The Daily Deal articles from March 2003, page 3

The Daily Deal archives from March 2003

US Airways, pilots near pension deal.
March 22, 2003... Byline: Lou Whiteman in Atlanta Despite posturing to the contrary, US Airways Group Inc. and its pilots union closed in on an agreement that would allow the company to emerge from bankruptcy as scheduled, sources representing the sides...

Perle advising Global Crossing.
March 22, 2003... Byline: Chris Nolter Global Crossing Ltd. is turning to an influential figure in intelligence circles to help it attain government clearance for a $250 million Chapter 11 buyout from overseas companies. "Richard Perle is providing...

Pegasus flies off with Cannondale.
March 22, 2003... Byline: Greg Johnson Pegasus Partners II LP is now officially a big wheel. The Greenwich, Conn.-based private equity firm won an auction Thursday, March 20, for bankrupt bicycle maker Cannondale Corp. The auction was held at the...

Bickering bogs down Key3Media.
March 22, 2003... Byline: Meghan Keane Investigations and allegations have thrown a monkey wrench into Key3Media Group Inc.'s exit from bankruptcy. The trade show organizer has been waiting since Feb. 4 to receive the remainder of its...

Customers stick by Worldcom.
March 22, 2003... Byline: Chris Nolter As WorldCom Inc. nears the deadline to submit its reorganization plan to the U.S. Bankruptcy Court for the Southern District of New York, the telecom appears to have recaptured the confidence of a crucial...

Sonicblue to file for bankruptcy.
March 22, 2003... Byline: Cheryl Meyer in Los Angeles After a fruitless six-month search to find a buyer, Sonicblue Inc. announced Friday, March 21, that the company and three of subsidiaries will file for Chapter 11 bankruptcy protection. As part the...

Halliburton has until July to file unit prepacks.
March 22, 2003... Byline: Soma Biswas A Pittsburgh judge Friday, March 21, gave Halliburton Co. until July 14 to file a pre-packaged bankruptcy for its Dresser Industries unit and certain parts of its Kellogg Brown & Root subsidiary as part of a $4...

Hawaiian Air files for Ch. 11.
March 22, 2003... Byline: Greg Johnson After failing to slash its aircraft leasing costs, Hawaiian Airlines Inc. said Friday, March 21, it has filed for Chapter 11 bankruptcy protection. The Honolulu airline, the 12th-largest in the U.S., listed more...

GE Motors sale stuck in idle.
March 22, 2003... Byline: Josh Kosman and Lou Whiteman The auction of General Electric Co.'s motors division is in danger of stalling out, signaling that pruning one of the world's largest companies is no easy task, sources say. GE has been trying to...

GE's asset sales fall victim to company's success.
March 22, 2003... Byline: Josh Kosman and Lou Whiteman The auction of General Electric Co.'s motors division is in danger of stalling out, signaling that pruning one of the world's largest companies is no easy task, sources say. GE has been trying to...

War further dampens IPOs.
March 22, 2003... Byline: Donna Block The war with Iraq is making the already moribund outlook for initial public offerings worse. "If we keep up this up, we're going to have a bad year," said Ben Holmes, president of MorningNotes.com. So far this...

War pushes back IPOs.
March 22, 2003... Byline: Donna Block The war with Iraq is making the already moribund outlook for initial public offerings worse. "If we keep up this up, we're going to have a bad year," Ben Holmes, president of MorningNotes.com, said. So far this...

Hong Kong to shift IPO oversight.
March 22, 2003... Byline: Shu-Ching Jean Chen in Hong Kong The Hong Kong government pledged to overhaul its stock-listing system in the next 18 months to fundamentally alter the balance of power between the Hong Kong Stock Exchange and the traditionally...

British Biotech revs up M&A engine.
March 22, 2003... Byline: Brian Cattell in London British Biotech plc said Friday, March 21, it has signed an agreement to acquire RiboTargets Holdings plc for pound sterling26 million ($41 million) in a deal designed to provide a strong platform from...

