The Daily Deal articles from January 2002

The Daily Deal archives from January 2002

Zomax to buy iLogistix assets.
January 1, 2002... Byline: Greg Johnson Zomax Inc., a Plymouth, Minn., provider of outsourced process management services, said Dec. 31 that it has agreed to acquire bankrupt Software Logistics Corp., which does business as iLogistix. On March 27,...

HSBC seals Shanghai deal.
January 1, 2002... Byline: Shu-Ching Jean Chen in Hong Kong Deviating from its well-trodden path of outright acquisitions, the Hong Kong commercial banking arm of HSBC Holdings plc will take a 8% minority position in China's Bank of Shanghai, making it the...

Fleet Street.
January 1, 2002... Byline: Peter Moreira Britain's Sunday papers bade a joyful good riddance to 2001 by offering up some predictions of big deals, little deals and truly far-fetched deals in 2002. The Sunday Times and The Sunday Telegraph in their...

Advent Software buys rival Kinexus.
January 1, 2002... Byline: Greg Johnson Advent Software Inc. said Dec. 31 that it has agreed to acquire its privately held, New York rival Kinexus Corp. in a transaction that could be valued up to $183 million. It's the second acquisition in three weeks...

UK's Alliance & Leicester in play.
January 1, 2002... Byline: Peter Moreira in London British mortgage bank Alliance & Leicester plc appears to be in play. Though sources poured cold water on a report over the weekend that the mortgage bank has been approached by larger rival Abbey...

Japanese regulators play hardball.
January 2, 2002... Byline: Charles Smith TOKYO -- Japan's top commercial bank regulatory agency is using its broadened inspection powers to close down some of the country's smaller unprofitable banks before an April 1 deadline for altering the government's...

Elektrim struggles against bankruptcy threat.
January 2, 2002... Byline: Patricia Koza WARSAW -- Polish energy and telecommunications conglomerate Elektrim SA -- not long ago one of Central Europe's biggest success stories -- is suddenly struggling to stave off bankruptcy. The company has asked a...

Final exam.
January 2, 2002... Byline: Siobhan Almond The government of Ireland knows it has a big problem on its hands. Aer Lingus, the state-owned airline, has been bleeding cash ever since Sept. 11. The Irish government has acknowledged that without fresh funding the...

Pillowtex files reorganization plan.
January 2, 2002... Byline: Greg Johnson Bankrupt Kannapolis, N.C.-based household textile maker Pillowtex Corp. disclosed Jan. 2 that it has filed a plan of reorganization in U.S. Bankruptcy Court for the District of Delaware that should slash its debt to...

Senate panel to investigate Enron.
January 2, 2002... Byline: Shanon D. Murray in Washington Yet another congressional committee will issue subpoenas next week for corporate documents crucial to its inquiry into regulatory oversight of Enron Corp., two senators said Jan. 2. The Senate...

Court OKs Berkshire Hathaway bid.
January 2, 2002... Byline: Terry Brennan Warren Buffett's Berkshire Hathaway Inc. took a major step Jan. 2 in its pursuit of bankrupt Fruit of the Loom Inc. when it received bankruptcy court approval for its $835 million all-cash bid from Judge Peter Walsh....

European IPOs look promising.
January 2, 2002... Byline: Nicola Hobday LONDON -- The year-end flurry of initial public offerings in Europe bodes well for 2002, bankers said. In December, 10 newly public European companies sold $6.9 billion of stock, according to data from Dealogic,...

IPO Outlook -- January 3, 2002.
January 2, 2002... Byline: Soma Biswas in New York R2 Technology Los Altos, Calif.-based R2 Technology Inc. has filed for an $86.25 million initial public offering. The price and number of shares have yet to be decided. The company develops, manufactures...

Drug maker first to file for IPO in 2002.
January 2, 2002... Byline: Heidi Moore The first company to file for an initial public offering this year is Innovative Drug Delivery Systems Inc., a pharmaceutical concern that hopes to raise up to $69 million. The New York-based company that develops...

