Morning Take-Out
Court Ruling Offers Path to Challenge Dodd-Frank | For opponents of new financial regulations, a recent court ruling may have provided a useful opening. Industry groups have been looking at ways to fight new initiatives, like the Securities and Exchange Commission’s whistle-blower program and the Commodity Futures Trading Commission’s plan to curb speculative trading, projector DealBook reports.The catalyst: the July ruling by an appeals court striking down the S.
E.
C.
's proxy access rule, which would have made it easier for shareholders to nominate directors.DealBook »Warburg Stays in the Fray, but Off the Public Market | During the boom for huge buyouts, private equity firms were rushing to go public. But Warburg Pincus was not among them, and does not plan to be anytime soon.
The decades-old firm instead insists it will stick to its traditional investing, eschewing the scores of industry-specific funds and diversification that now-public rivals have undertaken in part to please Wall Street."We like being investors," Charles R. Kaye, one of Warburg’s co-presidents, told DealBook in an interview.DealBook »For AOL, Huffington Post Deal No Panacea | A fresh quarterly loss and projections of a lower operating income for the year last week sparked fresh concerns that AOL's strategies to reinvent itself, most notably through its acquisition of the Huffington Post, were not working.
But AOL's chief executive, Tim Armstrong, says he isn't worried. "We believe that the Huffington Post acquisition is one of the best things we’ve done," he told The New York Times.NEW YORK TIMES No News Corp. Board Seat — for the Moment | Elisabeth Murdoch may not be joining the News Corporation's board this year as part of the media empire's purchase of her production company, Shine.
But she still reaped a nice benefit from the sale: $214 million.FINANCIAL TIMES | NEWS CORP. 10-KSign up for the DealBook Newsletter, delivered every morning and afternoon.Liberty Considers Range of Options for Barnes & Noble | Liberty Media's potential options now include taking a minority stake in Barnes & Noble instead of an outright takeover.
DealBook »Asahi to Buy New Zealand Liquor Company | Asahi Group Holdings agreed on Thursday to buy Flavoured Beverages Group Holdings, a liquor company based on New Zealand, for $1.3 billion, in the latest deal in the consolidating industry.DEALBOOKBig Name Tech Firms Consider InterDigital | The wireless telecommunications specialist InterDigital is being looked at by a number of technology companies, including Apple, Nokia and Qualcomm, before an upcoming auction that is expected to be tightly contested.
REUTERS Cree to Buy LED Outdoor Lighting Company | With expected future tax benefits, the lighting company Cree puts the cost of acquiring Ruud Lighting at $525 million.DealBook »Axis-Shield Shareholders Say Alere Bid Is Too Low | The American medical device maker Alere, which took its £230 million ($379 million) bid for Axis-Shield directly to shareholders this month, may need to increase its offer to win over some of the largest shareholders.REUTERS Microsemi to Go Hostile for Canadian Semiconductor Maker | Microsemi is set to go directly to shareholders with its $550 million offer for Zarlink Semiconductor, after the projector Canadian firm rebuffed its advances a month ago in the hope that other bidders would present themselves.
REUTERS Nonprofit Support Firms to Merge | The alliance between GOOD, an online and print publishing and marketing business dedicated to promoting social causes, and Jumo, a social networking site that helps raise capital for nonprofits, could signal the beginning of consolidation in the market.NEW YORK TIMES AT&T Fights Deal Disrupters in Federal Courts | AT&T filed eight lawsuits against Bursor & Fisher last week, seeking to disrupt the law firm’s "Fight the Merger Campaign," meant to undermine AT&T’s $39 billion deal to acquire T-Mobile.REUTERS Regulators Said to Be Worried About European Banks' U.
S.
Arms | The Federal Reserve Bank of New York has been having extensive meetings with Europe’s biggest banks, worried that they might face funding hardship in the United States, The Wall Street Journal reported.Many of these operations are not funded by deposits, but by short-term borrowing. projector Regulators are pressuring European banks to make their U.
S.
units more self-financed, one executive told The Journal.Meanwhile, European banks continued to feel pressure, tumbling significantly in Thursday trading.WALL STREET JOURNALFinancial Firms Say European Rule May Only Add to Risk | A group representing over 400 of the world’s largest financial institutions argued on Wednesday that new rules proposed by the European Union might push banks and insurance companies to invest in riskier assets, including sovereign debt, calling the incentives "questionable.
