The Daily Deal articles from May 2003, page 4

The Daily Deal archives from May 2003

Letter from Delaware.
May 15, 2003... Byline: Shanon D. Murray with staff reports Sometimes it's difficult to escape from Wilmington. Raven Media Investments LLC, an Argentine company and investor in DirecTV Latin America LLC, recently asked Chief Judge Peter J. Walsh in...

Platinum Underwriters CEO departs.
May 15, 2003... Byline: Donna Block Platinum Underwriters Holdings Ltd. was one of the most successful IPOs in the past year. But late Tuesday, May 13, the reinsurance company announced the departure of chief executive Jerome T. Fadden, who the company...

SABMiller reaches for Peroni.
May 15, 2003... Byline: Peter Moreira in London London-based SABMiller plc, the world's second-biggest brewer, agreed Wednesday, May 14, to buy a controlling stake in Italian rival Birra Peroni SpA as the consolidation of Europe's beer markets...

Mall owner sold for $1.12B.
May 15, 2003... Byline: Jonathan Berke Adding to a string of deals involving retail mall companies, Pennsylvania Real Estate Investment Trust Inc. engineered a $1.12 billion acquisition Wednesday, May 14, of Crown American Realty Trust. The merger...

Taylor Nelson agrees to buy NFO.
May 15, 2003... Byline: Lisa Clifford in London Britain's Taylor Nelson Sofres plc said Wednesday, May 14, it agreed to buy a market research firm from New York-based advertising company Interpublic Inc.for $425 million in cash and shares to extend its...

Pennsylvania REIT, Crown in merger pact.
May 15, 2003... Byline: Jonathan Berke Pennsylvania REIT (PREIT) said Wednesday, May 14, it acquired fellow mall owner Crown American Realty Trust in a $1.004 billion deal. After the deal, PREIT will control interests in 40 regional malls and 14...

HSR Early Terms - May 13, 2003.
May 15, 2003... Byline: Jaret Seiberg The Federal Trade Commission said Tuesday, May 13 that the antitrust agencies do not have objections to The Hearst Trust's acquisition of Primedia Magazines Inc., which includes the Seventeen magazine title. The...

Tom Brown bullish on Matador.
May 15, 2003... Byline: Claire Poole in Houston The Deal's first take. Update by 4 p.m. EDT. The Denver natural gas explorer Tom Brown Inc. said Wednesday, May 14, that it had signed a definitive agreement to acquire the privately held Dallas...

AT&T, Verizon near Czech exit.
May 15, 2003... Byline: Brian Cattell in London Czech incumbent Cesky Telecom a.s., with the aid of new adviser Goldman Sachs International, is nearing a deal to buy out minority shareholders AT&T Wireless Corp. and Verizon Communications Corp. from its...

Ratings Review: May 14, 2003.
May 15, 2003... Byline: Gerald C. Magpily and Josh Kosman Packaged Ice Inc. will be making ice for new owners as it sold itself to Bear Stearns Merchant Banking and Trimaran Capital Partners on May 13 for about $465 million including advisory fees. ...

Capitalia doubles stake in insurer.
May 15, 2003... Byline: Heather O'Brian in Milan Italian lender Capitalia SpA and publisher De Agostini SpA on Wednesday reached an agreement on the sale of assets inherited by the Italian publisher when it agreed to buy Fiat SpA's insurance arm last...

Axcan reveals multiple deals.
May 15, 2003... Byline: Andrew Morse Canadian gastrointestinal specialist Axcan Pharma Inc. is having no problem digesting acquisitions. The Mont-Saint-Hilaire, Quebec-based drugmaker said it was negotiating two deals in addition to its ongoing $203...

Tom Brown makes run at Matador.
May 15, 2003... Byline: Claire Poole in Houston Denver natural gas explorer Tom Brown Inc. said Wednesday, May 14, it signed a definitive agreement to acquire privately held Dallas explorer Matador Petroleum Corp. for $373 million in cash and assumed...

SABMiller gulps Italian brewer.
May 15, 2003... Byline: Nicola Hobday in London SABMiller plc, the world's second-biggest brewer, joined in the recent wave of beer consolidation in Europe on Wednesday, May 14, when it agreed to acquire a majority of Italy's Birra Peroni SpA for up to...

Italy's Capitalia doubles stake in insurer.
May 15, 2003... Byline: Heather O'Brian in Milan Italian lender Capitalia SpA and publisher De Agostini SpA on Wednesday, May 14, reached an agreement on the sale of assets inherited by the Italian publisher when it agreed to buy Fiat SpA's insurance...

