The Daily Deal articles from March 2004, page 9

The Daily Deal archives from March 2004

More Hawaiian bids in store.
March 3, 2004... Byline: Greg Johnson Hawaiian Airlines' trustee and committee of unsecured creditors on Thursday, March 4, are likely to file a proposal to accept bids for the bankrupt airline because they're unhappy with three reorganization plans...

Memory Pharma unveils IPO.
March 3, 2004... Byline: Peter Moreira Montvale, N.J.-based Memory Pharmaceuticals Corp. on Tuesday, March 2, filed a preliminary prospectus with regulators saying it planned to sell 5 million shares at between $13 and $15 each in an initial public...

Ping An plans $1.9B IPO.
March 3, 2004... Byline: Shu-Ching Jean Chen in Hong Kong Ping An Insurance Co., China's second-largest life insurer, sought permission Tuesday, March 2, from the Hong Kong Stock Exchange for an initial public offering on the local bourse to raise as much...

IPO Outlook: March 3, 2004.
March 3, 2004... Byline: Peter Moreira Memory Pharmaceuticals Montvale, N.J.-based Memory Pharmaceuticals Corp. on Tuesday filed a preliminary prospectus with regulators saying it planned to sell 5 million shares at between $13 and $15 each in an...

FCC, critics spar over UHF discount.
March 3, 2004... Byline: Ron Orol in Washington The Federal Communications Commission is moving to preserve a rule that, if revoked, could force large television companies to sell stations. At issue is the so-called UHF discount, an FCC regulation...

Powell, Bells score court victory.
March 3, 2004... Byline: Ron Orol in Washington A federal appeals court sided Tuesday, March 2, with Federal Communications Commission chairman Michael Powell and voided much of the agency's local phone competition rules. The ruling by a three-member...

Air China buys Shandong Airlines.
March 3, 2004... Byline: The Daily Deal Air China, China's flag carrier, struck a domestic acquisition to take control of an eastern provincial airline Shandong Airlines for 456 million renminbi ($55 million). Air China has agreed to take a 22.8% stake...

LECG gets Economic Analysis.
March 3, 2004... Byline: The Daily Deal Emeryville, Calif.-based consultancy LECG Corp. has bought privately held Los Angeles competitor Economic Analysis LLC for $16.3 million in cash and stock. Under the terms, LECG is paying $15.3 million in cash and...

Mississippi Chemical sells units.
March 3, 2004... Byline: The Daily Deal Mississippi Chemical Corp., the bankrupt Yazoo City, Miss., producer of agriculture chemicals, said Tuesday that its Mississippi Potash Inc. and Eddy Potash Inc. divisions have completed the sale of nearly all...

SBC weighs rural line sales.
March 3, 2004... Byline: The Daily Deal SBC Communications Inc. acknowledged Tuesday that it is considering a sale of a number of rural phone lines after receiving inquiries about them for more than two years. The San Antonio-based telecom said that any...

Temasek in Malay telecom stake.
March 3, 2004... Byline: The Daily Deal Temasek Holdings Pte. Ltd., the aggressive equity investment arm of Singapore's government, said it has spent 1.6 billion ringgit ($421 million) to buy 5% of Telekom Malaysia Bhd. in a move that suggests a thawing...

Airlines put GE on hook for $5B.
March 3, 2004... Byline: The Daily Deal General Electric Co. has more than $5 billion of exposure to bankrupt airlines, according to the company's annual report. The Fairfield, Conn.-based maker of jet engines and consumer products has more than $4.3...

ASM buys out NuTool.
March 3, 2004... Byline: The Daily Deal Dutch chip equipment maker ASM International NV said Tuesday it would acquire the 85% of privately held NuTool Inc. that it does not already own for about $50 million in stock. NuTool, based in Milpitas, Calif.,...

Compass Group gets Mitropa.
March 3, 2004... Byline: The Daily Deal U.K. catering giant Compass Group plc said Tuesday that it purchased Mitropa AG, the catering division of national German railway Deutsche Bahn AG for a reported [Euro]40 million ($49 million). The companies didn't...