"NEW YORK TIMES Competition From China 'Very Real,' Barclays Executive Says | Chinese securities companies represent "very real competition" in global markets, often winning deals over major western players, Matthew Ginsburg, Barclays head of investment banking in Asia, tells Bloomberg News.BLOOMBERG NEWS For Deutsche, Will Two Heads Prove Better Than One? | Joseph Ackermann, the current chief executive of Deutsche Bank, has acknowledged that the lender’s proposed twin leadership structure â€" in which, come 2012, he will be succeeded in his position by both Anshu Jain and Juergen Fitschen â€" will be a challenge, but is likely to prove successful.REUTERS Ping An to Raise Stake in Shenzhen | Ping An Insurance Group of China, which on Tuesday posted a 33 percent rise in first-half net profit, said it planned to invest an additional 20 billion renminbi ($3.
1 billion) in Shenzhen Development Bank.
WALL STREET JOURNAL | BLOOMBERG NEWS Canadian Private Equity Deals Surge | projector Canada's private equity market had its most active quarter since the end of 2008, with the total number of deals up 40 percent compared with the period a year earlier.WALL STREET JOURNAL BJ's Has Good News for New Owners | BJ’s Wholesale Club posted a quarterly profit on Wednesday that is likely to put a smile on the face of its new private equity owners, Leonard Green & Partners and CVC Capital Partners. The discount retailer beat analysts’ expectations, reporting earnings of $45.
7 million, or 84 cents a share.
REUTERS Chinese Insurer Granted Buyout License | The insurance giant China Life has been granted a license to create its own private equity fund, the first ever issued to a Chinese insurance company.CHINA DAILY Buffett Blasted by Hedge Fund Managers | Warren E. Buffett’s recent op-ed column in The New York Times calling for a higher tax rate for those making over $1 million a year has been attacked by a number of hedge fund managers as self-serving.
BUSINESS INSIDER A Mystery Charity That's Backing a projector Hedge Fund | "We are responsible for everything which is taking place in this world!" So runs the slogan emblazoned on the Web site of the mysterious International Charitable Christian Fund, which has $10 billion of oil futures that back bonds in the hedge fund DDCM.Despite these lofty goals, Reuters writes, the charity appears to do very little humanitarian work at all.REUTERS Hedge Funds' Biotech Darlings | Hedge fund regulations require the firms managing over $100 million to disclose where they are putting their money.
TheStreet examines these filings to get an idea of which biotechnology companies hedge funds have been buying and selling in the second quarter.THESTREET Zynga Hit With Lawsuit Before I.P.O. | Agincourt Gaming, a company based in Texas, has filed a lawsuit in United States District Court in Delaware claiming that a number of the titles used by the online game giant Zynga, which is approaching an I.
P.
O.
, violate its intellectual property.
FIERCEMOBILECONTENT Tudou's First-Day Fizzle | The Chinese video site Tudou pulled off an I.P.O., but on the first day of trading its shares closed 12 percent below the offering price.DealBook »General Catalyst to Keep 'Full Stake' in Tudou | Tudou may have dropped 12 percent in its market debut, but that apparently has not dampened the enthusiasm of one of its venture investors, General Catalyst Partners, which has retained its 10 percent stake in the company.
"Our real focus is the value of this company in three to five years," General Catalyst's managing director, David Orfao, told The Wall Street Journal in an Q.&A. "You can’t judge this company on one day of trading."WALL STREET JOURNAL Jive Said to Appoint Banks for I.
P.
O.
| Jive Software, a maker of social-networking enterprise software, has hired Goldman Sachs and Morgan Stanley to lead an initial public offering in which it could sell a 10 to 20 percent stake in a deal that would value it at $1 billion, Bloomberg News reports.BLOOMBERG NEWS Apple's Head of iAds to Join Highland Capital | Andy Miller, an Apple executive and co-founder of Quattro Wireless, which was sold to Apple in 2010, is leaving to join the venture capital firm Highland Capital Partners, All Things Digital reports. Highland was one of Quattro’s original investors.