RBOS swaps with Spanish bank.
May 15, 2003... Byline: Danny Fortson in Seville, Spain Santander Central Hispano SA flipped a pair of deals Wednesday, May 14, with the Royal Bank of Scotland Group. Royal Bank agreed to pay [Euro]486 million ($560 million) for the Spanish bank's...

Taylor Nelson makes U.S. buy.
May 15, 2003... Byline: Lisa Clifford in London and Richard Morgan in New York Britain's Taylor Nelson Sofres plc announced an agreement Wednesday, May 14, to buy a rival market research firm from the Interpublic Group of Cos., a troubled New York-based...

CSFB: Software companies seek growth through M&A.
May 15, 2003... Byline: David Shabelman in San Francisco Software companies are likely to pursue deals to boost earnings rather than build from within, according to a report released the week of May 12 by Credit Suisse First Boston. Economic...

Simon and Westfield have deal funding.
May 15, 2003... Byline: Jonathan Berke Simon Property Group Inc. on Wednesday received more good news as it continues trying to acquire Taubman Centers Inc. Simon's joint venture partner in the offer, Westfield America Inc., said UBS Warburg and...

Troubled 3DO rethinks strategy.
May 15, 2003... Byline: Cheryl Meyer in Los Angeles The Electronic Entertainment Exposition is in full swing this week at the Los Angeles Convention Center, but not all companies exhibiting there are hyping new products. Some software video game makers...

Wind Point closes $476M fund.
May 15, 2003... Byline: Kelly Holman Wind Point Partners announced Wednesday, May 14, that it closed its fifth private equity fund, Wind Point Partners V LP, with $476 million in committed capital. New investors in the Chicago-based private equity...

Trivest recaps Regional Diagnostics.
May 15, 2003... Byline: Kelly Holman Miami private equity firm Trivest Partners LP said Wednesday, May 14, that it has invested in Cleveland-based Regional Diagnostics LLC in a recapitalization valued at over $77 million. Trivest provided $30...

Carlyle merges Vought and Aerostructures.
May 15, 2003... Byline: Kelly Holman Dallas aerospace company Vought Aircraft Industries Inc. said Wednesday, May 14, that it has agreed to merge with The Aerostructures Corp., a Nashville-based manufacturer of aircraft frames. Terms of the merger...

e-Security locks in $5M in round two.
May 15, 2003... Byline: Tyson Freeman Niche security software company e-Security Inc. announced Wednesday, May 14, it has raised an additional $5 million of venture capital, following what the startup described as "two record-breaking quarters" of...

Sabrix pulls in $10.5M from VCs.
May 15, 2003... Byline: Clifford Carlsen San Ramon, Calif.-based Sabrix Inc. landed San Mateo, Calif.'s Trinity Ventures as lead investor in a in a third round fundraising, which closed in less time than many companies spend doing road shows. The...

BMD.
May 15, 2003... Marne-la-Vall?e, France-based autoimmune disease diagnostics company BMD has raised [Euro]9.3 million ($10.7 million) in a new round of financing. The round was co-led by Truffle Venture, Europe Innovation and Siparex Ventures, with...

CIBC wins Air Canada court OK.
May 15, 2003... The Ontario Superior Court has approved a monitor's recommendation that the Canadian Imperial Bank of Commerce continue as Air Canada's frequent-flier credit card partner. But Justice James Farley, who is overseeing the restructuring of the...

China Airlines taps financial adviser.
May 15, 2003... China Airlines has chosen domestic brokerage Taiwan International Securities Corp. to find someone to buy a 36% stake from controlling shareholder, the government-owned Chinese Aviation Development Foundation. Taiwan International Securities...

Heisley captures CopperCom.
May 15, 2003... Through Heico Cos. LLC, an investment vehicle, Chicago vulture investor Michael Heisley has agreed to buy a majority stake in CopperCom Inc., a Boca Raton, Fla., maker of advanced switches and other equipment for broadband phone networks,...

Hispania Capital Partners.
May 15, 2003... The first nationwide Hispanic venture capital fund, Chicago-based Hispania Capital Partners, has been formed by the U.S. Hispanic Chamber of Commerce and Bank One Corp. The fund starts off with initial private capital of $21 million and up to...

Jinro appeals insolvency ruling.
May 15, 2003... South Korean troubled liquor producer Jinro Ltd. on Thursday appealed a Seoul District Court decision to place the company under court receivership. Creditor Goldman Sachs Group, via its Ireland-based unit Senna Investments Ltd., filed the...

