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’Snap news
Breaking pre-market news on Thursday,
- Glencore to raise $9bn-$11bn in London IPO — statement.
- BP and Rosneft extend share swap deadline to May 16 — statement.
- Commerzbank prices cash call at €4.25 a share — statement.
Gartmore IPO pricing could disappoint
Actually, it almost certainly will disappoint.
One of the first large UK initial public offerings since the outbreak of the financial crisis is on track to close on Friday, but is likely to raise less money than first planned.
Gartmore on brink of £500m IPO
Gartmore, the fund management group equally owned by management and buy-out group Hellman & Friedman, aims to register flotation plans with the UK’s FSA as early as next week. The group has appointed Morgan Stanley and Citi to advise it on completing an IPO by year-end.
Buyout groups to acquire Neuberger Berman
Bain Capital and Hellman & Friedman on Monday agreed to acquire Neuberger Berman, the crown jewel of Lehman Brothers Holdings, for $2.15bn. The deal comes weeks after a sale could have helped Lehman avoid collapse.
Lehman sale of Neuberger hits snags
Lehman Brothers’ plan to sell its investment-management division has been held up by wrangling over how to run the business and pay fund managers, reports Bloomberg. The bankrupt securities firm had aimed to announce the sale to Bain Capital and Hellman & Friedman by last week,
US buyout groups bid for Lehman business
Bain Capital and Hellman & Friedman, the US private equity groups, have teamed up to bid for the rump of Lehman Brothers’ investment management arm, which includes the Neuberger Berman asset management business,
Lehman narrows field to three suitors
Lehman Brothers has told three private equity firms – KKR, Hellman & Friedman and Bain Capital – that they remain in the bidding for its asset management arm even though the investment bank has yet to make a final decision on whether to sell the unit,
Dubai fund, Blackstone, pursue Informa
A Dubai sovereign wealth fund has teamed up with Blackstone and others aiming to buy Informa from under the noses of a rival private-equity consortium, reports the FT. Providence Equity Partners, Carlyle and up to recently,
Informa eyes up £3.4bn deal
Informa has received a tentative 506p-per-share approach from a buyout consortium which would value the UK trade fairs and scientific journals business at £3.4bn including debt, the company said Tuesday night.
Getty Images in $2.4bn buy-out
Getty Images, the world’s largest distributor of stock photos, video and other digital content, is to go private after its board accepted a $2.4bn buy-out from private equity firm Hellman & Friedman.
Hellman gets creative in Goodman buy
Hellman & Friedman agreed to buy Goodman Global, a US manufacturing company, for $2.65bn including debt, in an LBO that will mostly be financed by non-traditional sources. Hellman was able to garner $1.6bn in funding from GSO Capital and Farallon Capital,
CSG snapped up in merger deal
Computer Services Group, the UK back-office software company, has been snapped up as part of a merger plan just four weeks after it left the stock market in a £91m deal. Hellman & Friedman, the private equity group,
Hellman makes acquisition, raises new buyout fund
Just days after Hellman & Friedman agreed to sell portfolio company DoubleClick to Google for $3.1bn, the San Francisco-based private equity firm announced on Tuesday it had raised $8.4bn for its latest private equity fund and would acquire Catalina Marketing,
TXU, Blackstone takeover talks fall apart
Takeover talks between TXU and a buy-out team led by Blackstone have fallen apart, dashing hopes that a bidding war would erupt over the largest private equity deal yet planned. Since late February, the Texas power company has been searching for bidders willing to pay more than the $45bn,
Rival looms in $45bn TXU bid
A consortium of leading private equity groups has moved much closer to mounting a rival offer to trump the $45bn takeover of TXU, the Texas-based energy group, by private equity groups KKR and TPG. If this consortium tables a formal offer for TXU,
Texas acts on TXU bid
The first signs of political opposition to TXU’s $45bn buy-out by private equity firms emerged on Tuesday as state senators in Texas moved to force the buyers to gain local approval of the deal. In a 9-0 vote,
Nasdaq shareholders back stance on LSE
Two of the biggest shareholders in Nasdaq, which was soundly trounced in its hostile £12.43 per share bid for the LSE over the weekend, have issued strong statements of support for its chief executive — and his firm refusal to increase the offer.
Buyout groups are forecast to raise $500bn
The global private equity industry is forecast to raise $500bn in 2007, about $70bn more than last year’s record, according to Private Equity Intelligence (Prequin). The group’s forecast underlines private equity’s continuing surge,