The Daily Deal articles from April 2004

The Daily Deal archives from April 2004

Cox covets pieces of Adelphia.
April 30, 2004... Byline: Peter Lauria Atlanta-based Cox Communications Inc., the nation's fourth largest cable operator, said during a conference call Thursday. April 29. that it was interested in acquiring parts but not all of bankrupt rival Adelphia...

Mirant gets another extension.
April 30, 2004... Byline: Soma Biswas Despite the objections of two creditor committees, a Texas judge has given bankrupt Mirant Corp. exclusive right to file a reorganization plan until Friday, Dec. 31, or eight months beyond a deadline that's already...

PG&E convenes meeting on land protection.
April 30, 2004... Byline: Cheryl Meyer In keeping with its promise to protect 140,000 acres of its watershed lands as part of its post-bankruptcy plan, San Francisco utility Pacific Gas & Electric Co., said the company, along with the California Public...

Telewest seeks protection in U.S.
April 30, 2004... Byline: Peter Lauria British cable operator Telewest Communications plc late Wednesday took the unusual step of filing for protection from U.S.-based creditors under Bankruptcy Code Section 304. The move, made in U.S. District Court...

Carlyle group gets Enron pipeline.
April 30, 2004... Byline: Jonathan Berke An investment consortium that includes Washington private equity firm Carlyle Group snatched its second Enron-related asset this year when it teamed with an offshore company to acquire a pipeline in the Gulf of...

Judge OKs NEG reorg plan.
April 30, 2004... Byline: Terry Brennan A judge approved a debt-for-equity swap for National Energy & Gas Transmission Inc. under a pre-negotiated, third-amended reorganization plan. Judge Paul Mannes in U.S. Bankruptcy Court for the District of...

AEP, Enron settle lease dispute.
April 30, 2004... Byline: Claire Poole in Houston Columbus, Ohio, utility giant American Electric Power Co. said Thursday it reached a proposed settlement with bankrupt energy firm Enron Corp. in which AEP will acquire all of Enron's interests in the...

CashPoint enters Chapter 7.
April 30, 2004... Byline: Shanon D. Murray Under federal investigation for failure to make as much as $75 million in payments, CashPoint Network Services Inc.'s creditors have filed an involuntary Chapter 7 petition against the company, saying they are...

Court OKs sale of Veltri's unit.
April 30, 2004... Byline: Terry Brennan Flex-N-Gate Corp. won Canadian court approval to buy bankrupt Veltri Metals Products Co. for $48 million to add to its purchase of Veltri's U.S. auto parts affiliate. Justice James Spence approved the sale on...

FTI's income falls.
April 30, 2004... Byline: Soma Biswas FTI Consulting Inc.'s operating income fell 36.5%, to $20.9 million, despite higher revenue that came from recently acquired companies, after a mass exodus in its highly profitable restructuring practice in the first...

Layoff roundup: April 29, 2004.
April 30, 2004... Byline: David Ehrlich First-time claims for unemployment were down in the U.S. last week, falling more sharply than expected on Wall Street. Initial jobless filings fell by 18,000 to 338,000 in the week ended April 24, the Labor...

Global Trade Center's IPO prices at top end.
April 30, 2004... Byline: Patricia Koza in Warsaw Polish real estate developer Global Trade Center SA set an issue price Wednesday, April 28, at the top of its range in an initial public offering that will raise about $86 million in the biggest flotation...

Property developer sets IPO price.
April 30, 2004... Byline: Danny Fortson in Barcelona Spanish property developer Fadesa Inmobiliaria SA set the offering price near the top of the range Thursday, April 29, for its IPO, buoying the prospects for a clutch of other Spanish companies planning...

Barrier Therapeutics in tepid IPO.
April 30, 2004... Byline: Brenon Daly Barrier Therapeutics Inc. raised nearly $70 million in its IPO on Thursday, April 29, as the maker of drugs for skin diseases became the latest startup looking to tap into sporadic investor interest in pharmaceutical...

Les Boutiques SF gets asset offers.
April 29, 2004... Byline: Paul Burton Bankrupt clothing retailer Les Boutiques San Francisco Inc. of Boucherville, Quebec, said Tuesday that it has received seven offers for its remaining assets under Canada's Companies Creditors' Arrangement Act. It...

Ch. 11 bandage stems Ace bleeding.
April 29, 2004... Byline: Terry Brennan Ace Electrical Acquisition LLC plans to sell its assets in two separate deals as the auto parts maker heads toward liquidation, debtor counsel said Wednesday, April 28. Ace expects to file a liquidation plan...