ALL THINGS DIGITAL | APPLE INSIDER Frog Capital to Invest in Water | The British venture capital firm Frog Capital has announced that its investment focus will be companies that aim to bring safe water to a billion people.BLOOMBERG NEWS Those Crazy Seattle Billionaires | News that Jeff Bezos, the co-founder of Amazon, has gifted the Museum of History & Industry with $10 million to build a "Center for Innovation" has prompted The Seattle Post Intelligencer to put together a slideshow of some of the more unusual projects and investments originated by Seattle billionaires.SEATTLE POST INTELLIGENCER | SEATTLE TIMES S.
E.
C.
Lawyer Says Agency Illegally Destroyed Files | A Securities and Exchange Commission lawyer is claiming that the S.E.C. illegally destroyed 9,000 files relating to preliminary investigations into "matters involving notorious individuals like Bernard L. Madoff, as well as several major Wall Street firms that later were the subject of scrutiny after the 2008 financial crisis," The New York Times reports.
NEW YORK TIMES U.
S.
Investigates S.
&P.
Mortgage Ratings | The Justice Department has opened an inquiry into whether Standard & Poor’s improperly rated a large swath of mortgage bonds in the years before the financial crisis, The New York Times reports.The investigation began before the controversial decision by S.&P. to downgrade the credit rating of the United States this month, The Times reports.
NEW YORK TIMES Bond Manager Denies Trying to Poach TCW Clients | Jeffrey Gundlach, a bond manager, testified that he never told investors at the Trust Company of the West to take their money out of the firm's funds after he was fired.DealBook »Madoff Trustee Adds New Allegations in UBS Suit | Irving H. Picard, the trustee charged with recovering money for investors in Bernard L.
Madoff’s huge Ponzi scheme, amended his $2 billion lawsuit against UBS, claiming "Madoff’s scheme could not have been accomplished unless the UBS defendants had agreed to look the other way."REUTERS Lehman Reverses Course on Plan for Asset Manager | Lehman Brothers Holdings has ditched a plan to find a partner for its asset management unit, following objections from creditors, and instead will go ahead and liquidate the business, Reuters reports.Separately, a bankruptcy judge appointed WCAS Sullivan International Investment Management to help sell a $5.
3 billion commercial loan portfolio held by the failed bank.REUTERS | ASSOCIATED PRESS Sign up
E.
C.
's proxy access rule, which would have made it easier for shareholders to nominate directors.DealBook »Warburg Stays in the Fray, but Off the Public Market | During the boom for huge buyouts, private equity firms were rushing to go public. But Warburg Pincus was not among them, and does not plan to be anytime soon.
The decades-old firm instead insists it will stick to its traditional investing, eschewing the scores of industry-specific funds and diversification that now-public rivals have undertaken in part to please Wall Street."We like being investors," Charles R. Kaye, one of Warburg’s co-presidents, told DealBook in an interview.DealBook »For AOL, Huffington Post Deal No Panacea | A fresh quarterly loss and projections of a lower operating income for the year last week sparked fresh concerns that AOL's strategies to reinvent itself, most notably through its acquisition of the Huffington Post, were not working.
But AOL's chief executive, Tim Armstrong, says he isn't worried. "We believe that the Huffington Post acquisition is one of the best things we’ve done," he told The New York Times.NEW YORK TIMES No News Corp. Board Seat — for the Moment | Elisabeth Murdoch may not be joining the News Corporation's board this year as part of the media empire's purchase of her production company, Shine.
But she still reaped a nice benefit from the sale: $214 million.FINANCIAL TIMES | NEWS CORP. 10-KSign up for the DealBook Newsletter, delivered every morning and afternoon.Liberty Considers Range of Options for Barnes & Noble | Liberty Media's potential options now include taking a minority stake in Barnes & Noble instead of an outright takeover.
DealBook »Asahi to Buy New Zealand Liquor Company | Asahi Group Holdings agreed on Thursday to buy Flavoured Beverages Group Holdings, a liquor company based on New Zealand, for $1.3 billion, in the latest deal in the consolidating industry.DEALBOOKBig Name Tech Firms Consider InterDigital | The wireless telecommunications specialist InterDigital is being looked at by a number of technology companies, including Apple, Nokia and Qualcomm, before an upcoming auction that is expected to be tightly contested.