CDC to shed $1.4B of assets.
March 22, 2003... Byline: Alan Tillier in Paris French state-controlled financial institution Caisse des Depots, or CDC, plans to sell some of its diversified businesses for about [Euro]1.3 billion ($1.38 billion), its chairman said Thursday, March 20. ...

Counterbids unlikely for Centerpulse.
March 22, 2003... Byline: Andrew Morse U.K. medical supply maker Smith & Nephew plc's planned $2.6 billion purchase of rival Centerpulse AG will shake up the world of orthopedics but likely won't draw a counterbid. The huge...

P&G brushes aside concerns in takeover of Wella.
March 22, 2003... Byline: Andrew Bulkeley in Berlin Having convinced the German owners of Wella AG that a sale of their majority stake in the German maker of professional haircare products was a good idea, Procter & Gamble Co. must now persuade Wella's...

Taubman may win battle; Simon the war.
March 22, 2003... Byline: Scott Stuart See today's Arbitrage situations chart. Taubman Centers Inc. is expected to prevail in court against Simon Property Group Inc.'s attempt to invalidate the Taubman family's voting control over Taubman Centers....

Taubman scores points in Michigan court.
March 22, 2003... Byline: Scott Stuart The Taubman family appears to have the upper hand in a Michigan court battle with Simon Property Group Inc. over Simon's $1 billion hostile bid for Taubman Centers Inc. In its lawsuit, Simon Property seeks to...

Singapore bids for Indonesian bank.
March 22, 2003... Byline: Shu-Ching Jean Chen in Hong Kong Indonesia on Friday, March 21, identified three groups that will vie for control of PT Bank Danamon, the nation's fifth-largest bank, as it continues the sale of nationalized assets in the...

Deal near in Spain gas privatization.
March 22, 2003... Byline: Danny Fortson in Seville, Spain Nearly a year and a half after it began, the privatization of Spanish regional gas company Naturcorp is set to conclude in the next few days when the Basque government will decide which of the...

Swiss food concern to go private.
March 22, 2003... Byline: Andrew Bulkeley in Berlin The majority shareholder of Swiss food and baking goods company Hero AG said it will spend SFr223.1 million ($160 million) to take the company private amid lackluster investor interest. "The...

Enel to take full control of Wind.
March 22, 2003... Byline: Heather O'Brian in Milan Italian state-controlled utility Enel SpA agreed Friday, March 21, to acquire the remaining stake it doesn't already own in Wind SpA for [Euro]1.5 billion ($1.6 billion) in cash and debt to better control...

View from the City: The French dilemma.
March 22, 2003... Byline: Peter Moreira in London Michel Pebereau's Plan B may have a problem. The chairman and CEO of French bank BNP Paribas SA wanted to buy domestic rival Credit Lyonnais SA last year, but larger competitor Credit Agricole SA beat him...

Expedia shines through fog of war.
March 22, 2003... Byline: Peter Lauria With travelers growing more skittish as war clouds darkened, Barry Diller bet $3.3 billion worth of USA Interactive Inc. stock March 19 on the continued upward financial trajectory of online travel company Expedia...

Genesis to buy rival Pixelworks.
March 22, 2003... Byline: Olaf de Senerpont Domis Genesis Microchip Inc. on March 17 announced an agreement to acquire smaller rival Pixelworks Inc. for roughly $446 million in stock. The deal, originally valued at $600 million, is the priciest...

Osmond's odyssey.
March 22, 2003... Byline: Nicola Hobday and Jonathan Braude From pummeling pizza dough and pulling pints, British entrepreneur Hugh Osmond came a long way to make an ill-fated pound sterling5.6 billion ($8.7 billion) hostile bid for the owner of the...

LBO France may sell Actaris.
March 22, 2003... Byline: Jonathan Braude Paris buyout firm LBO France is in exclusive talks with London's newly independent Montagu Private Equity over the sale of LBO France's energy metering business, Actaris. The proposed secondary buyout would...