Rabble Babble.
January 2, 2002... Byline: Stacy Mosher The news never rests, and nowhere is it busier than on the Internet bulletin boards. This column excerpts the choicest messages on the latest deals. Postings are selected from several sources, including Yahoo!, Raging...

Senators urge FCC to block EchoStar-DirecTV.
January 2, 2002... Byline: Ron Orol EchoStar Communications Corp.'s $26 billion acquisition of DirecTV Inc. is running into trouble on Capitol Hill, with several prominent lawmakers telling the Federal Communications Commission that the merger would hurt...

More deals ahead for IDT.
January 2, 2002... Byline: Leon Lazaroff With typical bravado, IDT Corp. CEO Howard Jonas called his company's $42.5 million purchase of Winstar Communications Inc. last month "one of the greatest days in telecom history." The Bronx-born, self-made...

Mirant exits deal with Enron, Edison.
January 2, 2002... Byline: Danny Fortson in San Francisco Mirant Corp. has ended a proposed $1.3 billion purchase of a power plant from Enron Corp. and Edison International. The move is just one piece of a sweeping budget overhaul the company announced...

From around the Americas.
January 2, 2002... Byline: compiled by Greg Johnson Ametek acquires PerkinElmer unit Ametek Inc., a Paoli, Pa., maker of electronic instruments and electric motors, announced Wednesday it has acquired the Instruments for Research and Applied Science...

L-3 buys PerkinElmer unit.
January 2, 2002... Byline: Greg Johnson Aiming to take advantage of the need for heightened airport security, L-3 Communications Holdings Inc. will acquire a division of PerkinElmer Inc. that specializes in X-ray screening of airline baggage and freight. ...

Hynix sees the light.
January 2, 2002... Byline: Gina Chon in Seoul SEOUL -- Negotiations between South Korea's embattled Hynix Semiconductor Inc. and U.S.-based competitor Micron Technology Inc. will be concluded this month, according to Hynix president Chong Sup Park. In a...

Hilton, Marriott sell hotels; CNL Hospitality, Red Lion purchase properties in deals totaling $232 million.
January 2, 2002... Byline: Jonathan Berke Hotel giants Marriott International Inc. and Hilton Hotels Corp. on Jan. 2 unwrapped asset sales collectively worth $231.6 million. Marriott said it was selling a portfolio of eight hotels to its sometime...

Anglo American bids for La Rochette.
January 2, 2002... Byline: Nicola Hobday LONDON -- Mining company Anglo American plc has offered to buy La Rochette SA, potentially triggering a bidding war for the French cardboard maker with Spain's largest paper manufacturer, Sociedad Anonima Industrias...

IDC gets Merrill Lynch pricing unit for $48M.
January 2, 2002... Byline: David Shabelman Interactive Data Corp. is off and running to start the year, picking up the securities pricing unit of Merrill Lynch & Co. for $48 million in cash. The Bedford, Mass., provider of business and financial data...

Dimac sells marketing agencies to management.
January 2, 2002... Byline: Josh Kosman Dimac Marketing Partners Inc. said Jan. 2 that it closed the sale of direct marketing agency DMW. But whether the company will find a buyer for its more valuable assets remains uncertain. Dimac emerged from...

Brambles sells rental unit.
January 2, 2002... Byline: Giles Parkinson SYDNEY -- Anglo-Australian industrial group Brambles Industries Ltd. sold its U.S. equipment rental business Jan. 2 to National Equipment Services Inc. for $122 million. The sale of Brambles Equipment Services...

Is M&A going out of style at the fashion houses?
January 2, 2002... Byline: Heather O'Brian in Milan Today's hot couture is destined for tomorrow's rummage sale. That's true not only for the latest runway collection but for the grab-bag of acquisitions made by some of the world's largest luxury-goods...

Canadian authorities approve two mergers.
January 2, 2002... Byline: Laura King Halifax, Nova Scotia-based Maritime Life Assurance Co. said Jan. 2 that Canada's federal finance minister approved its merger with Royal & SunAlliance Life Insurance Co. of Canada. Maritime Life acquired Royal & Sun in a...