DoubleClick picks up SmartPath.
March 3, 2004... Byline: The Daily Deal New York online advertising company DoubleClick Inc. announced Tuesday that it has agreed to acquire SmartPath Inc., a Research Triangle Park, N.C., developer of marketing software, for an undisclosed sum....

EchoStar gets 3 Gemstar units.
March 3, 2004... Byline: The Daily Deal EchoStar Communications Corp. on Tuesday agreed to buy the Superstar/Netlink Group LLC, UVTV distribution and Space.com divisions of Gemstar-TV Guide International Inc. for $48 million. The deal is part of a...

Judge: Let there be Astroturf!
March 3, 2004... Byline: The Daily Deal A court has ruled that the Metrodome in Minneapolis can get a new playing surface in time for the Minnesota Twins' April 5 home opener against the Cleveland Indians. Judge Paul Bonapfel of the U.S. Bankruptcy Court...

Don't count out Barclay brothers.
March 3, 2004... Byline: Brian Cattell in London Britain's billionaire Barclay brothers may bid again for the Telegraph Group, which owns the U.K.'s biggest circulation newspaper, even after formally withdrawing their offer to take control of its parent....

S. Korea quickens Hana auction pace.
March 3, 2004... Byline: Roger du Mars in Seoul The South Korean government has decided to put its W1 trillion ($850 million) holding in the country's No. 4 lender, Hana Bank, on the block before selling its 87% stake in larger peer Woori Financial...

Auna's solo days numbered.
March 3, 2004... Byline: Danny Fortson in Barcelona Auna SA, Spain's leading alternative cable access and mobile phone operator, is up for grabs. The only mystery is who the buyer will be. The question is by no means new, but the recent expiration of...

U.K. trade publishers tie knot.
March 3, 2004... Byline: Brian Cattell in London British trade publishers Informa Group plc and Taylor & Francis Group plc on Tuesday, March 2, unveiled an all-stock merger that will create a company with a market value of [pounds sterling]1.1 billion ($2...

Applied Micro grabs 3ware for $150M.
March 3, 2004... Byline: Olaf de Senerpont Domis in San Francisco Moving to expand its range of storage technology offerings, networking chip maker Applied Micro Circuits Corp. said Tuesday, March 2, it has agreed to acquire privately held 3ware Inc. for...

Vanderbeek group gets Devils.
March 3, 2004... Byline: Jonathan Berke The defending Stanley Cup champion New Jersey Devils made a major trade Tuesday, March 2, but it was for some fresh capital, not a goal scorer. Lehman Brothers Inc. executive Jeffrey Vanderbeek gave his notice...

Brazil execs key to AmBev talks.
March 3, 2004... Byline: Michael Kepp in Rio de Janeiro with Renee Cordes in Brussels If Belgium's Interbrew SA, maker of Stella Artois and Rolling Rock beers, closes a merger with Brazil's Cia. de Bebidas des Americas SA to create the world's biggest...

Oracle, DOJ size up judge.
March 3, 2004... Byline: Jaret Seiberg Oracle Corp. may have scored an early victory when the Department of Justice's challenge to its hostile tender for PeopleSoft Inc. was assigned to U.S. District Judge Vaughn R. Walker. The San Francisco-based...

Interbrew, AmBev agree merger.
March 3, 2004... Byline: Renee Cordes in Brussels Belgium's Interbrew NV and Cia. de Bebidas des Americas SA, or AmBev, said Wednesday, March 4, that they are joining forces to surpass Anheuser-Busch Cos. as the world's largest brewer with combined sales...

Movers & shakers: March 3, 2004.
March 3, 2004... Byline: compiled by Lisa Camerlengo According to an internal memo, Credit Suisse First Boston is reshuffling the duties of institutional securities co-presidents Brian Finn and Brady Dougan. Dougan will concentrate on leading the...

Private Capital People: March 2, 2004.
March 3, 2004... Byline: compiled by Lisa Camerlengo AlixPartners LLC has appointed Larry Singleton as a principal in its turnaround and restructuring services practice in New York. Before joining the international corporate turnaround firm, Singleton...