Providence Equity backs Canadian cabler.
March 22, 2003... Byline: Peter Lauria Continuing its recent run of cable deals, buyout shop Providence Equity Partners announced Friday, March 21, a $110 million investment in Craig Media Inc., Canada's largest privately held broadcast television...

Town Sports prepares to refinance.
March 22, 2003... Byline: Josh Kosman After failing to sell Town Sports International Inc., New York buyout firm Bruckmann, Rosser, Sherrill & Co. is refinancing the operator of New York Sports Clubs. But Town Sports' capital demands are so great that its...

Israeli firms buy bankrupt Fas Mart.
March 21, 2003... Byline: Neal Sandler in Tel Aviv Gmul Investment Ltd. and Malraz Financial Group on Thursday, March 20, said they have clinched a deal to buy bankrupt Fas Mart Convenience Stores Inc., a Mechanicsville, Va.-based retail chain, for $44.75...

Global Crossing seeks extension.
March 21, 2003... Byline: Chris Nolter Lawyers for Global Crossing Ltd. have asked for more time to secure the final regulatory approvals of a Chapter 11 buyout by two overseas firms Thursday, March 20, after the company's application stalled before a...

Primavera to buy rival.
March 21, 2003... Byline: Cheryl Meyer Primavera Systems Inc., a Bala Cynwyd, Pa., developer of project management software, said Thursday it's acquiring ailing San Francisco rival Evolve Software Inc. in a transaction valued at $13 million. Under the...

Judge approves Safety-Kleen reorg plan.
March 21, 2003... Byline: Greg Johnson Safety-Kleen Corp. took a major step toward emerging from bankruptcy Thursday, March 20, when a judge approved the company's proposed reorganization plan. Chief Judge Peter J. Walsh of the U.S. Bankruptcy Court...

Lodgian hotels cleared to seek exit financing.
March 21, 2003... Byline: Shanon D. Murray A judge Thursday approved the disclosure statement of a group of hotels affiliated with Lodgian Inc., which emerged from Chapter 11 bankruptcy protection in December. Atlanta-based Lodgian, which once...

DirecTV LatAm can access $30M loan.
March 21, 2003... Byline: Chris Nolter DirecTV Latin America LLC received bankruptcy court approval for a $30 million installment on a debtor-in-possession loan from part-owner Hughes Electronics Corp. on Wednesday, March 19. Hughes, whose claim of...

Aegon offers shareholders empowerment.
March 21, 2003... Dutch insurer Aegon NV on Thursday announced plans to give more authority to ordinary shareholders as it seeks to modernize its corporate governance structure. The company said that it was reducing the voting rights of its major shareholder,...

HSBC denies interest in PT Bank Danamon.
March 21, 2003... British banking giant HSBC Holdings plc is not bidding for a 51% stake in PT Bank Danamon, Indonesia's fifth-largest bank, which the country's bank privatization agency is divesting, a source said. The Indonesian Bank Restructuring Agency is...

Primavera Systems buys Evolve Software.
March 21, 2003... Primavera Systems Inc., a Bala Cynwyd, Pa., developer of project management software, said Thursday it's acquiring ailing San Francisco rival Evolve Software Inc. in a transaction valued at $13 million. Under the terms, Primera will part with...

Rigas boyhood home to raise defense cash.
March 21, 2003... The childhood home of Adelphia Communications Corp. founder John Rigas has been put up for sale to raise money for his legal defense against fraud charges. The modest house, located in Wellsville, N.Y., is on the block for just $65,000. Rigas...

Rum maker Todhunter eyes privatization.
March 21, 2003... West Palm Beach, Fla., rum and brandy maker Todhunter International Inc. said late Wednesday it's considering going private. The company, which also makes vinegar, said its board has approved creating a special committee of independent...

Telefonica plans to shed Antena 3 unit.
March 21, 2003... Spain's Telefonica SA is in advanced talks to sell a portion of its interest in broadcaster Antena 3 de Television SA to media conglomerate Grupo Planeta SA, according to reports in the Spanish press. Telefonica announced Wednesday that it...

