Carlyle-Backed Ball Bearings Co. Cancels $555M IPO

Law360, New York (September 24, 2012, 6:57 PM EDT) -- Tsubaki Nakashima Co. Ltd., a Japanese ball bearings maker backed by private equity titan Carlyle Group LP, backed down Monday from its initial public offering, canceling a projected $555 million share sale thanks to weak market conditions, according to an announcement on the Tokyo Stock Exchange.

Carlyle had planned to sell 26.2 million shares, or about 70 percent of its stake in the company, in an initial public offering that was expected to raise about 43 billion yen. Tsubaki Nakashima was set to price the IPO...
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