Dealflow -- January 3, 2002.
January 2, 2002... Byline: George White COMPUTER HARDWARE AND SOFTWARE Gemcom Software International Vancouver, British Columbia-based Gemcom Software International Inc., a provider of information technology products to the mining industry, has secured...

Rib-X raises $22M in first round.
January 2, 2002... Byline: Clifford Carlsen The pedigree of Yale University's chemistry and biophysics departments, alongside the dealmaking prowess of a former Pfizer Inc. star, has landed biotech startup Rib-X Pharmaceuticals Inc. a hefty first round...

Billion-dollar VC club looks set to shrink.
January 2, 2002... Byline: Vyvyan Tenorio Two years ago, Crosspoint Venture Partners made headlines when it canceled a $1 billion fund in the making. The cause was cloudy, but the high-profile Woodside, Calif.-based VC firm sent the first signal that not...

... and Berger merges with Grebow.
January 3, 2002... The Los Angeles law firm of Grebow & Yee has merged with Berger Kahn of Marina del Rey, Calif. Attorneys Arthur Grebow, William S. Yee and Julie H. Rubin, along with their support personnel, joined the Berger Kahn group this week. -- Greg...

Ametek acquires PerkinElmer unit.
January 3, 2002... Ametek Inc., a Paoli, Pa., maker of electronic instruments and electric motors, announced Wednesday it has acquired the Instruments for Research and Applied Science division of PerkinElmer Inc. for about $63 million in cash. IRAS is an Oak...

Danacell.
January 3, 2002... Danish wireless incubator Olicom A/S has invested $800,000 in battery technology developer Danacell A/S. The investment will give Olicom a 30% stake in Denmark-based Danacell. Danacell has developed and patented a new type of electrolyte for...

DirectPlacement completes PCS Securities buy.
January 3, 2002... DirectPlacement Inc., a San Diego provider of investment research, said Wednesday it has completed its acquisition of PCS Securities Inc., a Seattle rival, for $26 million in newly issued common shares. PCS, which serves more than 500...

Gemcom SoftwareInternational.
January 3, 2002... Vancouver, British Columbia-based Gemcom Software International Inc., a provider of information technology products to the mining industry, has secured financings of C$1 million ($626,000) from RoyNat Capital Inc. and of C$250,000 from the...

Genesis Energy will remain unsold after deal fizzles.
January 3, 2002... Dallas-based GEL Acquisition Partnership said Wednesday an agreement to acquire Genesis Energy llc, the general partner of Houston-based pipeline operator Genesis Energy LP, from Salomon Smith Barney Inc. has been terminated. Genesis president...

Microsoft seeks time to prepare for penalty phase.
January 3, 2002... U.S. District Judge Colleen Kollar-Kotelly will hold a hearing Monday on Microsoft Corp.'s request for more time to prepare for a mini-trial on how it should be punished for violating the antitrust laws. The proceeding does not affect a...

Penny King to acquire eKnowledge stake.
January 3, 2002... Private Delaware investment holding company Penny King Holdings Corp. said Wednesday it plans to buy 3 million shares of eKnowledge Group Inc. common stock in a private deal valued at $1.5 million. The move would give Penny King a 10% stake in...

Perot Systems acquires CSRG.
January 3, 2002... Dallas provider of business technology services Perot Systems Corp. said Wednesday it has acquired its smaller crosstown rival, Claim Services Resource Group Inc. Perot did not disclose a price for the transaction but did say that CSRG posted...

Pillowtex files plan to emerge from Chapter 11.
January 3, 2002... Bankrupt Kannapolis, N.C., household textile maker Pillowtex Corp. disclosed Wednesday that it has filed a plan of reorganization in U.S. Bankruptcy Court in the District of Delaware that should slash its debt to $200 million from $1.1 billion....

Pivotech Systems.
January 3, 2002... Piscataway, N.J.-based Pivotech Systems Inc., a developer of telecommunications service products, has received $7 million from Quantum Venture Partners as part of a $15 million Series C round due to close in mid- to late-January. The round,...