Yahoo finishes purchase of Inktomi.
March 21, 2003... Online super portal Yahoo! Inc. has closed its $235 million acquisition of search engine technology provider Inktomi Corp. The deal requires shareholders of Foster City, Calif.-based Inktomi to receive $1.65 for each share of stock they own....

Canada's Sun Life boosts stake in CI Fund.
March 21, 2003... Toronto-based insurer Sun Life Financial Services of Canada Inc. said Friday it has increased its stake in CI Fund Management Inc. to more than one-third. Sun Life said it has issued more than 2.1 million shares for almost 5.5 million common...

Couche-Tard picks up 23 Dairy Mart stores.
March 21, 2003... Quebec convenience-store operator Alimentation Couche-Tard Inc. said Friday it has purchased 92 Dairy Mart stores for $3.2 million. Couche-Tard had managed the outlets since August, when the company closed its $80 million acquisition of Dairy...

Curtiss-Wright is buying E/M Coatings.
March 21, 2003... Curtiss-Wright Corp. has announced its third deal this month. The Roseland, N.J., maker of motion and flow control and metal treatment products said Friday it has agreed to buy the E/M Coatings division of Morgan Chemical Products Inc. for...

Goldman exits Thai hotel investment.
March 21, 2003... Goldman Sachs Group's real estate investment arm sold its 31.5% stake in Dusit Thani plc, a Bangkok-based hotel chain, for Bt1.02 billion ($23.8 million), according to Thai news reports. Goldman's GS Emerging Market Real Estate Fund had paid...

Nestle says Dreyer's deal is advancing.
March 21, 2003... Nestle SA expressed confidence Friday that its $2.5 billion takeover of Dreyer's Grand Ice Cream Inc. would go ahead by mid-June despite a Federal Trade Commission investigation. Dreyer's shareholders approved the deal late Thursday. The...

Seymour Pierce to shed invest unit.
March 21, 2003... London stockbroker Seymour Pierce Group plc said Friday it has agreed to sell its investment banking division to management and is in advanced discussions to sell its fund management business. The bank said that an independent committee of...

Troy Group agrees to be bought out.
March 21, 2003... Troy Group Inc., a Santa Ana, Calif., e-payment services provider, said Friday that it has agreed to be bought out by its founder for $2.70 a share. The offer is from Dirk Inc., which is controlled by Troy creator Patrick Dirk. The deal...

Boston Properties sheds D.C. building.
March 20, 2003... Boston Properties Inc. said Wednesday it has sold an office building in Washington, D.C., for $114 million to Blue Capital Investments Inc., a private firm affiliated with Germany's HypoVereinsbank Group. The eight-story building at 2300 N...

Cisco Systems is buying SignalWorks.
March 20, 2003... Cisco Systems Inc. said Wednesday it would acquire SignalWorks Inc., a privately held Mountain View, Calif., Web audio software developer, for $13.5 million in stock. Cisco expects the acquisition to close by the fiscal fourth quarter. Cisco,...

Fox Paine gets United National Group.
March 20, 2003... San Francisco private equity firm Fox Paine & Co. LLC said Wednesday it has agreed to acquire a controlling interest in United National Group, a Bala Cynwyd, Pa.-based property and casualty insurance company, through its Fox Paine Capital...

Goodyear Tire mulls sale of chemical unit.
March 20, 2003... Ailing Goodyear Tire & Rubber Co. is considering the sale of its chemicals division as a way to remain solvent. Goodyear Chemicals generates about $1 billion in annual sales and between $100 million and $150 million of Ebitda, representing...

Kingfisher plans to shed retail outlets.
March 20, 2003... British retailer Kingfisher plc said Wednesday that it plans to sell home improvement stores in Canada, Belgium, Poland and Brazil as part of a strategy to focus on core markets in Europe and Asia. The company said it is talking to interested...

M&H Plastics sold to J.P. Morgan Partners.
March 20, 2003... J.P.Morgan Partners, the private equity arm of J.P. Morgan Chase & Co., acquired plastic bottle maker M&H Plastics Ltd. of Beccles, Suffolk, for an undisclosed price. The deal gives M&H Plastics the financing to expand geographically. J.P....

