firm Apollo Management, […]
Golden Gate Capital has agreed to acquire a majority interest in Italian restaurant chain Romano's Macaroni Grill from Brinker International Inc. (NYSE: EAT). The deal is valued at $131.5 million in cash, including $6 million for company expansion. Brinker's will retain a 19.9% ownership stake, plus has agreed to provide corporate services to Romano's Macaroni […]
NEW YORK (Reuters) – Bidding for the trade-magazines unit being sold by Anglo-Dutch publisher Reed Elsevier Plc/NV is moving into the second round, with a slew of private equity firms keen on the asset. Reed put the unit, which includes the Variety, Farmers Weekly and New Scientist publications, on the block in February. London's Daily […]
NEW YORK, Aug 15 (Reuters) – Bankrupt U.S. department store chain Boscov's Inc has gained court approval for liquidators to immediately begin going-out-of-business sales at 10 locations, according to court documents. A joint venture between liquidators Gordon Brothers Retail Partners and Hilco Merchant Resources, which submitted the highest bid for the right to conduct the […]