MuniMae to get Lend Lease unit.
May 15, 2003... Municipal Mortgage & Equity LLC, more commonly known as MuniMae, announced Thursday it's buying the Housing and Community Investing division of Lend Lease Real Estate Investments for $102 million in cash. The transaction is expected to close...

Novaled.
May 15, 2003... Dresden, Germany-based Novaled GmbH, which recently spun off from the Technical University of Dresden and Fraunhofer Institute for Photonic Microsystems, has secured [Euro]5.75 million ($6.6 million) in first-round financing. TechnoStart and...

RLX Technologies.
May 15, 2003... Computer hardware company RLX Technologies, Inc. of The Woodlands, Texas, has raised $23 million in Series C financing, which brings its total funding to nearly $100 million. Austin Ventures led the round, with participation from existing...

RailAmerica pursues N.Z. railroad.
May 15, 2003... Shortline railroad operator RailAmerica Inc. disclosed it has bid NZ$158 million ($90.6 million) for New Zealand's Tranz Rail Holdings Ltd. The move could start a bidding war for the troubled railway in that country. RailAmerica said its...

Schering sheds rest of Leiras stake.
May 15, 2003... German drug maker Schering AG said Thursday it sold its remaining 49% of drug joint venture Oy Leiras Finland AB to Denmark's Nycomed Group for about [Euro]43 million ($49 million). The sale completes a transfer of the Finnish joint venture...

Vincor gets Kim Crawford Wines.
May 15, 2003... Canadian winemaker Vincor International Inc. said Thursday it will buy privately held Kim Crawford Wines Ltd. of New Zealand for C$12.3 million ($9 million) in a deal that broadens Vincor's global reach. Vincor is Canada's largest winery,...

Service Merchandise nickels and dimes bondholders.
May 14, 2003... Byline: Terry Brennan After waiting four years to recover something from bankrupt Service Merchadise Inc., bondholders must wait 90 days more, and for all their trouble, they'll probably get no more than 10 cents on the dollar for their...

Reliance's Pennsylvania settlement approved.
May 14, 2003... Byline: Jonathan Berke A federal bankruptcy judge tentatively approved a settlement between Reliance Group Holdings Inc. and the commonwealth of Pennsylvania to split evenly the assets of the failed insurance company. Under the...

S&N to buy Portuguese brewer.
May 14, 2003... Byline: Lisa Clifford in London Britain's Scottish & Newcastle plc continued its transformation into a focused international brewer on Tuesday, May 13, with an agreement to buy a Portuguese brewer and an affiliate for [Euro]429 million...

D-Day near for Computer Horizons.
May 14, 2003... Byline: David Shabelman in San Francisco After Computer Horizons Corp. earlier this month rejected Aquent LLC's unsolicited takeover offer, the two have traded barbs in an increasingly contentious proxy fight. Now it is up to shareholders...

PowderJect heads toward merger.
May 14, 2003... Byline: Andrew Morse British biotech star PowderJect Pharmaceuticals plc said Tuesday, May 13, that it was in advanced discussions with a potential suitor, spurring more speculation that U.S. giant Chiron Corp. was preparing a bid for...

Tellabs gets Vivace for $135M.
May 14, 2003... Byline: Sarah Cohen Keeping to a vow to make acquisitions in the faltering telecom equipment sector, Tellabs Inc. said Tuesday, May 13, it is buying privately held Vivace Networks for $135 million. A spokesman for Tellabs said the...

Duke sells pipeline stake.
May 14, 2003... Byline: Laura King Calgary-based TransCanada PipeLines Ltd. said Tuesday it is buying the 50% of Foothills Pipe Lines Ltd. it doesn't already own from Duke Energy Corp. in a C$257 million ($185 million) deal. Foothills carries about...

Dairy companies upend merger.
May 14, 2003... Byline: Jaret Seiberg in Washington The Deal's first take. Update by 4 p.m. EDT. Facing pressure from antitrust authorities, HP Hood Inc. and National Dairy Holdings late Monday, May 12, essentially scrapped their planned merger for...

Mizuho divestiture draws bidders.
May 14, 2003... Byline: Shu-Ching Jean Chen in Hong Kong Mizuho Financial Group Inc., Japan's biggest bank, has short-listed five bidders in an auction of its 100% ownership of a Hong Kong bank expected to fetch more than HK$4 billion ($513 million). ...