Beteiligungs gets SAF stake.
March 3, 2004... Byline: Jonathan Braude in London Listed Frankfurt buyout house Deutsche Beteiligungs AG said Tuesday, March 2, it agreed to take a majority stake in axle-maker Otto Sauer Achsenfabrik Keilberg KG, or SAF, for an undisclosed price. ...

Advent on duty-free shopping spree.
March 3, 2004... Byline: Jonathan Braude Boston buyout firm Advent International said Tuesday, March 2, it plans to buy more duty-free operations following its purchase of Switzerland's Dufry Group, ranked fourth in the field worldwide, earlier this...

Encore to pay $123M for Cortez Oil.
March 3, 2004... Byline: Kelly Holman Fort Worth's Encore Acquisition Co., backed by Warburg Pincus LLC, has agreed to acquire Cortez Oil & Gas Inc. for $123 million from Natural Gas Partners LP, an Irving, Texas-based private equity firm. Encore is...

Fortinet's VCs prep for rich exit.
March 3, 2004... Byline: Cheryl Meyer Although Fortinet Inc. isn't saying so, analysts believe its $50 million Series E mezzanine financing, announced Tuesday, March 2, could be a prelude to an initial public offering or trade sale later this year N to...

OmniSonics closes $43M round.
March 3, 2004... Byline: Andrew Morse In the largest medical device financing in the past 12 months, Wilmington, Mass.-based OmniSonics Medical Technologies Inc. said on Tuesday, March 2, it had closed a $43 million Series C funding that will help the...

Ormet gets full access DIP.
March 2, 2004... Byline: Peter Edmonston Aluminum producer Ormet Corp. has won full access to a $210 million debtor-in-possession financing, but the company must wait at least until Monday, March 15, to resolve a challenge to its hiring of O'Melveny &...

Genzyme bids $215M for Impath unit.
March 2, 2004... Byline: Terry Brennan Bankrupt Impath Inc. has signed a $215 million stalking-horse agreement to sell its Impath Physician Services Inc. unit to Genzyme Corp., which cut its second major deal within the past four business days. On...

SunCruz bidders: Put up or shut up.
March 2, 2004... Byline: Jonathan Berke Two online auto salesmen will let SunCruz Casinos Inc. know Tuesday, March 2, if they have the money to buy the bankrupt gamblers' cruise line. Arlen McBride and Bobby E. Hearn, who teamed up to sell cars on...

Another invest for Garden Ridge?
March 2, 2004... Byline: Jonathan Berke Bankrupt home decor retailer Garden Ridge Corp. said Monday, March 1, that its primary shareholder, New York private equity firm Three Cities Research, is considering another investment in the company. The...

Comalco, Kaiser Aluminum begin talks.
March 2, 2004... Byline: Paul Burton Rio Tinto plc's Comalco Ltd. is interested in acquiring the world's largest alumina refinery, in Gladstone, Australia, from bankrupt Kaiser Aluminum Corp. Houston-based Kaiser, looking for raise cash to exit...

Wendy's unit bags Bess Eaton.
March 2, 2004... Byline: Terry Brennan Coffee and pastry chain Bess Eaton Donut Flour Co. filed for Chapter 11 on Monday, March 1, to help sell its assets to a Canadian unit of Wendy's International Inc. The operator of doughnut shops has struck a...

Slater Steel wins extension.
March 2, 2004... Byline: Laura King in Toronto A bankruptcy judge has extended protection from creditors for insolvent Slater Steel until Friday, April 30, as the steelmaker and its unions attempt to work out a deal to sell the company's Hamilton steel...

Oregon Arena Corp. is bankrupt.
March 2, 2004... Byline: Jonathan Berke An arena company controlled by Paul Allen filed for bankruptcy protection on Friday in the U.S. Bankruptcy Court for the District of Oregon in Portland on Friday. Oregon Arena Corp. whose sole asset is the Rose...