Amerco notches deal with WP Carey.
April 29, 2004... Byline: Jonathan Berke Amerco Inc. is now likely to complete the final phase of its reorganization after agreeing to terms on a $312.44 million sale-leaseback deal with WP Carey & Co. LLC. The move allows Citibank Inc. and Bank of...

CropTech to sell assets.
April 29, 2004... Byline: Shanon D. Murray CropTech Corp.'s future was once so bright that a Carolina border war broke out to get the biotechnology company to relocate from its native Virginia. South Carolina beat out its northern neighbor in 2002 --...

Trenwick might support reorg plan.
April 29, 2004... Byline: Shanon D. Murray Now that Trenwick America Corp.'s creditors can file a competing reorganization plan, the bankrupt specialty insurer said it just might support it. "Assuming the plan will be in the best interest of all...

FiberMark wins loan clearance.
April 29, 2004... Byline: Terry Brennan A bankruptcy judge gave final approval on a $30 million debtor-in-possession loan for FiberMark Inc. Judge Colleen Brown in the U.S. Bankruptcy Court for the District of Vermont approved the DIP from GE...

Atlantic Electric & Gas sold.
April 29, 2004... Byline: Lisa Clifford in London Scottish and Southern Energy plc has bought Britain's No. 7 electricity and gas supplier Atlantic Electric and Gas Ltd. from administrators KPMG LLC for [pounds sterling]90.7 million ($160.8 million) in...

FAO wins exclusivity extension.
April 29, 2004... Byline: Jonathan Berke A federal bankruptcy judge extended FAO Inc.'s exclusivity rights on its reorganization plan until July 2. Judge Joel Rosenthal of the U.S. Bankruptcy Court for the District of Delaware approved of the...

Australian pipeline in receivership.
April 29, 2004... Byline: Josey Puliyenthuruthel Epic Energy Pty. Ltd., an Australian affiliate of Houston-based El Paso Corp., said Wednesday, April 28, its flagship gas pipeline in the Western Australia province had been put into receivership, removing...

Nortel down, but not out.
April 29, 2004... Byline: Lou Whiteman Although shares of Nortel Networks Corp. plunged after the company fired senior executives amid Canadian and U.S. investigations into its financial reporting, analysts remain optimistic about the telecom gear maker's...

Malaysian carrier plans $200M IPO.
April 29, 2004... Byline: Shu-Ching Jean Chen in Hong Kong Private equity-backed Air Asia Sd Bhd, Asia's first budget airline, aims to raise $200 million in an initial public offering in September in Malaysia, where investors are warming to new issues...

Global Trade Centre's IPO prices at top end.
April 29, 2004... Byline: Patricia Koza in Warsaw Polish real estate developer Global Trade Centre SA set an issue price Wednesday, April 28, at the top of its range in an initial public offering that will raise about $86 million in the biggest flotation...

German IPO outlook brightens.
April 29, 2004... Byline: Andrew Bulkeley in Berlin After two well-publicized false starts this winter, Europe's biggest economy looks set for a summer IPO revival supported by private equity shops using Frankfurt as an exit. Observers expect...

Option-expensing foes invoke China.
April 29, 2004... Byline: Donna Block in Washington Escalating the rhetoric in the battle over employee stock-option expensing, lawmakers are accusing the Financial Accounting Standards Board of favoring Chinese technology companies over their U.S....

Atlantic Electric & Gas sold.
April 29, 2004... Byline: The Daily Deal Scottish and Southern Energy plc has bought Britain's No. 7 electricity and gas supplier Atlantic Electric and Gas Ltd. from administrators KPMG LLC for [pounds sterling]90.7 million ($160.8 million) in cash....

Heineken sheds brewery stakes.
April 29, 2004... Byline: The Daily Deal Dutch brewer Heineken NV said Wednesday that it has agreed to sell its minority stakes in breweries in Angola and Chad to Brasseries Internationale Holding Ltd. Heineken cited a poor outlook in the countries for...

LionOre gets Australia plant.
April 29, 2004... Byline: The Daily Deal Toronto's LionOre Mining International Ltd. said it's paying between A$15 million and A$22 million ($10.8 million and $15.9 million) for a nickel-processing plant in western Australia from Bulong Operations Pty....

Tele Atlas gets rival GDT.
April 29, 2004... Byline: The Daily Deal Belgian digital mapping company Tele Atlas NV has acquired its privately held Lebanon, N.H., rival Geographic Data Technology Inc. for $100 million in cash. Tele Atlas said it has received a $210 million package...

