Posts related to ‘Private Equity’

The More Focused, and More Opaque, Buffett & Berkshire Hathaway (BRK-A, BRK-B, BNI, UNP, NSC, GS, GE, TIF, HOG, WMT, COP, XOM, WFC, RSG, DOW, ETN, WBC, MCO, WLP, UNH, GSK, SNY, GCI, WPO)

This was an important week for investment guru and billionaire watchers to see which gurus were holding which stocks.  The full public equity holdings of Warren Buffett via Berkshire Hathaway Inc. (NYSE: BRK-A) were particularly of note, particularly with those B shares under “BRK-B” soon to split and giving a chance for even the less astute ranks of Joe Public to own a piece of the Berkshire dream.  Obviously the huge change is via the Burlington Northern Santa Fe Corp. (NYSE: BNI) buyout.  As part of this deal, Buffett is exiting Union Pacific (NYSE: UNP) and exiting Norfolk Southern (NYSE: NSC) stakes of about $600 million and $100 million, respectively, to avoid duplication and internal competition.  The rail transport play now accounts for about one-quarter of the total Berkshire Hathaway entity upon closing. But the less obvious position in that Warren Buffett in 2009 has made it clear that there will be a simpler and probably less “stock-hound” version of Berkshire Hathaway ahead.

Buffett has gone higher up the food chain and is likely to be a creditor now inside or to large institutions.  We have seen this during the crisis.  Buffett negotiated a better deal for Goldman Sachs Group (NYSE: GS) than the US Government was able to get.  Buffett’s preferred stock in Goldman Sachs has a dividend of 10% and is callable at any time at a 10% premium; but Buffett also got warrants to purchase $5 billion of common stock with a strike price of $115.00 per share, exercisable for a five-year term (4 years now), and Buffett would effectively get to pocket $61 per share if he exercised those all today at the market (and with a $2.6 billion warrant profit alone).

The General Electric Co. (NYSE: GE) stake was listed only as 7.77 million shares of common stock (about $125 million now), the same as it has been for quarters.  Yet last year Buffett came to the rescue with a $3 billion of perpetual preferred stock in a private offering with a dividend of 10% and warrants to purchase $3 billion of common stock.  The preferred is callable after 3-years (2 years now) at a 10% premium; the warrants have a strike price of $22.25 and are exercisable for a five-year term (4 years now).
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Posted on: November 19, 2009 – 8:59 am in Activist Investor, Bonds, Buffett, Conglomerates, Dividend, Editor's Picks, Infrastructure, Large Cap Stocks, Mergers and Buy Outs, Oil & Gas, Private Equity, Transports, Value Investing, , , , , , , , , , , , , , , , , , , , , , , ,

Long-Past SPAC Deals Reach Back for Warrants, More Deal News (SGS, HOL, EST, CIO, PAX, TMI, CFQCF)

We have been given some exclusive coverage on the recent developments in special purpose acquisition companies and blank check companies from SPACupdate.com this morning.  Stream Global Services (AMEX: SGS), the business outsourcer brought public through SPAC Global BPO Services Co., has launched an offer to buy back its warrants from its blank check merger. As more than a dozen SPAC targets have leaped past their blank check’s IPO value, it is expected that investors will clamor to buy up warrants that offer big discounts on rising stock and that the companies affiliated with those blank checks will set out to curb dilution through buybacks.

Friday, China Holdings Acquisition Co. (AMEX: HOL) will have its deal vote to bring ceramic tile maker Jinjiang Hengda Ceramics Co., Ltd. The SPAC, earlier this week, entered into an agreement with forward contract champ Victory Park Capital Advisors to buy back 4 million shares at a small premium. The $150 million SPAC joins a long list of successful blank checks from this fall—among them, REIT-targeting vehicles Enterprise Acquisition Co. (AMEX: EST)—that used forward contracts to get their deals done.
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Posted on: November 18, 2009 – 8:50 am in IPOs, Mergers and Buy Outs, Private Equity, , , , , , ,

SPAC/Blank Check IPO Filing: 57th Street General Acquisition Corp.