Two IPOs in Aker Kvaerner revamp.
March 2, 2004... Byline: Patricia Koza Norway's Aker Kvaerner ASA has unveiled a large-scale restructuring plan to help it cut debt and boost earnings by splitting the conglomerate within six months into a holding group and two listed companies focused...

CEO shuffle: March 1, 2004.
March 2, 2004... Byline: David Ehrlich Italy's Alitalia named a new chief executive Friday, Feb. 27, accepting the resignation of Francesco Mengozzi, who stepped down after failing to secure government support for his restructuring plans. The Rome-based...

Sprint joins wireless shuffle.
March 2, 2004... Byline: Chris Nolter In a move that highlights the growing importance of wireless operations for wireline telecoms, Sprint Corp. is recombining its PCS tracking stock that represents its mobile business with its FON stock. While the...

Lenders extend RCN forbearance.
March 2, 2004... Byline: Soma Biswas RCN Corp. said Monday, March 1, that its bank lenders and noteholders have stretched the deadline for negotiations yet again, this time to March 15, as the Princeton, N.J.-based cable company continues talks involving...

Tom Online to list on Nasdaq.
March 2, 2004... Byline: Shu-Ching Jean Chen in Hong Kong East Asian Internet service provider Tom Online Inc. announced Monday, March 1, that it plans to raise up to HK$1.5 billion ($198 million) in an initial public offering on Nasdaq and the Hong Kong...

Numis buys, floats U.K. publisher.
March 2, 2004... Byline: Brian Cattell in London British brokerage Numis Securities Ltd. has beaten off private equity and trade competition to win an auction for magazine publisher Centaur Communications Ltd., which it plans to float immediately. ...

Busy IPO quarter in Australia.
March 2, 2004... Byline: Josey Puliyenthuruthel Australian zinc miner Pasminco Ltd. and Pacific Brands Ltd., the country's leading undergarment maker, on Monday, March 1, announced initial share sales together worth about A$2.65 billion ($2.05 billion),...

Wrong turn.
March 2, 2004... Byline: Robert Willens In discussing the investment merits of the Piper Jaffray stock distributed several weeks ago by U.S. Bancorp, a national publication stated flatly that an acquisition of Piper within an unspecified period following...

Wittig sentenced to four years.
March 2, 2004... Byline: Claire Poole David Wittig, former CEO of Topeka, Kan., utility Westar Energy Inc., was sentenced Friday, Feb. 27, to more than four years in prison for bank fraud. Wittig, former mergers chief at Salomon Smith Barney, was...

Yukos-Sibneft demerger rounds bend.
March 2, 2004... Byline: Nick Watson A Moscow court on Monday, March 1, put the final nail in the coffin of the merger between Russian oil giants OAO Yukos and OAO Sibneft by siding with Sibneft-affiliated shareholders in a lawsuit that claimed the share...

Sarbanes, Oxley back landmark law.
March 2, 2004... Byline: Ron Orol in Washington Responding to a barrage of criticism from public corporations, the two lawmakers behind the Sarbanes-Oxley anti-corporate fraud legislation staunchly defend their law. "Compliance costs associated with...

3i purchases Lichtwer Pharma.
March 2, 2004... Byline: The Daily Deal U.K. private equity firm 3i Group plc said Monday it acquired German natural medicine producer Lichtwer Pharma AG for about [Euro]50 million ($62 million). Lichtwer Pharma's management will also take a stake in the...

Lightbridge gets Authorize.net.
March 2, 2004... Byline: The Daily Deal Burlington, Mass.-based transaction processing company Lightbridge Inc. agreed Monday to buy Authorize.Net, the online payment processing division of InfoSpace Inc., for $82 million. Lightbridge said the purchase,...

Mayne gets injectable vitamins.
March 2, 2004... Byline: The Daily Deal Australian pharmaceuticals company Mayne Group Ltd. has acquired the multivitamin injectables product portfolio of Wilmington, N.C.-based aaiPharma Inc. in a $100 million cash deal. The contract provides for a...

