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.
Goldman Sachs Group Inc.’s private equity group is buying a Long Beach, Calif-based audiovisual and events company from Kelso & Co. for $900 million, according to reports on Tuesday.
A Delaware bankruptcy judge on Tuesday gave the green light to a settlement between defunct electric carmaker Coda Holdings Inc. and employees suing it for allegedly improper layoffs, this over the objections of a unit of the debtors private equity buyer Fortress Investment Group LLC.
Bank of America Corp. unilaterally dictated the terms of its $8.5 billion “Frankenstein monstrosity” of a settlement with institutional mortgage-backed securities investors, an attorney challenging the deal at trial told a New York judge Tuesday, urging the judge to veto the deal.
A Fortress Investment Group LLC unit will purchase a portfolio of 52 senior housing properties for $1.01 billion from subsidiaries of Holiday Acquisition Holdings LLC, according to a Monday statement.
With the Foreign Account Tax Compliance Act taking full effect in July, investors across the globe are concerned about the U.S. government’s silence on whether it will seek criminal prosecution for violators and how the Internal Revenue Service plans to regulate foreign-to-foreign transactions.
In the first half of 2013, in addition to the recent NextCare Holdings Inc.-PrimaCare Medical Centers deal in Texas, we have seen activity across the urgent care market by both strategic and financial buyers, including through merger and acquisition, as well as organic growth, say Amber Walsh and Geoffrey Cockrell of McGuireWoods LLP.
With the implementation of Foreign Account Tax Compliance Act, the IRS will possess much more information about U.S. account holders than it has ever received. For investment funds, this will translate into new withholding tax and reporting requirements, which could potentially have a dramatic impact on how funds currently operate. It will affect both U.S. and foreign-managed funds, including mutual funds, funds of funds, hedge funds, venture capital and private equity funds, says Annette De La Torre of Foley & Lardner LLP.
Despite a number of risks, recent court decisions, actions by market participants and changes in the structure of the merger and capital markets suggest that the potential benefits of an appraisal action may in an increasing number of cases significantly outweigh the costs, says Boris Steffen of Gavin Solmonese LLC.
Law firms increased their hourly rates an average of close to 10 percent between 2010 and 2012. This trend is an indicator of why corporate legal spending is so high. However, those who take the time to analyze their legal bills can attest that it’s the line items that the law firms are charging for — not the rate — that are creating exorbitant legal fees and causing significant distress, says David Paige of Legal Fee Advisors.
From individual taxpayers to small business owners to real estate investors, a wide range of Americans will soon feel the effects of two recent laws — the American Taxpayer Relief Act and the Patient Protection and Affordable Care Act, says Stephen Looney, chairman of Dean Mead Egerton Bloodworth Capouano & Bozarth PA's tax department.
To the extent that recent guidance from the Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency causes a tightening in underwriting policies at regulated banks, it could ultimately lead to a relatively smaller role in the leveraged finance market for loans by regulated banks and a larger role for less regulated products and providers, including private funds, say attorneys with Debevoise & Plimpton LLP.
It is not unusual in any bankruptcy proceeding to see the official committee of unsecured creditors bring derivative actions against current and former officers and directors of a company for alleged breaches of fiduciary duties. But in the Allied Systems Holdings Inc. case, pending in the U.S. Bankruptcy Court for the District of Delaware, this usual process took an unusual turn, says John Dorsey of Young Conaway Stargatt & Taylor LLP.
In light of the Delaware Chancery Court's recent decision in Merion Capital v. 3M Cogent, investors who believe their stock is more valuable than the merger price being offered should consider exercising their right to an appraisal. At the very least, this gives the investor an additional 60-day period to either continue seeking appraisal or accept the merger consideration, says Lawrence Rolnick and Steven Hecht of Lowenstein Sandler LLP.
While the Western District of New York's recent decision in In re Batavia Nursing Home LLC and the Second Circuit's 2011 decision in Enron Creditors Recovery Corp. v. Alfa SAB de CV suggest that courts in the Second Circuit should apply the Section 546(e) safe harbors to leveraged buyouts of privately held securities, neither decision explicitly overturned the prior, conflicting precedent in In re MacMenamin’s Grill Ltd., say David Wender and John Spears of Alston & Bird LLP.
The long-running antitrust class action litigation challenging club deals and certain other practices was recently downsized but is still alive. The decision in Dahl v. Bain Capital Partners provides a renewed warning that private equity firms must take great care not to make statements that may create the impression that they have agreed with competitors not to compete, says Gary Kubek of Debevoise & Plimpton LLP.