The world of special purpose acquisition companies may get yet another new entrant.  After the close of trading on Monday came the filing for 57th Street General Acquisition Corp. to come public via an initial public offering.  This deal is being brought by Morgan Joseph and by Ladenberg Thalman & Co.   57th Street plans to sell 5,000,000 Units, each at a purchase price of $10.00 per unit and consisting of one share of common stock and one warrant to purchase one share of our common stock with an $11.50 strike price.

57th Street is a newly organized blank check company formed for the purpose of acquiring (or merging with) one or more operating businesses or assets that have not yet been identified.  This blank check has a bit shorter of a lease as it will only have 15 months from the date of this prospectus to consummate its initial business transaction.

Unfortunately, this one plans to trade OTC on the Bulletin Board.

Jon C. Ogg

Posted on: November 17, 2009 – 11:31 am in IPOs, Mergers and Buy Outs, Private Equity

Are Silicon Storage Holders Getting Enough? (SSTI)

Money ImageSilicon Storage Technology, Inc. (NASDAQ: SSTI) is trading up on a private equity and management-led buyout.  SST is flash memory maker based in Sunnyvale, California.  While the company has entered into a definitive merger agreement to be acquired for $2.10 per share, it is almost impossible not to wonder (at best) if this price is a fair value to the Silicon Storage shareholders who would be getting cashed out if a majority approves the deal.

First off, the company is being acquired by Prophet Equity LP’s Technology Resource Holdings, Inc. as well as by members of Silicon Storage’s management team.  The $2.10 price is also only a 13% premium to yesterday’s close.  It seems some believe that the private equity and management-led buyout will have to pony up more.  Shares are above the buyout price.
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Posted on: November 13, 2009 – 3:00 pm in Corporate Governance, Management Change, Mergers and Buy Outs, Private Equity, Semiconductor, Shareholder Issues, Technology Companies,

Many Key SPACs on Deck (PAX, TOH, EST, TCW, CFQCF, GQN, NSAQ, CIO)

We have been given some exclusive data from SPACupdate.com on the progress of many blank check and special purpose acquisition companies which their targets and relevant trading data. Prospect Acquisition Co. (AMEX: PAX), Hicks Acquisition Co. (AMEX: TOH), Enterprise Acquisition Co. (AMEX: EST), Triplecrown Acquisition Co. (AMEX: TCW), China Fundamental Acquisition Co. (OTC: CFQCF), Global Brands Acquisition Co. (AMEX: GQN), North Shore Acquisition Co. (OTC: NSAQ), and Asia Special Situation Acquisition Co. (AMEX: CIO) all have very recent or pending data important for SPAC and special situations investing.
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Posted on: November 13, 2009 – 9:23 am in Mergers and Buy Outs, Private Equity, , , , , , , ,

Tech Giants Now Hold ~$265 Billion Cash To Spend (HPQ, COMS, INTC, AMD, MSFT, CSCO, AAPL, GOOG, ORCL, JAVA, QCOM, EMC, YHOO, DELL, AMZN, EBAY, ONT, BRCD, JDSU, STAR, VMW)

You have already seen the Hewlett-Packard (NYSE: HPQ) buyout of 3Com Corporation (NASDAQ: COMS).  But this week before that deal was announced we covered how mergers in the technology sector have been very slow to develop over the scale in which we and others think is possible for the sector.  After the Intel Corporation (NASDAQ: INTC) settlement with Advanced Micro Devices (NYSE: AMD), the tally of cash that is now estimated would be an implied $265 billion that is available for the tech giants in our 24/7 Wall St. Real-Time 500 to make acquisitions.

The giant cash balances are held by Microsoft Corporation (NASDAQ: MSFT), Cisco Systems Inc. (NASDAQ: CSCO), Apple Inc. (NASDAQ: AAPL), Google Inc. (NASDAQ: GOOG), and Oracle Corp. (NASDAQ: ORCL), assuming nothing happens with Sun Microsystems Inc. (NASDAQ: JAVA).  But players like QUALCOMM Inc. (NASDAQ: QCOM), EMC Corporation (NYSE: EMC), International Business Machines (NYSE: IBM), Dell Inc. (NASDAQ: DELL), Yahoo! Inc. (NASDAQ: YHOO), Amazon.com Inc. (NASDAQ: AMZN), and eBay Inc. (NASDAQ: EBAY) are either all sitting with large amounts of cash or will be very soon.