Priceline.com takes stake in Travelweb.
March 20, 2003... Priceline.com said Wednesday it has taken an equity stake in Travelweb LLC, investing $8.5 million as part of a marketing deal. Dallas-based Travelweb is owned by hotel giant Marriott International Inc., Hilton Hotels Corp., Hyatt Corp., Six...

Wireless Age nabs Pivotal Self-Service.
March 20, 2003... Vancouver, British Columbia, telecom Wireless Age Communications Inc. said Wednesday it has parted with $7.8 million in stock to acquire King City, Ontario, electronics products distributor Pivotal Self-Service Technologies Inc. Under the...

US Airways reorg gets nod.
March 20, 2003... Byline: Lou Whiteman Bankrupt US Airways Group Inc. late Tuesday, March 18, received final confirmation of its reorganization plan, keeping the airline on track to emerge from Chapter 11 protection by March 31. U.S. Bankruptcy Court...

Letter from Delaware: March 17, 2003.
March 20, 2003... Byline: Shanon Murray with staff reports Establishing medical criteria as a way to pare down the legions of asbestos claims faced by companies is in the forefront of asbestos reform, but one alternative -- a massive national trust fund --...

DIP Dimensions: Sun World International.
March 20, 2003... Byline: Jonathan Berke Auctions are an everyday part of bankruptcies, but they usually involve a debtor's assets. In the case of fruit producer Sun World International Inc., however, an impromptu auction recently broke out over its...

Vanishing act.
March 20, 2003... Byline: Terry Brennan It took Cincinnati Microwave Inc. only 11 months to get its liquidation plan confirmed. That was in January 1998. Still, the maker of radar detectors didn't actually complete the process until December 2002, nearly...

The Wiz gets $3M in interim DIP financing.
March 20, 2003... Byline: Jonathan Berke Bankrupt electronics retailers The Wiz Inc. won interim approval on Tuesday to use $3.15 million in debtor-in-possession financing through March 27. The retailer is using the DIP funds, which is being provided by...

Rand McNally sale advances; Rand McNally sale advances.
March 20, 2003... Byline: David Carey Bankrupt Rand McNally & Co. won court approval of its Chapter 11 reorganization plan, setting the stage for a takeover of the world's largest commercial map maker by Los Angeles private equity firm Leonard Green &...

Advanced Tissue sale OK'd.
March 20, 2003... Byline: Terry Brennan Bankrupt skin replacement developer Advanced Tissue Sciences Inc. won court approval Wednesday, March 19, to sell its NouriCel unit when it also got the go-ahead on its liquidation plan. Judge James Meyers in...

ANC-Lehman settlement is approved.
March 20, 2003... Byline: Terry Brennan A judge approved a settlement Wednesday, March 19, that ANC Rental Corp. forged with Lehman Brothers Inc. on a $200 million prepetition loan that had triggered a creditors' probe. Judge Mary Walrath in U.S....

Enron scraps pipeline auction.
March 20, 2003... Byline: Jonathan Berke In a surprise move, Enron Corp. took its prized pipelines off the block late Wednesday, March 19, and said it now plans to reorganize around them. Although the decision caught some prospective purchasers off...

BofA to close European equity business.
March 20, 2003... Byline: Nicola Hobday in London The queue at the job center just keeps getting longer. Banc of America Securities, the investment banking arm of Bank of America Corp., said Wednesday, March 19, it will shutter its London-based...

Telefonica to float TV stake.
March 20, 2003... Byline: Danny Fortson in Seville, Spain Telecommunications giant Telefonica SA revealed Wednesday, March 19, how it will dispose of its majority stake in television broadcaster Antena 3 de Television SA, which regulators required for it...

China Life adds three IPO coordinators.
March 20, 2003... Byline: Shu-Ching Jean Chen The largest Chinese financial institution, China Life Insurance Co., has accelerated its plan for an initial public offering by appointing three more global coordinators for its $2 billion offshore listing....