R2 Technology.
January 3, 2002... Los Altos, Calif.-based R2 Technology Inc. has filed for an $86.25 million initial public offering. The price and number of shares have yet to be decided. The company develops, manufactures and sells proprietary medical systems to assist...

Reed Smith gets Parker Duryee ...
January 3, 2002... Reed Smith llp said Wednesday it is merging with New York law firm Parker Duryee Rosoff & Haft. The merger, which was effective Tuesday, adds all 26 Parker Duryee attorneys to Reed Smith's roster, boosting the number of lawyers in the firm's...

SpectRx takes Sterling.
January 3, 2002... SpectRx Inc., a Norcross, Ga., provider of medical diagnostic products, said Wednesday that it has purchased Los Altos Hills, Calif., competitor Sterling Medivations Inc. in a transaction valued at about $4.4 million. Sterling is a privately...

UpRight parent files bankruptcy.
January 3, 2002... W.R. Carpenter North America Inc., the parent of Selma, Calif., industrial aerial lift and material handler supplier UpRight Inc., said Wednesday it would file a voluntary Chapter 11 petition and reorganization plan in the Eastern District of...

Voltaire.
January 3, 2002... Herzliya, Israel- and Boston-based Voltaire Ltd. has raised $13.2 million in a second round of financing led by Baker Capital Fund of New York. Israeli venture capital firms Tamir Fishman Ventures, Pitango Venture Capital, Platinum Venture...

Walden Israel.
January 3, 2002... Walden Israel, a Jerusalem-based unit of Walden International of Palo Alto, Calif., has closed its third fund at $90 million, 25% below its original $120 million target. Walden scaled the fund back after its initial announcement in September...

Weyerhaeuser: $55 offer is the best we can do.
January 3, 2002... Weyerhaeuser Co. repeated Wednesday that its $55 per share offer is the highest price it's willing to pay for smaller Portland, Ore., rival Willamette Industries Inc. Weyerhaeuser said in a letter to Willamette's board that, based on its...

Williams Energy nabs pipeline.
January 3, 2002... Williams Energy Partners LP said Wednesday it has purchased the Midwestern Aux Sable natural gas liquids pipeline for $8.9 million from Aux Sable Liquids Products LP, a company partly owned by WEP's parent, Williams Cos. The 8.5-mile pipeline...

NextWave in court.
January 3, 2002... Byline: Leon Lazaroff With their company's future cast into doubt once again, NextWave Telecom officials are scheduled to be in a New York bankruptcy court Jan.4 for a routine hearing on a series of loans that are keeping the Hawthorne,...

Pillowtex could exit Chapter 11 in June.
January 3, 2002... Byline: Katie Anderson The chief financial officer of Pillowtex Corp. said the home textile maker hopes to emerge from bankruptcy by the end of June. "The timing is in line with what we expected," said the CFO, Michael Harmon. The...

Anacomp emerges from bankruptcy.
January 3, 2002... Byline: Jonathan Berke Anacomp Inc., a San Diego-based provider of document-management and technical services, said Jan. 3 it has emerged from Chapter 11 bankruptcy protection with its debt restructured and former noteholders now...

ACT lands $9.5M DIP loan.
January 3, 2002... Byline: Jonathan Berke Bankrupt electronics manufacturer ACT Manufacturing Inc. said Jan. 3 it secured $9.5 million in debtor-in-possession financing from a J.P. Morgan Chase & Co.-led syndicate with a view toward acquiring more...

Layoff roundup.
January 3, 2002... Byline: David Ehrlich Nearly 2 million people lost their jobs in 2001, with 40% of the job cuts coming after Sept. 11, according to outplacement firm Challenger, Gray & Christmas Inc. The 1.95 million job cuts in 2001 is three times...

McLeod to miss January interest payments of $62M.
January 3, 2002... Byline: Leon Lazaroff Seeking to conserve cash, McLeodUSA Inc. said Jan.3 it did not make interest payments of $62 million due this month on a series of bonds totaling more than $1.1 billion. Though the company has 30 days to make the...