REUTERS Cree to Buy LED Outdoor Lighting Company | With expected future tax benefits, the lighting company Cree puts the cost of acquiring Ruud Lighting at $525 million.DealBook »Axis-Shield Shareholders Say Alere Bid Is Too Low | The American medical device maker Alere, which took its £230 million ($379 million) bid for Axis-Shield directly to shareholders this month, may need to increase its offer to win over some of the largest shareholders.REUTERS Microsemi to Go Hostile for Canadian Semiconductor Maker | Microsemi is set to go directly to shareholders with its $550 million offer for Zarlink Semiconductor, after the projector Canadian firm rebuffed its advances a month ago in the hope that other bidders would present themselves.
REUTERS Nonprofit Support Firms to Merge | The alliance between GOOD, an online and print publishing and marketing business dedicated to promoting social causes, and Jumo, a social networking site that helps raise capital for nonprofits, could signal the beginning of consolidation in the market.NEW YORK TIMES AT&T Fights Deal Disrupters in Federal Courts | AT&T filed eight lawsuits against Bursor & Fisher last week, seeking to disrupt the law firm’s "Fight the Merger Campaign," meant to undermine AT&T’s $39 billion deal to acquire T-Mobile.REUTERS Regulators Said to Be Worried About European Banks' U.
S.
Arms | The Federal Reserve Bank of New York has been having extensive meetings with Europe’s biggest banks, worried that they might face funding hardship in the United States, The Wall Street Journal reported.Many of these operations are not funded by deposits, but by short-term borrowing. projector Regulators are pressuring European banks to make their U.
S.
units more self-financed, one executive told The Journal.Meanwhile, European banks continued to feel pressure, tumbling significantly in Thursday trading.WALL STREET JOURNALFinancial Firms Say European Rule May Only Add to Risk | A group representing over 400 of the world’s largest financial institutions argued on Wednesday that new rules proposed by the European Union might push banks and insurance companies to invest in riskier assets, including sovereign debt, calling the incentives "questionable.
"NEW YORK TIMES Competition From China 'Very Real,' Barclays Executive Says | Chinese securities companies represent "very real competition" in global markets, often winning deals over major western players, Matthew Ginsburg, Barclays head of investment banking in Asia, tells Bloomberg News.BLOOMBERG NEWS For Deutsche, Will Two Heads Prove Better Than One? | Joseph Ackermann, the current chief executive of Deutsche Bank, has acknowledged that the lender’s proposed twin leadership structure â€" in which, come 2012, he will be succeeded in his position by both Anshu Jain and Juergen Fitschen â€" will be a challenge, but is likely to prove successful.REUTERS Ping An to Raise Stake in Shenzhen | Ping An Insurance Group of China, which on Tuesday posted a 33 percent rise in first-half net profit, said it planned to invest an additional 20 billion renminbi ($3.
1 billion) in Shenzhen Development Bank.
WALL STREET JOURNAL | BLOOMBERG NEWS Canadian Private Equity Deals Surge | projector Canada's private equity market had its most active quarter since the end of 2008, with the total number of deals up 40 percent compared with the period a year earlier.WALL STREET JOURNAL BJ's Has Good News for New Owners | BJ’s Wholesale Club posted a quarterly profit on Wednesday that is likely to put a smile on the face of its new private equity owners, Leonard Green & Partners and CVC Capital Partners. The discount retailer beat analysts’ expectations, reporting earnings of $45.
7 million, or 84 cents a share.
REUTERS Chinese Insurer Granted Buyout License | The insurance giant China Life has been granted a license to create its own private equity fund, the first ever issued to a Chinese insurance company.CHINA DAILY Buffett Blasted by Hedge Fund Managers | Warren E. Buffett’s recent op-ed column in The New York Times calling for a higher tax rate for those making over $1 million a year has been attacked by a number of hedge fund managers as self-serving.
BUSINESS INSIDER A Mystery Charity That's Backing a projector Hedge Fund | "We are responsible for everything which is taking place in this world!" So runs the slogan emblazoned on the Web site of the mysterious International Charitable Christian Fund, which has $10 billion of oil futures that back bonds in the hedge fund DDCM.Despite these lofty goals, Reuters writes, the charity appears to do very little humanitarian work at all.REUTERS Hedge Funds' Biotech Darlings | Hedge fund regulations require the firms managing over $100 million to disclose where they are putting their money.