IPO Outlook: March 20, 2003.
March 20, 2003... Byline: Patricia Koza Ica Forbundet Invest Stockholm-based holding company Ica Forbundet Invest said Wednesday, March 29, it will delay a planned initial public offering until 2004 because of the accounting problems of Dutch retailer...

Priceline invests in Travelweb.
March 20, 2003... Byline: David Shabelman Priceline.com Inc. plans to take an equity stake in Travelweb LLC as part of a distribution agreement between the two companies. Priceline.com, a name-your-price travel Web site based in Norwalk, Conn., will...

Suntory U.S. water unit nears sale.
March 20, 2003... Byline: Soma Biswas Japanese beverage distributor Suntory Ltd. is trying to wind up the sale of its U.S. home/office water delivery business to Groupe Danone or others in what could be an $800 million deal, according to sources. ...

Expedia shines through war clouds.
March 20, 2003... Byline: Peter Lauria With travelers growing more skittish as war clouds darken, Barry Diller bet $3.3 billion worth of USA Interactive Inc. stock Wednesday, March 19, on the continued upward financial trajectory of online travel company...

Polish refinery auction in peril.
March 20, 2003... Byline: Patricia Koza in Warsaw Britain's Rotch Energy Ltd., a suitor for nearly two years for Poland's second-largest refinery, has been dropped from the partnership that had been named as the winning bidder, two sources said, amid...

Beiersdorf goes from stalker to prey.
March 20, 2003... Byline: Andrew Bulkeley in Berlin A day after consumer products group Procter & Gamble Co. snapped up German hair-care company Wella AG, insurer Allianz AG said it's considering a sale of its minority stake in former Wella suitor...

Ratings Review: March 19, 2003.
March 20, 2003... Byline: Gerald C. Magpily Procter & Gamble Co. strengthened its foothold in Europe with its March 18 agreement to purchase a 51% stake in German hair-care and cosmetics company Wella AG for [Euro]3.2 billion ($3.5 billion) in cash....

Italy's Enel may boost telecom interests.
March 20, 2003... Byline: Heather O'Brian in Milan and Brian Cattell in London Under chief executive Paolo Scaroni, state-controlled utility Enel SpA has reversed the diversification strategy of previous management and is now focusing on its core power...

DuPont seeks rest of Canadian unit.
March 20, 2003... Byline: Laura King in Toronto Chemical giant E.I. du Pont de Nemours & Co. said Wednesday, March 19, it is offering C$1.4 billion ($943 million) to buy the 24% of DuPont Canada Inc. it doesn't already own, as part of a plan to spin off...

Tellabs: We will survive.
March 20, 2003... Byline: Sarah Cohen A senior Tellabs Inc. executive said the networking gear maker expects to survive the telecom industry downturn. "Tellabs will be the one that consolidates others," chief technology officer Antti Kankunnen told a...

Qwest hits late snag in Dex sale.
March 20, 2003... Byline: Chris Nolter Qwest Communications International Inc. may have more wrangling in store as it tries to complete the second phase of its $7.05 billion Yellow Pages unit sale. The staff of the Washington State Utilities and...

Household weathers SEC settlement.
March 20, 2003... Byline: Scott Stuart See today's Arbitrage situations chart. Household International Inc. announced Wednesday, March 19, it has signed a consent order with the Securities and Exchange Commission resolving the agency's claims about...

Private Equity - New and Noteworthy.
March 20, 2003... Byline: compiled by George White Parthenon recaps Med-Tel International Parthenon Capital, a Boston private equity firm that focuses on the middle market, said on Monday, March 18 that it led a $19 million recapitalization of...

Tokio Marine, Nomura lead buyout.
March 20, 2003... Byline: Charles Smith in Tokyo The private equity arms of Japanese insurer Tokio Marine and Fire Insurance Co. and Nomura Holdings Inc. are to lead a [yen]50 billion ($421 million) buyout of privately held Wanbishi Group in a deal...