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Source: www.moreover.com --- 17 days ago
Albourne Village Jun 19 2008 9:11PM GMT ... Source: www.theglobeandmail.com --- 13 days ago
The ghost of Clear Channel Communications haunts the BCE Buyout. The contentious takeover of Clear Channel, a U.S. advertising company, saw the banks balk at lending on the $17.9-billion deal, and shareholders swallow a price cut. With three of the banks involved in Clear Channel now playing central - Follow link to read full post ... Source: news.yahoo.com --- 6 days ago
Reuters - Clear Channel Radio Chief Executive John Hogan signed on Sunday a five-year contract to remain in his role with the company as its parent, Clear Channel Communications , heads toward closing a private Buyout, according to a company memo obtained by Reuters. ... Source: www.msnbc.msn.com --- 53 days ago
Clear Channel Communications Inc. has settled a legal dispute with the lenders funding its private equity Buyout, clearing the way for the radio and outdoor advertising company to finally seal the deal nearly two years after it was first announced. ... Source: news.yahoo.com --- 52 days ago
Clear Channel Communications Inc., two private-equity firms and six banks -- including Charlotte-based Wachovia Corp. -- have settled their legal dispute over a planned Buyout of Clear Channel. (CCU) (WB) ... Source: blogs.reuters.com --- 17 days ago
Private equity buyouts of Clear Channel and BCE have already gone to court due to tightening credit markets, and now it looks like Apollo Management's $6.5 billion Buyout of U.S. chemical Huntsman Corp may be next. ... Source: money.cnn.com --- 53 days ago
Read full story for latest details. ... Source: www.washingtonpost.com --- 53 days ago
NEW YORK -- Clear Channel Communications Inc. has settled a legal dispute with the lenders funding its private equity Buyout, clearing the way for the radio and outdoor advertising company to finally seal the deal nearly two years after it was first announced. ... Source: www.washingtonpost.com --- 6 days ago
NEW YORK (Reuters) - Clear Channel Radio Chief Executive John Hogan signed on Sunday a five-year contract to remain in his role with the company as its parent, Clear Channel Communications , heads toward closing a private Buyout, according to a company memo obtained by Reuters. ... Source: blogs.wsj.com --- 30 days ago
by Sarah McBride and Heidi Moore Clear Channel Communications is the beneficiary of a near-miracle: its Buyout, once near death, came through with full funding from its investment banks. That’s why Clear Channel is going to make sure nothing goes wrong now — and specifically, making sure that the company has more than enough cash [...] ... Source: blogs.wsj.com --- 27 days ago
While Clear Channel Communications sued its banks to get its Buyout done, and BCE is flailing around in Canada waiting for the Supreme Court to weigh in on a bondholder suit, Penn National Gaming isn’t playing around. The company on Friday (at ahem, 8 p.m.), said it would extend the deadline for closing its Buyout [...] ... Source: blogs.wsj.com --- 31 days ago
Is last year’s $27.5 billion privatization of Alltel Corp. a busted deal in disguise? Even though the Buyout by TPG and Goldman Sachs Capital Partners actually closed, it may have secretly been just as troubled as the buyouts of Clear Channel Communications or the pending takeover of Canadian telecommunications concern BCE. Like them, the Alltel [...] ... Source: blogs.wsj.com --- 12 days ago
And lo, it was revealed that there would be Four Horsemen of the Leveraged Buyout Apocalypse: Clear Channel Communications, BCE, Huntsman and Penn National Gaming. And it was bad. With BCE in flux and Huntsman in litigation, it is no wonder investors–particularly merger arbitragers, who bet on deals closing–are panicking about Penn National, whose stock [...] ... Source: network.nationalpost.com --- 13 days ago
Regardless of what the Supreme Court of Canada’s approval of the BCE Inc. takeover does for the stock in the near term, what matters most for many shareholders is the deal’s closing price. The banks financing the privatization of BCE are not expected to take it easy on the Buyout group led by the Ontario Teachers’ Pension Plan. They will likely push for an 8% cut to the original deal price of $42.75 per share, according to Desjardins Securities analyst Joseph MacKay. “Based on the precedents set in the Clear Channel deal and the weak credit markets, we expect the banks to play hardball,” he told clients. This would bring the offer down to $39.25. A revised price would require a new shareholder vote, which would delay the deal’s closing until late in the third quarter, Mr. MacKay said, adding that no more dividend payments should be expected. As a result, the analyst maintained his “hold” rating on BCE and hiked his price target to $39.25 from $34. He also noted that final approval from Industry Canada is expected next week. Jonathan Ratner ... Source: network.nationalpost.com --- 13 days ago