SHPS Holdings buys rival.
March 2, 2004... Byline: The Daily Deal SHPS Holdings Inc., a Louisville, Ky., provider of health administration services and software that is owned by Welsh, Carson, Anderson & Stowe, has agreed to buy Atlanta competitor Landacorp Inc. for about $56...

United Utilities acquires Eurocall.
March 2, 2004... Byline: The Daily Deal United Utilities plc said Monday it would pay [pounds sterling]42 million ($78 million) in cash for U.K. business telecom Eurocall Ltd. Your Communications Ltd., the telecom arm of United, will offer [pounds...

Warner Music Group sale done.
March 2, 2004... Byline: The Daily Deal An investor group led by Edgar Bronfman Jr. on Monday completed its $2.6 billion acquisition of Time Warner Inc.'s Warner Music Group. The group, which includes private equity firms Thomas H. Lee Partners, Bain...

Wm. Morrison-Safeway clears.
March 2, 2004... Byline: The Daily Deal The [pounds sterling]4.1 billion ($7.7 billion) merger between Wm. Morrison Supermarkets plc and Safeway plc passed its last hurdle Monday, receiving clearance from Britain's High Court. The last day of trading in...

Agricole buys Danish finance unit.
March 2, 2004... Byline: The Daily Deal France's Credit Agricole SA said Monday it has agreed to purchase Dan-Aktiv A/S, the consumer finance division of Danish electronic goods retailer F Group A/S, for 394 million Danish kroner ($66 million). Credit...

Aurora gets Douglas Dynamics.
March 2, 2004... Byline: The Daily Deal Los Angeles LBO shop Aurora Capital Group agreed to acquire the Douglas Dynamics LLC division of Middletown, Ohio, steelmaker AK Steel Holding Corp. Douglas Dynamics, which has factories in Milwaukee; Johnson City,...

BNP Paribas finishes ARG invest.
March 2, 2004... Byline: The Daily Deal New York private capital group BNP Paribas has completed its investment in Automated Resources Group LLC, a Montvale, N.J., provider of technology services to publishers, direct marketers and nonprofits. BNP...

Cumulus buys Premier 7 stations.
March 2, 2004... Byline: The Daily Deal Cumulus Media Inc., the nation's second-largest radio broadcaster by station count, said Monday it acquired seven Missouri-based stations from Premier Marketing Group for $38.75 million. Atlanta-based Cumulus can...

Giuliani Partners in investment.
March 2, 2004... Byline: The Daily Deal Giuliani Partners LLC, the 2-year-old New York consultancy formed by former New York Mayor Rudolph Giuliani, has made an investment in CamelBak Products Inc., a Petaluma, Calif., supplier of drinking water systems...

Leeds nears goal in Yorkshire.
March 2, 2004... Byline: Lisa Clifford in London Shares in Leeds United plc remained suspended Monday, March 1, as team management continued negotiations to stave off administration and find a benefactor for the club, which owes more than [pounds...

Oracle fights on.
March 2, 2004... Byline: Cheryl Meyer Oracle Corp. president Charles Phillips defended the company's move to confront antitrust enforcers over their move last week to challenge its acquisition of PeopleSoft Inc. "Oracle isn't the first company to...

Peabody Energy buys 3 coal mines.
March 2, 2004... Byline: Claire Poole St. Louis coal producer Peabody Energy Corp. said Monday, March 1, it has agreed to buy coal mines in Australia and Colorado from Germany's RAG Coal International AG for $441 million. The deal includes two mines...

Australian energy plant sale stalls.
March 2, 2004... Byline: Josey Puliyenthuruthel Nearly a year after they started efforts to exit Australia's Loy Yang power station, its mainly U.S. owners said Monday, March 1, a sale agreement to a group led by Australian Gas Light Co. would be...

Germany's Depfa to sell again.
March 2, 2004... Byline: Andrew Bulkeley in Berlin European public sector finance specialist Depfa Bank plc on Monday, March 1, put its Deutsche Pfandbrief AG German unit on the block, looking to raise cash for a push in to the more lucrative U.S. market....