U.S. Bancorp, UnionBanCal in deal.
April 29, 2004... Byline: The Daily Deal San Diego's Union Bank of California, the main subsidiary of UnionBanCal Corp., agreed Tuesday to sell its merchant card portfolio to U.S. Bancorp's payment processing unit Nova Information Systems for an...

Union Fenosa sells Cambridge.
April 29, 2004... Byline: The Daily Deal Spanish utility Union Fenosa SA has sold its Cambridge Water plc subsidiary to Hong Kong's Cheung Kong Infrastructure Holdings Ltd. for [pounds sterling]56.3 million ($99.8 million). The deal, under which CKI...

Wanadoo buyback completed.
April 29, 2004... Byline: The Daily Deal France Telecom SA said Wednesday that it now owns more than 95% of its Internet unit Wanadoo SA following a [Euro]3.9 billion ($4.7 billion) offer to buy back 29% of the division's stock that was publicly traded....

Bruckmann recaps Eurofresh.
April 29, 2004... Byline: The Daily Deal New York buyout firm Bruckmann, Rosser, Sherrill & Co. LLC will recoup its entire $20 million equity investment in Eurofresh Inc. thanks to its leveraged recapitalization of the Willcox, Ariz., tomato grower....

China Mobile buys 10 networks.
April 29, 2004... Byline: The Daily Deal China Mobile (Hong Kong) Ltd. said it would pay $3.65 billion in cash and deferred payment for provincial networks in 10 of the most remote and impoverished parts of China from its Beijing parent. The company will...

EaglePicher sells unit to Apogent.
April 29, 2004... Byline: The Daily Deal Phoenix industrial power and electronic systems maker EaglePicher Inc. announced Wednesday that its EaglePicher Technologies LLC subsidiary has sold its Scientific Products division to Portsmouth, N.H.,...

eNucleus takes TakGroup.
April 29, 2004... Byline: The Daily Deal Orland Park, Ill.-based financial software maker eNucleus Inc. said Wednesday that it's acquiring TakGroup Inc., a privately held, Portland, Ore., provider of supply chain services for the petroleum industry...

FiberMark wins loan clearance.
April 29, 2004... Byline: The Daily Deal A bankruptcy judge gave final approval on a $30 million debtor-in-possession loan for FiberMark Inc. Judge Colleen Brown in the U.S. Bankruptcy Court for the District of Vermont approved the DIP from GE Commercial...

BancWest to buy USDB Bancorp.
April 29, 2004... Byline: Peter Moreira Honolulu-based BancWest Corp., the American unit of France's BNP Paribas SA, continued its expansion in the Western U.S. with the agreement Tuesday to buy USDB Bancorp for $245 million in cash. BancWest, which...

Ratings Review: April 28, 2004.
April 29, 2004... Byline: Gerald Magpily United Health Group flexed its muscles once again acquiring its second HMO within the last six months in Oxford Health Plans on April 26. The $4.8 billion buyout was followed by credit rating agency Standard &...

E.ON puts industrial unit on block.
April 29, 2004... Byline: Andrew Bulkeley in Berlin German utility group E.ON AG put its industrial holding company on the block Wednesday, April 28, as it slices off divisions accounting for [Euro]3 billion ($3.6 billion) in sales following the [Euro]10...

Scrap for Polfa Kutno turns nasty.
April 29, 2004... Byline: Heather O'Brian in Milan and Patricia Koza in Warsaw As a web of accusations surrounded the deal, Italian pharmaceuticals company Recordati SpA said Wednesday, April 28, it had agreed to acquire 16.4% of Polfa Kutno SA and will...

MCI: Telmex offered least resistance.
April 29, 2004... Byline: Chris Nolter in New York and Michael Kepp in Rio de Janeiro In its sale of a controlling stake in Brazilian long-distance carrier Embratel Participacoes SA, MCI Inc. said its selection of a $400 million bid from Carlos Slim Helu's...

Compuware buys Changepoint.
April 29, 2004... Byline: Cheryl Meyer Compuware Corp. has clinched its second deal this year, announcing an agreement Wednesday, April 28, to buy privately held Changepoint Corp. for $100 million in cash. Compuware, a Detroit-based maker of...

Lycos.com on block.
April 29, 2004... Byline: David Shabelman Four years after spending $5.4 billion to acquire Lycos.com, Spain's Terra Lycos SA is moving to unload the Internet portal. Sources confirmed a CNET News.com report on Tuesday, April 27, that Terra Lycos has...

Comcast drops bid for Disney.
April 29, 2004... Byline: Peter Lauria Just like that it's over. The theatrical run of "The Alamo"? Yes, but also the siege of the Magic Kingdom. Comcast Corp. withdrew its $66 billion hostile takeover offer for the Walt Disney Co. on Wednesday,...