IPO Calendar -- week of Dec. 31, 2001.
January 3, 2002... www.TheDeal.com

Shinhan Bank seeks merger partners.
January 3, 2002... Byline: Gina Chon in Seoul SEOUL -- Shinhan Bank's shareholders are apparently pressuring the South Korean bank to join several domestic rivals looking to merge in the wake of last year's foreign-driven merger to create Kookmin Bank, South...

Fiat unit to buy stake in Italian insurer.
January 3, 2002... Byline: Heather O'Brian Citing a strategy of strengthening service and non-cyclical activities, Italian automaker Fiat SpA said that Toro Assicurazioni, its wholly-owned insurance unit, on Jan. 3 made a formal offer to purchase a 24.4%...

Newmont appears to have Normandy.
January 3, 2002... Byline: Giles Parkinson in Sydney Newmont Mining Corp. seems to have finally emerged the victor in its long and bitter battle against South African giant AngloGold Ltd. for Australia's largest gold miner, Normandy Mining Ltd. The...

Airgas buys, Air Products sells; Airgas buys, Air Products sells.
January 3, 2002... Byline: Greg Johnson Airgas Inc. is making a major move to beef up its business. The Radnor, Pa., supplier of packaged of cylinder gases said Jan. 3 it would buy the packaged gas business of its Allentown, Pa., rival, Air Products and...

Goldman tops M&A list for 4th year.
January 3, 2002... Byline: Gerald Magpily The value of announced mergers and acquisitions in 2001 took a nosedive from the prior year, falling 50% to $1.74 trillion from $3.46 trillion in 2000. But Goldman Sachs & Co. managed to capture the lion's share of...

Buyers sweet on French sugar producer.
January 3, 2002... Byline: Alan Tillier PARIS -- French federations of sugar refiners and beet growers said Jan. 3 they would bid more than [Euro]500 million ($452 million) for a majority stake in the domestic and foreign holdings of France's biggest sugar...

Rabble Babble; Rabble Babble.
January 3, 2002... Byline: Stacy Mosher The news never rests, and nowhere is it busier than on the Internet bulletin boards. This column excerpts the choicest messages on the latest deals. Postings are selected from several sources, including Yahoo!, Raging...

European exchanges seen consolidating.
January 3, 2002... Byline: Nicola Hobday LONDON -- The rapid consolidation in European securities exchanges will likely continue apace in 2002 as the industry feels the fallout from the purchase by Euronext NV of U.K. derivatives exchange Liffe Holdings plc...

Elektrim may have a savior.
January 3, 2002... Byline: Patricia Koza WARSAW -- The president of Poland's BRE Bank said Jan.3 he would try to save struggling conglomerate Elektrim SA from what would be the country's largest bankruptcy ever. BRE Bank, the Polish unit of Germany's...

Accredo nabs Gentiva pharmacy unit.
January 3, 2002... Byline: Kevin DeGeeter A brace of acquisitions over the past month in the institutional pharmacy services industry was capped Jan. 3 by a third deal -- the largest yet in the recently dormant sector -- Accredo Health Inc.'s $415 million...

BoNY buys two market specialists.
January 3, 2002... Byline: David Weidner For the second time in 24 hours, the Bank of New York has snapped up a market specialist, agreeing Jan. 3 to buy the correspondent clearing business of Weiss Peck & Greer llc for an undisclosed sum. On Jan. 2,...

AFBF likes EchoStar-DirecTV deal.
January 3, 2002... Byline: Ron Orol Although EchoStar Communications Corp.'s acquisition of DirecTV Inc. has faced opposition on Capitol Hill on grounds it could harm rural consumers, the American Farm Bureau Federation thinks otherwise. In a Dec. 27...

In Japan, M&A accelerates, but hurdles remain.
January 3, 2002... Byline: Charles Smith in Tokyo Mergers and acquisitions took off in earnest in Japan over the past three years -- after half a century in which selling a company was regarded as a shameful act. Yet M&A dealmaking still takes far longer...