We have broken out these technology, IT, software, and Internet companies by the cash amount they hold or what they have in a soon-to-be cash balance.  Of course only a fraction of this cash will be used for mergers.  But there is also a ton of room here for dividends and of course the share buybacks.

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Posted on: November 12, 2009 – 11:31 am in Consumer Electronics, Cramer, Dividend, Editor's Picks, Internet, Large Cap Stocks, Mergers and Buy Outs, PC Companies, Private Equity, Rumors, Semiconductor, Software, Stock Buybacks, Technology Companies, Telecom, , , , , , , , , , , , , , , , , , , ,

Tech Titans Still Have $269 Billion Cash For Deals (MSFT, CSCO, AAPL, GOOG, INTC, HPQ, QCOM, EMC, VMW, YHOO, DELL, ORCL, JAVA, AMZN, EBAY)

The recovery is on and mergers are happening, yet the technology sector has been slow to make deals.  Despite some deals already having taken place from the technology giants and that $260 billion cash balance which was there in the middle of last quarter is even larger now.  The tally for cash by our count is now right around $269 billion.  We looked through the top market caps of technology companies in our 24/7 Wall St. Real-Time 500 and this list is expanded now that some issues have been resolved in all the companies.  The stocks in this group are Microsoft Corporation (NASDAQ: MSFT), Cisco Systems Inc. (NASDAQ: CSCO), Apple Inc. (NASDAQ: AAPL), Google Inc. (NASDAQ: GOOG), Intel Corp. (NASDAQ: INTC), Oracle Corp. (NASDAQ: ORCL), Sun Microsystems Inc. (NASDAQ: JAVA), Hewlett-Packard Company (NYSE: HPQ), QUALCOMM Inc. (NASDAQ: QCOM), EMC Corporation (NYSE: EMC), International Business Machines (NYSE: IBM), Dell Inc. (NASDAQ: DELL), Yahoo! Inc. (NASDAQ: YHOO), Amazon.com Inc. (NASDAQ: AMZN), and eBay Inc. (NASDAQ: EBAY).

These few tech companies with the $269 billion cash that could be deployed for mergers, acquisitions, or the good old dividends are also listed before tallying up credit lines, factoring, debt sales, and other creative financing methods.  We have listed the suppositions and counting methods for each one to illustrate how much is available at each company.
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Posted on: November 10, 2009 – 1:07 pm in Consumer Electronics, Dividend, Editor's Picks, Internet, Large Cap Stocks, Mergers and Buy Outs, PC Companies, Private Equity, Rumors, Semiconductor, Technology Companies, Value Investing, , , , , , , , , , , , , , , , ,

AES Debate: China’s Infrastructure Grab (AES)

bull-and-bear-imageChina is at it again buying key infrastructure access.  AES Corp. (NYSE: AES) disclosed on Friday, along with earnings, that the company was raising significant cash.  This is a capital raise which also may ‘raise some eyebrows’ because the company is selling a 15% stake to China’s sovereign wealth fund, China Investment Corporation.  The stake sale will bring in $1.58 billion for expansion of global projects.  AES also announced a Letter of Intent to sell a 35% minority stake in its global wind generation business valued at $571 million on top of the stake sale.
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Posted on: November 7, 2009 – 11:59 am in China, Emerging Markets, Infrastructure, Mergers and Buy Outs, Private Equity, Regulation, Utilities,

Four Of Top Ten Private Equity Deals In Default, Or Worse

bearThe private equity business has been unkind to the firms that have done the largest LBO deals of the last year. That only makes sense. Leverage has been beaten down by the recession. PE firms assumed that large debt loads would be paid down from cash flow at the companies that they bought. Those assumptions did not forecast the worst recession in seven decades.

New Moody’s data shows that the ten largest private equity deals of all time are performing worse than comparable companies that were not bought out. Read More »

Posted on: November 5, 2009 – 5:09 am in Private Equity

Recently Completed SPAC Deals Tripped up by De-Listing Threats (TMI, WLBC, CNWHF)

SPACupdate.com provides daily reports and e-mails covering blank checks, their targets and relevant trading data.  The team has provided 24/7 Wall Street with many examples of solid developments in special purpose acquisition companies, but today we have examples of how not all deals will be positive in the sector.  Two blank checks that recently completed deals have been threatened with de-listing by the AMEX.  SPACs’ buoyancy after deal completions—and even value gains after favorable merger votes are tallied—have created arbitrage opportunities for unit holders who can split shares from warrants and sell each off at a markup in excess of 25% of a unit’s redemption value.

