A slightly confusing statement on Friday out of Morgans Hotel, the group founded by Ian Schrager, who is credited with creating the whole concept of a boutique bed-for-the-night…
NEW YORK, May 17, 2013 /PRNewswire/ — Morgans Hotel Group Co. (MHGC) (“MHG” or the “Company”) today provided clarification regarding statements made in a filing submitted by The Yucaipa Companies (“Yucaipa”).
At least five groups have made it through to the second round of the auction for all or parts of Warner Music, including Platinum Equity and Ron Burkle’s Yucaipa Companies, reports the FT, citing people close to the process. Sony Music, BMG Music Publishing and Len Blavatnik’s Access Industries are also through. At least one initial offer has been made for the entire company, while others have targeted just the recorded music business or Warner/Chappell, the group’s music publishing arm. But analysts doubt that a private equity bid can trump a ‘strategic’ offer from a music industry giant such as Sony or BMG.
US activist investor Ron Burkle has written to Barnes & Noble seeking to acquire as much as 37% of the company, up from his current stake of 19%, and blasting the book retailer for having different anti-takeover rules for big investors: one for insiders and one for outsiders, reports the WSJ. News that Burkle and his firm Yucaipa Cos aim to raise their stake while avoiding a recently adopted shareholder-rights plan sent Barnes & Noble shares up 18% in after-hours trading on Monday.