TheStreet examines these filings to get an idea of which biotechnology companies hedge funds have been buying and selling in the second quarter.THESTREET Zynga Hit With Lawsuit Before I.P.O. | Agincourt Gaming, a company based in Texas, has filed a lawsuit in United States District Court in Delaware claiming that a number of the titles used by the online game giant Zynga, which is approaching an I.
P.
O.
, violate its intellectual property.
FIERCEMOBILECONTENT Tudou's First-Day Fizzle | The Chinese video site Tudou pulled off an I.P.O., but on the first day of trading its shares closed 12 percent below the offering price.DealBook »General Catalyst to Keep 'Full Stake' in Tudou | Tudou may have dropped 12 percent in its market debut, but that apparently has not dampened the enthusiasm of one of its venture investors, General Catalyst Partners, which has retained its 10 percent stake in the company.
"Our real focus is the value of this company in three to five years," General Catalyst's managing director, David Orfao, told The Wall Street Journal in an Q.&A. "You can’t judge this company on one day of trading."WALL STREET JOURNAL Jive Said to Appoint Banks for I.
P.
O.
| Jive Software, a maker of social-networking enterprise software, has hired Goldman Sachs and Morgan Stanley to lead an initial public offering in which it could sell a 10 to 20 percent stake in a deal that would value it at $1 billion, Bloomberg News reports.BLOOMBERG NEWS Apple's Head of iAds to Join Highland Capital | Andy Miller, an Apple executive and co-founder of Quattro Wireless, which was sold to Apple in 2010, is leaving to join the venture capital firm Highland Capital Partners, All Things Digital reports. Highland was one of Quattro’s original investors.
ALL THINGS DIGITAL | APPLE INSIDER Frog Capital to Invest in Water | The British venture capital firm Frog Capital has announced that its investment focus will be companies that aim to bring safe water to a billion people.BLOOMBERG NEWS Those Crazy Seattle Billionaires | News that Jeff Bezos, the co-founder of Amazon, has gifted the Museum of History & Industry with $10 million to build a "Center for Innovation" has prompted The Seattle Post Intelligencer to put together a slideshow of some of the more unusual projects and investments originated by Seattle billionaires.SEATTLE POST INTELLIGENCER | SEATTLE TIMES S.
E.
C.
Lawyer Says Agency Illegally Destroyed Files | A Securities and Exchange Commission lawyer is claiming that the S.E.C. illegally destroyed 9,000 files relating to preliminary investigations into "matters involving notorious individuals like Bernard L. Madoff, as well as several major Wall Street firms that later were the subject of scrutiny after the 2008 financial crisis," The New York Times reports.
NEW YORK TIMES U.
S.
Investigates S.
&P.
Mortgage Ratings | The Justice Department has opened an inquiry into whether Standard & Poor’s improperly rated a large swath of mortgage bonds in the years before the financial crisis, The New York Times reports.The investigation began before the controversial decision by S.&P. to downgrade the credit rating of the United States this month, The Times reports.
NEW YORK TIMES Bond Manager Denies Trying to Poach TCW Clients | Jeffrey Gundlach, a bond manager, testified that he never told investors at the Trust Company of the West to take their money out of the firm's funds after he was fired.DealBook »Madoff Trustee Adds New Allegations in UBS Suit | Irving H. Picard, the trustee charged with recovering money for investors in Bernard L.
Madoff’s huge Ponzi scheme, amended his $2 billion lawsuit against UBS, claiming "Madoff’s scheme could not have been accomplished unless the UBS defendants had agreed to look the other way."REUTERS Lehman Reverses Course on Plan for Asset Manager | Lehman Brothers Holdings has ditched a plan to find a partner for its asset management unit, following objections from creditors, and instead will go ahead and liquidate the business, Reuters reports.Separately, a bankruptcy judge appointed WCAS Sullivan International Investment Management to help sell a $5.
3 billion commercial loan portfolio held by the failed bank.REUTERS | ASSOCIATED PRESS Sign up
Comments
Post a Comment