Bill Gates' private equity firm, Cascade Investment LLC, has acquired a 244-room Four Seasons Hotel in Atlanta for $62 million from Host Hotels & Resorts Inc., Host Hotels said Thursday.
Antitrust regulators at the U.S. Department of Justice have requested additional information on Tennessee wood and construction materials company Louisiana-Pacific Corp.'s $1.1 billion purchase of private equity-backed Ainsworth Lumber Co. Ltd., Ainsworth said Thursday.
The hedge fund that wants Darden Restaurants Inc., parent of Olive Garden, to split into two companies cranked up the pressure Wednesday by announcing that it tapped investment bank Houlihan Lokey to evaluate options for the business.
The private equity arm of the Ontario Municipal Employees Retirement System has partnered with existing management to acquire Caliber Collision Centers from private equity firm ONCAP, a unit of Onex Corp., OMERS PE said Wednesday.
Deutsche Telekom AG will sell 70 percent of online marketplace Scout24 Holding GmbH for €2 billion ($2.69 billion) to private equity firm Hellman & Friedman LLC, the integrated telecommunications company announced Wednesday.
Blackstone-owned hotelier Hilton is substantially increasing the size of its forthcoming multibillion-dollar IPO, while activist investor Daniel Loeb has taken a position worth more than $1 billion in a well-known Asian company.
New York investment firm Crescendo Partners on Wednesday urged mall mainstay Aeropostale Inc. to put itself on the selling block, adding to a flurry of shareholder criticism and making it the latest retailer to wind up in the crosshairs of an activist fund.
Hologic Inc., a maker of cancer-screening tools, acted fast on Wednesday to adopt a poison pill plan to protect itself against unwanted buyout campaigns, after activist investor Carl Icahn disclosed a sizable minority stake in the company.
Bankrupt auto parts maker MSD Performance Inc. announced Tuesday that it would sell itself as a going concern to Z Capital Partners LLC, having accepted the private equity firm's $78 million offer.
Goldking Holdings LLC's former CEO won his bid to move the company's Chapter 11 case to Texas on Wednesday, when a Delaware bankruptcy judge overruled objections from the oil firm and its private-equity backer and ordered the case transferred.
A Delaware bankruptcy judge on Wednesday gave the nod to an auction to sell private equity-owned retailer Edwin Watts Golf Shops LLC without a stalking horse bidder after the debtor said its plan for a joint venture to set the auction floor at a minimum of $45 million fell apart.
After a year of blazing growth in new development deals within New York City's hotel market, some investors and private equity players have begun to shy away from the top market due to fears of oversupply, experts say.
Michael Dell volleyed sharp criticism at longtime foe Carl Icahn despite already winning a duel between the two over a proposed $25 billion buyout, while TPG is aiming to raise $2.7 billion for its latest credit-focused fund as it continues a push to diversify.
Private equity firm Exhilway Global closed out its first mines and minerals fund at $200 million, planning to buy and operate coal and iron mines in Turkey, Kazakhstan and Indonesia, the company said Wednesday.
Activist hedge fund Eminence Capital LLC on Wednesday called for a special meeting of shareholders of Men's Wearhouse Inc. after the retailer spurned a $2.3 billion private equity-backed offer from Jos. A. Bank Clothiers Inc.
Private equity firm Roark Capital Group has agreed to purchase a majority stake in the parent company of burger chains Hardee's and Carl's Jr. from a unit of Apollo Global Management LLC for an undisclosed amount, the companies announced Tuesday.
Activist hedge fund Orange Capital LLC said Wednesday that it plans to nominate four directors to the board of Strategic Hotels & Resorts Inc., renewing calls for change at the real estate investment trust in which it is a substantial minority shareholder.
New York investment giant The Blackstone Group LP on Wednesday outlined plans to sell another 15 million shares in SeaWorld Entertainment Inc., a move that winds down its stake enough to strip it of control over the theme park operator.
A Delaware bankruptcy judge on Tuesday gave Hospitality Staffing Solutions Group LLC the final nod for a $7 million debtor-in-possession package from its prospective private equity buyer, overruling an objection that the loan was too expensive.
The creditors committee in the bankruptcy case for the U.S. units of mobile marketing firm Velti PLC took issue Tuesday with the debtors' stalking horse sale plan to the credit division of Blackstone Group LP, arguing the complex transaction is too rushed for anyone to evaluate it in time.
Perhaps the real lesson of the Trados Inc. case for private equity and venture investors is that relying on the blind squirrel approach can be far more costly and time consuming than ensuring that rights to force a sale, if necessary, are agreed upon in advance, says Gordon Caplan of Willkie Farr & Gallagher LLP and corporate attorney Saroj Tharisayi.
Every law firm knows the importance of a conflicts check before beginning a representation, but what happens when it serves discovery requests or a subpoena on a third party, only to discover that the third party is a current or former client? As firms get larger, and litigations become more complex, this issue is bound to come up, say Shari Klevens and Alanna Clair of McKenna Long & Aldridge LLP.
In the current enforcement environment, it would be a mistake for senior executives and board members to take for granted the enthusiastic and highly effective efforts of the chief compliance officer, who is often overworked and underappreciated, says Sharie Brown of Troutman Sanders LLP.
From an investor perspective, a simultaneous signing and closing of a private investment in public equity is preferable in order to avoid being exposed to any negative developments with respect to the issuer or the markets that may occur between signing and closing. Then again, where closing will have to be delayed, the parties may desire to sign prior to closing in order to lock in pricing, say attorneys with Schulte Roth & Zabel LLP and Lowenstein Sandler PC.
The key impact of recent and impending changes to the U.K. Takeover Code for private equity bidders is that a bidder is now required to disclose its plans for employer contributions to the target’s defined benefit pension schemes, including the current arrangements for funding any scheme deficit, say attorneys with Debevoise & Plimpton LLP.
The Delaware Courts have made clear that fair value in the context of an appraisal of a corporation’s going concern is distinct from a market-based merger price for the stock of that corporation, say Jeremy Anderson and José Sierra of Fish & Richardson PC.
Even before U.S. Securities Exchange Commission Rule 506(d) becomes effective on Sept. 23, companies planning to conduct a private offering must learn the rule and keep it in mind as they seek investors, recruit officers and directors, and work with certain other persons and entities. For offerings after that date, if someone turns up as a "bad actor," Rule 506 is no longer available, says Jonathan Guest of McCarter & English LLP.
Since the beginning of the year, there has been a steady stream of notable and somewhat unanticipated announcements and new rules from the IRS that impact the private equity community, and not all of them relate to the scandals that have gotten so much attention in the press, say David Schnabel and Vadim Mahmoudov of Debevoise & Plimpton LLP.
Recently in Coakley v. Bangor Hydro-Electric Co., Judge Michael Cianci found the New England transmission owners’ current base return on equity unjust, which brought up questions regarding ROEs for new transmission facilities. If ROEs for such facilities were fixed on the basis of transmission developers' market proposals, investors' returns would remain stable, says G. Philip Nowak of Akin Gump Strauss Hauer & Feld LLP.
Congress passed the Jumpstart Our Business Startups Act to facilitate access to early-stage capital by loosening general solicitation restrictions, and while this is an improvement, it is not likely to bridge the funding gap for startup biotech ventures. A possible solution for the funding gap problem is for the U.S. Securities and Exchange Commission to revise its broker-dealer regulations, say Brian Goldstein and Tobin Sullivan of Choate Hall & Stewart LLP.