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Posted on: November 2, 2009 – 3:56 pm in China, Mergers and Buy Outs, Private Equity, , ,

Can Hyatt IPO Beat Current IPO Doldrums? (H, HOT, MAR)

Hyatt LogoLate Friday night, after a really poor market day, Hyatt Hotels issued an amended S-1 for its planned initial public offering.  Because of last week’s market volatility, we are getting mixed signals about both the ultimate pricing and about which night the hotel operator will price its deal.  The deal is still set for 38 million shares in a price range expected as $23.00 and $26.00.  The company will also trade under the ticker “H” on the NYSE.

Hyatt is controlled by the Pritzker family.  It has a huge underwriting syndicate with Goldman Sachs as lead manager.  Co-managers are listed as Deutsche Bank, J.P. Morgan, Bank of America Merrill Lynch, Citigroup, UBS, HASBC, Piper Jaffray, Wells Fargo, and Scotia Capital.  Other companies also listed on the prospectus are Robert W. Baird, Loop Capital Markets, M.R. Beal, Ramirez & Co., Siebert Capital Markets, and The Williams Capital Group.  The underwriting group has an overallotment option to purchase up to an additional 5.7 million shares of common stock.

The mid-point of this IPO will generate roughly a $4.11 billion market cap, and the net tangible book value as of September 30, 2009 was approximately $4.5 billion (roughly $26.98 per share).  This is less than 80% of the value of Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT) $5.4 billion market cap and less than half of Marriott International, Inc. (NYSE: MAR) $9 billion market cap.
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Posted on: November 2, 2009 – 12:45 pm in Entertainment, IPOs, Private Equity, REIT, , ,

Bill Gates Gets Further Entrenched in Waste Sector (RSG, WM, MSFT, BRK-A)

Bill Gates ImageIf you thought that Bill Gates might have an ambition beyond just passive investing in the garbage and waste disposal sector, you might be correct.  Bill Gates’ Cascade Investment, L.L.C. and the Bill & Melinda Gates Foundation Trust own a collective share of about 15% of Republic Services, Inc. (NYSE: RSG).  Republic is the #2 waste management player now that it acquired Allied Waste Industries behind the dominant Waste Management Inc. (NYSE: WM).

Today came the news that Gates’ confidant Michael Larson has joined Republic’s Board of Directors effective October 28, 2009, and Larson will also become a member of Republic’s Compensation Committee and its Nominating and Corporate Governance Committee.  Larson is the Business Manager of Cascade Investment and is the Chief Investment Officer for the Bill & Melinda Gates Foundation Trust.  In short, Bill Gates (or his investment funds) is not just going to be a mere large investor in the garbage sector.  That is an entrenchment into a company, and there seems to be a reason for it.
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Posted on: October 30, 2009 – 11:40 am in Activist Investor, Buffett, Business Services, Private Equity, Utilities, , , ,

Corel: Strangest Go-Private, M&A, & IPO Story of the Decade (CREL, MSFT, ADBE)

Corel LogoIt has become commonplace to see initial public offerings from earlier private equity holdings that were once public and taken private.  Yet it is very odd to see a company get acquired in a go-private deal to ultimately be followed by a re-IPO and then ultimately see a go-private transaction come its way yet again.  But that is what we are seeing as a possibility, again, in Corel Corporation (NASDAQ: CORL).
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Posted on: October 29, 2009 – 12:53 pm in Mergers and Buy Outs, Private Equity, Software, , ,

Key SPAC Deals on Deck (HLD, EST, NAQ, CLA)

SPACupdate.com has been bringing 24/7 Wall Street waves of data on the resurgence of special purpose acquisition companies, or SPACs.   After a string of successful mergers, two coming to vote by the end of this week will try to build on the prior successes of real estate SPACs.  Secure America Acquisition Co. (AMEX: HLD) is set to vote and Enterprise Acquisition Co. (AMEX: EST) hopes to follow a similar path of NRDC Acquisition Co. (AMEX: NAQ) and Capitol Acquisition Co. (AMEX: CLA).
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Posted on: October 28, 2009 – 9:42 am in Mergers and Buy Outs, Private Equity, , , ,

SPAC Dealsheet Changes Continue (CLA, NAQ, IDI, TMI)

SPACupdate.com provides daily reports and e-mails covering blank checks, their targets and relevant trading data. Monday and Tuesday, a pair of mergers will go to shareholders for a vote.