Movers & shakers: Apr. 29, 2004.
April 29, 2004... Byline: compiled by Lisa Camerlengo Merrill Lynch & Co. has tapped Thomas Saylak to head its global real estate principal investment business. Previously, Saylak, a real estate private equity investor, co-founded Blackstone Real...

KKR's sells off portfolio companies.
April 29, 2004... Byline: George White Blue-chip private equity firm Kohlberg Kravis Roberts & Co. has been cashing out of its portfolio companies at a torrid pace in 2004, collecting more than $3 billion. Through late March, the New York-based firm...

3i butters up Senoble.
April 29, 2004... Byline: Jonathan Braude in London London venture capital and private equity firm 3i Group plc said Wednesday, April 28, it has taken a 25% share in French dairy producer Senoble SA, providing an undisclosed amount of expansion capital for...

Safestore buys rival Mentmore.
April 29, 2004... Byline: Jonathan Braude in London U.K. self-storage company Safestore Holdings Ltd. has struck a [pounds sterling]209 million ($375 million) deal to buy its much larger rival, Mentmore plc, creating Britain's largest operator with about...

Bruckmann Rosser bets on RVs.
April 29, 2004... Byline: David Carey Want to move to Florida and buy a Winnebago? Bruckmann, Rosser, Sherrill & Co. has a deal for you. The New York leveraged buyout firm is acquiring Lazy Days RV Center Inc., a sprawling Tampa, Fla., recreational...

CVC exits Trench Electric.
April 29, 2004... Byline: Andrew Bulkeley in Berlin London buyout firm CVC Capital Partners on Wednesday, April 28, exited its 7-year-old investment in Trench Electric Holding BV, apparently securing a small profit and rekindling talk that the buyer,...

DLJ, UTI buy MedSource.
April 29, 2004... Byline: Kelly Holman and David Carey DLJ Merchant Banking Partners said Wednesday, April 28, it has teamed with UTI Corp., a portfolio company of KRG Capital Partners LLC, to buy MedSource Technologies Inc. for $230 million. UTI will...

Software maker Five9 raises $5M.
April 29, 2004... Byline: Clifford Carlsen Call center software maker Five9 Inc. has raised $5 million in its first round of institutional venture capital, attracting San Francisco's Hummer Winblad Venture Partners and Mosaic Venture Partners of Toronto...

Optasite negotiates new $10M round.
April 29, 2004... Byline: Paul Bonanos After a disastrous merger two years ago, Optasite Inc. of Worcester, Mass., has added $10 million in new venture funding, seeking investors outside of New England for the first time to capitalize on a specific vacuum...

DDI eyes 363 sale to Anixter.
April 28, 2004... Byline: Terry Brennan Distribution Dynamics Inc. wants to sell its assets to fastener supplier Anixter International Inc. for $25 million in cash. The bankrupt Eden Prairie, Minn., maker of fasteners, screws, nuts and bolts on...

Spiegel asks time to file reorg.
April 28, 2004... Byline: Soma Biswas Bankrupt Spiegel Inc. has asked a Manhattan judge for a four-month extension of its exclusive right to file a reorganization plan while it tries to find a buyer for its Eddie Bauer retail unit. Facing pressure...

Shaw to buy KB Toys' Web business.
April 28, 2004... Byline: Jonathan Berke D.E. Shaw Laminar Portfolios LLC has added a second distressed asset to its toy chest after winning the right to acquire the Internet business of bankrupt KB Toys Inc. for $8 million in cash. D.E. Shaw Laminar,...

Doman has restructuring deal.
April 28, 2004... Byline: Laura King in Toronto Insolvent Doman Industries Ltd. said Tuesday, April 27, it has reached an agreement with bondholders to restructure the forestry products company. Under the agreement, Doman will split into separate...

Bradken Resources to stage IPO.
April 28, 2004... Byline: Josey Puliyenthuruthel Australian private equity firm Castle Harlan Australian Mezzanine Partners Pty. Ltd. and Portland, Ore.-based engineering company Esco Corp. are to exit mining equipment maker Bradken Resources Pty. Ltd....

IPO Outlook: April 28, 2004.
April 28, 2004... Byline: Peter Moreira Oasis Semiconductor Waltham, Mass.-based chip designer Oasis Semiconductor Inc. on Tuesday said its previously announced initial public offering will comprise 5.8 million shares, including the sale of 815,000...

Google IPO to expose M&A strategy.
April 28, 2004... Byline: David Shabelman in San Francisco Google Inc.'s long march to the public market will transform not only the company's capital structure, but its approach to M&A in what is a rapidly evolving and consolidating, industry. The...