Despite a big lift on the back of the go-ahead from Canada’s top court, shares of BCE Inc. are still well off their $42.75 Buyout price. Everybody seems to have an opinion about whether the deal will close as planned, or at all, and analysts are no exception. David Lambert at Canaccord Adams thinks the chances of the BCE Buyout being repriced are low. This is in part because the $42.75 per share offer was determined by auction. “It is our view that approval of the BCE plan of arrangement, which allows a private equity group to purchase BCE for $42.75, has changed the likelihood of the deal closing from negligible to very likely,” he told clients. As a result, Mr. Lambert upgraded BCE shares to a “buy” and increased his price target to $42.75 from $28.75, which was based on the net asset value of the company’s business segments. The deal now has to be ironed out by the banks and financing partners. And despite the fact that the Clear Channel Communications Inc. deal demonstrated it is possible for the banks to reset the purchase price, Mr. Lambert said this is “not in the cards yet.” UBS analyst Jeffrey Fan also upgraded his rating to a “buy” and raised his price target to $39 from $36. While the lenders have said they are working to close the deal in accordance with the definitive agreement between BCE and the equity sponsors, he noted that similar statements were made in the Clear Channel transaction. “While the lenders do not e ... Source: www.MiamiHerald.com --- 44 days ago
Clear Channel Communications Inc. said the debt financing needed for its $17.9 billion sale to two private equity firms is in place, clearing one hurdle in the transaction's path. ... Source: www.signonsandiego.com --- 52 days ago
NEW YORK – A lot has changed in the year and a half since radio industry leader Clear Channel Communications Inc. struck a deal to go private. Credit markets seized up, radio advertising continued to falter and another radio Buyout deal failed. ... Source: ccu.bloggingstocks.com --- 31 days ago
Filed under: Deals , Private equity , Citigroup Inc. (C) , Clear Channel Commun (CCU) It is the last big Buyout left from 2007, the leveraged deal to take Bell Canada (NYSE: BCE ) private. The transaction is worth almost $52 billion. Like several LBOs before it, banks are negotiating to get a better price, or kill the deal. According to The New York Times , "The negotiations over the Bell Canada Buyout began to fray late Friday." Banks in the deal, including Citigroup (NYSE: C ), want higher interest rates and other concessions. The private equity firms trying to close the transaction, which include Providence Equity Partners and Madison Dearborn Partners , may elect to sue the banks to close. The tactic was used in the Buyout of Clear Channel (NYSE: CCU ). It worked, but the price still ended up lower than the original offer. Since the banks have no shame in walking away from these deals, in many cases, observers probably hope courts will force closing on the terms that each party signed up for. But that is merely a child's fantasy. BCE trades at just under $39 after hitting $44 last November. After hard negotiating and a threat of court visits, watch for a deal to get done below $40. Douglas A. McIntyre is an editor at 247wallst.com and author of the Ten Stocks Under $10 letter. Read | Permalink | Email this | Linking Blogs | Comments ... Source: www.portfolio.com --- 12 days ago
The hands that shook over leveraged Buyout deals made before credit dried up are turning cold and clammy. Agreements that were made during the height of the rocking party now look unappealing in the cold light of the sober next day. While there are plenty of candidates for the biggest losers in these botched deals, it's impossible to argue that there are any winners bigger than the lawyers. In the latest legal showdown, the Texas-based chemicals provider Huntsman sued Apollo Management and its partners Leon Black and Joshua Harris for allegedly fraudulently misleading Huntsman with its proposed acquisition by Apollo-owned Hexion Specialty Chemicals. The $6.5 billion deal, whose handshake happened last July in the final days of the Buyout boom, appeared all but dead last week when Apollo and Hexion first sued Huntsman. The buyers contend that Huntsman's business deterioration constituted a material adverse change to the deal terms and that consummating the merger would result in an insolvent company. The deal was made at $28 per share. Huntsman now trades for less than half that amount. Curiously, unlike in the Clear Channel and B.C.E. legal battles, there has been nothing but radio silence from the banks in the Huntsman deal. In its complaint filed in Delaware last week, Apollo and Hexion said that they "no longer believed" they would be able to obtain the necessary financing from the lenders Credit Suisse and Deutsche Bank. The ...
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Filed under: Private equity Back on May 21st, the $34.1 billion Buyout deal for BCE (NYSE: BCE ) looked bleak. A Quebec court ruled that the process had to stop -- so as to evaluate the impact on bondholders. As a result, BCE's stock price plunged from $37.83 to $33.10. Of course, the decision was immediately appealed to Canada's Supreme Court. And, it was a savvy move. Today, the high court agreed to allow the BCE deal to move forward (this is according to a report in the Wall Street Journal , which is a paid publication). In fact, there was no rationale provided (instead, this will be provided at a later date). However, there are still headwinds on the Buyout. Simply put, the credit crunch is still lingering and making it extremely difficult to pull off mega financings. The banks on the deal include Citigroup (NYSE: C ), Deutsche Bank (NYSE: DB ), Royal Bank of Scotland, and Toronto-Dominion Bank. Of course, they don't want to sustain any more losses on their balance sheets. Then again, this does not mean the deal will fall apart. Rather, there will likely be pressure to renegotiate the price tag on the transaction. After all, this is what happened with the Buyout of Clear Channel. Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements . He also operates MergerBook.com . Permalink | Email this | Linking Blogs | Comments ...