Capitol Acquisition Co. (AMEX: CLA) broke the news late last week that it has pushed even closer to its deal with $32 million in buybacks and sources say the blank check is going to join the recent string of blank checks that have cashed in on improving investor optimism. Capitol’s REIT deal with Pine River Capital Management’s Two Harbors Investment Corp. position it to take advantage of distressed residential mortgage-backed securities. That the SPAC’s warrants have only traded last week in the $0.65 range is surprising, given that NRDC Acquisition Co. (AMEX: NAQ) successfully converted itself into a REIT last week with overwhelming shareholder approval. Capitol Acquisition shares broke through their trust value briefly, before gravitating back to $9.86. On Oct. 26, Capitol will have its merger vote.

Ideation Acquisition Co. (AMEX: IDI) is in a similar position—only better. The SPAC’s warrants are trading in the $3 range, sources have been acknowledging its merger’s likely success for weeks and Ladenburg Thalmann recently bestowed a “BUY” rating on the blank check, giving its shares a boost past the $9 range. At $8.80, the SPAC’s shares are still trading at more than $1 over their redemption value, signaling not only the deal’s completion is guaranteed, but that the blank check has, similar to TM Entertainment & Media (AMEX: TMI) picked a winning target in the Chinese advertising market. Ideation’s vote to bring SearchMedia public will come Oct. 27.

After this, we still have two more deal votes remaining this week. Given the recent run SPACs have gone on, provided markets can protect existing gains, it stands to reason that many of the remaining blank checks with targets identified will succeed. Still more SPACs, numbering about a dozen, have potential warrant bargains available and other blank checks that completed deals, went public prior to the recession and are now experiencing value rebounds offer similar potential.

For more, visit SPACupdate.com.

Posted on: October 26, 2009 – 9:35 am in Mergers and Buy Outs, Private Equity, , , ,

Are SPAC IPO Filings Back in Favor?

Money ImageGSME Acquisition Co. became the second Special Purpose Acquisition Company (SPAC) this year to file paperwork with the SEC to go public. The blank check wants to assemble a China-based dealmaking vehicle worth about $41 million.  SPACupdate.com has provided us with some detailed coverage of this company.  The SPAC is sponsored by GSME Capital Partners, an investment firm that operates in Shanghai. It is seeking to complete a transaction with a redemption threshold of 19.01%, a smaller-than-usual margin of voter rejection. GSME’s management consists of Jing Dong Gao, Eli D. Scher and Zhong Wen Lin.
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Posted on: October 20, 2009 – 2:12 pm in China, IPOs, Private Equity

The Back-Door Play on Advertising in China (IDI, FMCN, VISN, AMCN, LAMR, CCO)

china mapIdeation Acquisition Corp. (AMEX: IDI) gave us a volume spike alert over at VSInvestor.com, and it is very unusual to see a special purpose acquisition company suddenly have exponential trading volume. The company has a pending merger vote and it gave an investor presentation just last week at the ROTH China Conference.  Today’s interest is after Ladenburg Thalmann picked up new analyst coverage with a “BUY” rating ahead of a pending merger vote with SearchMedia, an outdoor billboard and in-elevator advertiser in China.

Investors are starting to treat this SPAC as a pre-merger entrance into the Chinese advertising market.  This in a sense gives small-cap investors a chance to buy into what they will hope can become the next Focus Media Holding Ltd. (NASDAQ: FMCN), the larger pure-play Chinese advertising stock with a $1.88 billion market cap… Or even the other player called VisionChina Media Inc. (NASDAQ: VISN) with a $716 million value today after a 3% gain, or the AirMedia Group Inc. (NASDAQ: AMCN) with a $554 million market cap after an 8% gain today.  It will be a stretch to compare this smaller player to Clear Channel Outdoor Holdings Inc. (NYSE: CCO) or to Lamar Advertising Co. (NASDAQ: LAMR), but those are the clear leaders in America for U.S. investors.
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Posted on: October 19, 2009 – 1:23 pm in Activist Investor, Business Services, China, Entertainment, Media, Private Equity, , , , , ,