Oasis Semiconductor.
April 28, 2004... Byline: The Daily Deal Waltham, Mass.-based chip designer Oasis Semiconductor Inc. on Tuesday said its previously announced initial public offering will comprise 5.8 million shares, including the sale of 815,000 shares by existing...

Yukos: Bankruptcy specter hovers.
April 28, 2004... Byline: Nick Watson Russian oil giant OAO NK Yukos said Tuesday, April 27, that it has nominated a former head of the country's central bank as chairman in what analysts believe is an attempt to diffuse an increasingly acrimonious...

Sanofi takeover strategy risky.
April 28, 2004... Byline: Ross Tieman in Toulouse, France Paris-based Sanofi-Synthelabo SA is gambling upon approval from the U.S. Federal Trade Commission in its hurry to complete its planned [Euro]50.7 billion ($59.8 billion) agreed takeover of French...

McCain: Telecom laws need rework.
April 28, 2004... Byline: Ron Orol in Washington Senate Commerce Committee Chairman John McCain said Tuesday, April 27, that he intends to revamp the nation's telecommunications laws, a move that could result in financial ruin for many already struggling...

Dear FASB: Our options rule!
April 28, 2004... Byline: Donna Block in Washington and Olaf de Senerpont Domis in San Francisco Silicon Valley executives are marshaling their forces in a last-ditch effort to derail a proposed rule requiring companies to account for employee stock...

Aerojet-General sheds unit.
April 28, 2004... Byline: The Daily Deal www.TheDeal.com

Marshall & Swift/Boeckh is sold.
April 28, 2004... Byline: The Daily Deal www.TheDeal.com

Nam Tai boosts Huizhou stake.
April 28, 2004... Byline: The Daily Deal Hong Kong-based Nam Tai Electronics Inc. said Tuesday it has paid $126 million to raise its stake in China's second-largest mobile handset maker, Huizhou TCL Mobile Communication Co. Ltd., by nearly 6%. The...

Psychiatric Solutions buys hospitals.
April 28, 2004... Byline: The Daily Deal www.TheDeal.com

Saint-Gobain gets Plafometal.
April 28, 2004... Byline: The Daily Deal Cie. de Saint-Gobain SA said Tuesday that its Isover Saint-Gobain insulation division has acquired Plafometal SA, a Montherme, France-based maker of suspended metal ceilings, for an undisclosed sum. No financial...

Frontenac sheds Collegis.
April 28, 2004... Byline: The Daily Deal www.TheDeal.com

Hochtief sells Ballast Nedam.
April 28, 2004... Byline: The Daily Deal www.TheDeal.com

Jana Partners sues InterCept.
April 28, 2004... Byline: The Daily Deal San Francisco hedge fund Jana Partners LLC has filed a counterclaim against InterCept Inc. to force the financial data processing company to put four board seats up for nomination at its 2004 annual meeting. Jana...

Johnson Electric gets Nihon Mini.
April 28, 2004... Byline: The Daily Deal www.TheDeal.com

Londis accepts Musgrave bid.
April 28, 2004... Byline: The Daily Deal The board of mutually owned convenience store chain Londis (Holdings) Ltd. said Tuesday that it would recommend that shareholders accept a sweetened [pounds sterling]60 million ($107 million) buyout offer from...

Madrilena buys Santander stake.
April 28, 2004... Byline: The Daily Deal www.TheDeal.com

MDA to buy Marshall & Swift/Boeckh.
April 28, 2004... Byline: Peter Moreira Richmond, B.C. --based real estate information provider MacDonald, Dettwiler and Associates Ltd. agreed Tuesday, April 27, to buy privately held Marshall & Swift/Boeckh of Los Angeles for as much as $340 million....

World Publications gets three more.
April 28, 2004... Byline: Richard Morgan World Publications LLC has bought Islands Media's three magazines -- Spa, Islands and Resorts & Great Hotels -- in a deal estimated to come in just above the acquired company's revenue of $17.5 million. Mark...

Eaton nabs Invensys unit.
April 28, 2004... Byline: Lou Whiteman Industrial manufacturer Eaton Corp. moved Tuesday, April 27, to broaden its portfolio of power system offerings, agreeing to buy the Powerware Corp. subsidiary of Invensys plc for $560 million in cash. ...

R.J. Reynolds: B&W deal 'on track'.
April 28, 2004... Byline: Jaret Seiberg Speaking bullishly to investors, R.J. Reynolds Tobacco Holdings Inc. chairman Andrew Schindler predicted Tuesday, April 27, that the Federal Trade Commission would clear his company's $2.5 billion merger with Brown...