Interbrew, AmBev belly up to bar.
March 2, 2004... Byline: Renee Cordes in Brussels with Michael Kepp in Rio de Janeiro Belgium's Interbrew SA and Brazil's Cia. de Bebidas des Americas SA could be headed toward a merger that would create the world's second-largest brewer, behind...

DealEstate: March 1, 2004.
March 2, 2004... Byline: compiled by TheDeal.com Mergers & Acquisitions Feb. 27 Trizec sheds Hollywood digs Trizec Properties Inc. sold its Hollywood & Highland entertainment complex in Hollywood for $201 million to privately held CIM Urban...

Thailand's carrot to protesters.
March 2, 2004... Byline: Josey Puliyenthuruthel Faced with thousands of striking workers protesting Bangkok's privatization policy, Thai prime minister Thaksin Shinawatra pledged Monday, March 1, that the state will retain at least 50% of profit-making...

Cameco, AEP in $333M deal.
March 2, 2004... Byline: Laura King in Toronto and Claire Poole in Houston Canadian uranium producer Cameco Corp. is expanding into the U.S. energy market with a $332.6 million purchase of a 25.2% stake in the South Texas Project nuclear plant from a...

Oneida sets table for asset auction.
March 2, 2004... Byline: Soma Biswas Oneida Ltd., the world's largest silverware company, has put itself up for sale under pressure from its banks and its largest shareholder, according to sources. The 123-year-old company, based in Oneida, N.Y., is...

Movers & shakers: Mar. 2, 2004.
March 2, 2004... Byline: compiled by Lisa Camerlengo Morgan Stanley has named David Sidwell chief financial officer, effective in March. Sidwell moves over from J.P. Morgan Chase & Co., where he served as chief financial officer of the firm's...

Alpinvest gets Delft Instruments.
March 2, 2004... Byline: Jonathan Braude Dutch buyout firm Alpinvest Partners NV said Monday, March 1, it plans to acquire listed Dutch precision instrument and software maker Delft Instruments NV with an offer valuing the company at [Euro]152 million...

KPS lands $404M in commitments.
March 2, 2004... Byline: David Carey KPS Special Situations Funds, a New York private equity firm specializing in turnarounds of troubled businesses, landed $404 million in commitments from outside investors for its second investment fund, KPS co-founder...

Herbalife in leveraged recap.
March 2, 2004... Byline: Kelly Holman Los Angeles nutrition products company Herbalife International Inc., a portfolio company of San Francisco private equity firm Golden Gate Capital and Stamford, Conn.-based investment firm Whitney & Co., is undergoing...

What's Hot: March 1, 2004.
March 2, 2004... Byline: George White After weeks of decline, venture capital dealflow jumped 67% as VCs rediscovered their love for biotech startups. Dealflow rose to $474.88 million, a sharp increase from the prior week's $283.26 million ? the...

Apax joins solar cell trend.
March 2, 2004... Byline: Valerie Thomson in Zurich In in bid to boost production of its photovoltaic cells, Germany's Q-Cells AG has raised [Euro]12.5 million ($15.6 million) in third-round financing, sources said Monday, march 1. The cash came from...

IC Media closes $33.5M third round.
March 2, 2004... Byline: Clifford Carlsen Semiconductor maker IC Media Corp. has raised $22.5 million from strategic investors in a second close of a $33.5 million third round to support the manufacture of low-cost, low-power chips for the fast-growing...

Fortinet raises $50M.
March 2, 2004... Byline: Cheryl Meyer in Los Angeles Security technology company Fortinet Inc. said Tuesday, March 2, it has received $50 million in Series E mezzanine financing from existing investors, including Acorn Campus, Defta Partners, Meritech...

Sound test.
March 1, 2004... Byline: Peter Lauria Pity the poor music industry. Things have gotten so bad that in mid-February it had one of its best weeks in 13 years, selling 17 million albums. With numbers like that, it's no wonder Sony Corp. and Bertelsmann AG...

Supra to search for buyer.
March 1, 2004... Byline: Paul Burton A court will rule March 10 on a request by bankrupt Supra Telecom Inc. of Miami to hire an investment banking firm to seek a buyer. Chief Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern District...