SPAC Votes Coming (TTY, EDS, NAQ, CLA, EST, TCW)

SPACupdate.com has provided 24/7 Wall Street with some exclusive coverage on key issues coming up in the realm of special purpose acquisition companies.  2020 ChinaCap Acquirco (NASDAQ: TTY; NASDAQ: EDS) is on deck for its deal vote. NRDC Acquisition Co. (AMEX: NAQ) is adopting a REIT-strategy that differs from what was seen in Capitol Acquisition Co. (AMEX: CLA) or Enterprise Acquisition Co. (AMEX: EST).  Triplecrown Acquisition Co. (AMEX: TCW) also has a vote coming up.  More detailed information is provided below on each company.
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Posted on: October 19, 2009 – 9:40 am in Activist Investor, Mergers and Buy Outs, Private Equity, , , , , ,

IPO Market Showing Concern (MG, TLCR, BSBR, EM, CLNY, RA, FIG, ARI, VITC, ECHO, CPC, GAME, SNDA, CYOU, SOHU, CPIX, OMER, BX)

bull-and-bear-image2It was just in August that practically every single initial public offering was trading above its IPO price.  The market had rallied significantly, and still rallied after that to just this week have a 10,000 handle on the DJIA.  Investors started warming to more risk-based capital, and investment bankers were finally able to get deals done.  Even waves and waves of secondary offerings were able to be absorbed merely by brokers being able to tell clients they could buy stock at an implied discount to the average price over the few days before.  But suddenly, the IPO market has turned out some real dogs with fleas.

Mistra Group (NYSE: MG) priced its offering at $12.50 on October 7.  While it traded as low as $12.17, it has escaped the hangman’s file of ‘busted deals’ as it is now a $13.51 stock.  The one thing that may have helped was that it priced under an initial range of $14 to $16 per share.  Talecris Biotherapeutics Holdings Corp. (NASDAQ: TLCR) also went into the busted category temporarily after hitting a low of $18.01 after a $19.00 pricing.  Fortunately, it is up at $19.97 so is also now out of the hangman’s eyes.  Still, an 8% gain and a 5% gain in this market might leave some investors feeling lonely.  Banco Santander Brasil S.A. (NYSE: BSBR) was a very large IPO of over 500 million shares at an implied $13.40, and this one got out of the “busted IPO” dungeon on Thursday and closed at $13.51 on Friday.  Before Thursday it had spent its 6 prior trading sessions as a busted IPO.

Emdeon Inc. (NYSE: EM) had traded above $18.00 briefly after its IPO priced at $15.50 in August. But now the healthcare revenue and payment cycle management solutions provider, which is supposed to be a healthcare winner ahead, closed down at $15.35 on Friday  and had been slightly lower during the week.  This was effectively a re-IPO as Emdeon had been public before after General Atlantic Partners acquired it and it also received an investment from Hellman & Friedman. It also has ties to James Clark, the Netscape founder and was part of Healtheon.

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Posted on: October 17, 2009 – 8:45 am in ADR, Biotech, Business Services, China, Editor's Picks, Entertainment, IPOs, Mergers and Buy Outs, Private Equity, REIT, Secondary Offering, Trading Alert, Value Investing, , , , , , , , , , , , , , , , , ,

SPACupdate.com Deal Watch (URX, CSAQF, TMI, TTY, NAQ, TCW)

SPACupdate.com has provided 24/7 Wall Street with some exclusive coverage for the world of special purpose acquisition companies or SPACs.  This monitors live deals involving blank check companies, associated stock and warrant transactions and relevant personnel moves. Watch warrant holders to see where the trade winds for blank check votes blow. Two deals have major SPAC players owning warrants that will serve as a barometer as deal votes approach. One already has: TM Entertainment’s merger vote will come tomorrow.

United Refining Energy (AMEX: URX) will merge with Oklahoma City-based oil and natural gas producer Chaparral Energy, the SPAC announced Tuesday. The deal announcement sent the blank checks’ warrants spiking up to 45 cents in Tuesday trading; its shares closed at $9.96.
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Posted on: October 14, 2009 – 9:14 am in Mergers and Buy Outs, Private Equity, , , , , ,