Bain, Blackstone weighing Huntsman investment.
January 3, 2002... Byline: compiled by John E. Morris Private equity firms Bain Capital Inc. and the Blackstone Group are talking again with Huntsman Corp. executives about a potential future investment, according to sources. That the Boston and New York...

Advent International ups the ante in Europe.
January 3, 2002... Byline: David Carey In 1984, when Peter Brooke spun Advent International out of another Boston venture firm he had sired, TA Associates, he didn't foresee the pitfalls he'd face. Having acquired TA's small network of foreign outposts,...

Bidding for Kumho Tire to start soon.
January 3, 2002... Byline: Gina Chon SEOUL -- Two foreign private equity consortiums are expected to submit their final proposals next week for an 80% stake in South Korea's second-largest tiremaker, Kumho Tire Co., with bids expected by the seller to come...

Dealflow -- January 4, 2002.
January 3, 2002... Byline: George White WIRELESS AND TELECOM Swapcom Swapcom SA, a maker of mobile telephone software, has raised [Euro]4.7 million ($4.2 million) from French venture capitalists to help expand operations in Shanghai, China. New...

Swapcom boosts China presence.
January 3, 2002... Byline: Alan Tillier PARIS -- Swapcom SA, a mobile telephone software maker, has raised [Euro]4.7 million ($4.2 million) from French venture capitalists to help expand operations in Shanghai. New investors kicked in [Euro]3 million for...

Myogen adds $14M to latest fund-raising.
January 3, 2002... Byline: Lou Whiteman When Myogen Inc. announced the first closing of its Series D funding in August, company officials expected to top off the $52.4 million round in weeks. Their projections were optimistic. Now, after more than three...

PrintCafe gets $39.6M.
January 3, 2002... Byline: Clifford Carlsen Long-suffering Internet services company PrintCafe Inc. hopes to see less red ink rolling off its presses soon, thanks to a $39.6 million sixth round of debt and equity it expects will be its final private round....

Walden Israel's new fund falls short.
January 3, 2002... Byline: Neal Sandler Roni Hefetz is the first to admit the difficulty of raising commitments for an Israeli venture capital fund. That's evident by the size of his third and latest one: $90 million, or $30 million short of what the...

Lucent unloads majority of startup portfolio to Coller.
January 3, 2002... Byline: Vyvyan Tenorio In an unusual twist to secondary market deals, Lucent Technologies Inc. said Jan. 3 it has sold most of its in-house venture capital portfolio to Coller Capital Ltd. of London and formed a partnership with Coller...

A.B. Watley Group.
January 4, 2002... Financial services software company A.B. Watley Group Inc. of New York said Thursday it has raised $6.3 million via a private placement of convertible preferred stock with institutional investors. The Wall Street company also exchanged $2.8...

Anacomp emerges from Chapter 11 protection.
January 4, 2002... San Diego provider of document management services Anacomp Inc. said Thursday it has emerged from Chapter 11 bankruptcy reorganization and former note holders now control the company. Anacomp's common stock has also been canceled. The...

Aspen Group merger with Endeavour advances.
January 4, 2002... Oklahoma City oil explorer Aspen Group Resources Corp. said Thursday it has acquired 39.3 million common shares, or 79.8%, of Endeavour Resources Inc. of Calgary, Alberta, and has extended its bid for the remaining shares until Jan. 31. Aspen...

Business Objects gets U.K. rival.
January 4, 2002... French supplier of business software and services Business Objects SA said Thursday it has acquired U.K. rival Blue Edge Software for about $6 million in cash. Blue Edge is a privately held software company based in Leeds, England, that...

Enron judge allows supply contract cancellations.
January 4, 2002... A bankruptcy judge Thursday ruled that Enron Corp. can terminate its 600 to 700 power contracts, a decision that allows the bankrupt Houston energy trader to proceed with its restructuring. Under the canceled agreements, Enron provided power,...