Tellabs agrees to buy Vivace.
May 14, 2003... Byline: Sarah Cohen The Deal's first take. Update by 4 p.m. EDT. Staying true to statements by Tellabs Inc.'s executives that it would be a networking consolidator, the company said Tuesday, May 13, it would acquire privately held...

Vodafone, TDC likely bidders for Polish telecom.
May 14, 2003... Byline: Brian Cattell in London Mobile giant Vodafone Group plc and Danish telecom TDC could be ready to enter a multibillion-dollar bidding battle for control of Polish mobile operator Polkomtel SA as both try to grab a foothold in one...

S&N hops to brewing role.
May 14, 2003... Byline: Lisa Clifford in London Britain's Scottish & Newcastle plc continued its transformation into an international brewing group Tuesday, May 13, with an agreement to acquire a Portuguese brewer and an affiliate for [Euro]429 million...

Paribas to buy rest of Web broker.
May 14, 2003... Byline: Samer Iskandar in Paris BNP Paribas SA offered Tuesday, May 13, to buy out minority shareholders in online broker Consors France so it can merge it with Cortal, its telephone and Internet savings bank, to form an online services...

Bertelsmann offloads Springer.
May 14, 2003... Byline: Andrew Bulkeley in Berlin Looking to cut debt, German media group Bertelsmann AG agreed to sell its business and scientific publisher BertelsmannSpringer to British private equity groups Candover Investments plc and Cinven Ltd....

Packaged Ice warms to buyout.
May 14, 2003... Byline: Josh Karlen The Deal's first take. Update by 4 p.m. EDT. Packaged Ice Inc., the largest maker of packaged ice in the U.S., said Tuesday, May 13, it had agreed to be acquired by a new entity to be formed by Trimaran Capital...

Bertelsmann offloads Springer.
May 14, 2003... Byline: Andrew Bulkeley in Berlin Candover Investments plc and Cinven Ltd., the British private equity houses that agreed Tuesday to buy BertelsmannSpringer from Germany's largest media company, say they will combine it with another...

PE shops back U.K. cinema deal.
May 14, 2003... Byline: Kelly Holman Get out the popcorn. London-based SBC International Cinemas announced Tuesday, May 13, that it had acquired U.K. cinema chain Warner Village in a deal valued at about [pounds sterling]211 million ($340 million),...

Vivendi sells Hungarian telecom.
May 14, 2003... Byline: Brian Cattell in London Vivendi Universal SA sold its Hungarian telecom business Tuesday, May 13, for [Euro]325 million ($376 million) in one of central Europe's biggest-ever leveraged buyouts. A Polish unit of insurer...

Advent may rule Aviagen's roost.
May 14, 2003... Byline: Jonathan Braude in London Not a cluck escaped the Scottish headquarters of the world's largest chicken stock breeder, Aviagen Ltd., Tuesday as it waited for its owner, BC Partners, to declare the new ruler of the roost. ...

Buyout shops nab ice producer.
May 14, 2003... Byline: David Carey Just in time for summer's arrival, Bear Stearns Merchant Banking and Trimaran Capital Partners are going into the ice business. The New York buyout shops are teaming to acquire Packaged Ice Inc., the largest...

Software group Clickmarks raises $5M.
May 14, 2003... Byline: Clifford Carlsen Fremont, Calif.-based software maker Clickmarks Inc. has raised $5 million from existing investors, in a make-or-break fourth round of venture capital to get to profitability by the end of this year. ...

Nuera raises $20 million.
May 14, 2003... Byline: Tyson Freeman The ability to make phone calls over cable lines using voice-over IP technology was just one of many technology revolutions pitched to venture investors in the late 1990s that stalled. Now, investors, many of them...

Private Capital People: May 13, 2003.
May 14, 2003... Byline: George White Movers & Shakers: May 13, 2003 (http://www.thedeal.com/NASApp/cs/ContentServer?pagename=TheDeal/TDDArticle/TDStandardArticle&Box1=1020131906455&Box2=1019496876560&c=TDDArticle&cid=1052340204112&p=1014930837289) ...

VC beneficiaries see M&A drop.
May 14, 2003... Byline: Katherine Goncharoff M&A transactions among venture-backed companies are on the decline, according to new statistics released by the National Venture Capital Association and Venture Economics. Data released Tuesday, May 13,...

Tel Aviv University opens VC fund.
May 14, 2003... Byline: Neal Sandler in Tel Aviv Tel Aviv University has launched a venture capital fund, backed by U.S. investors, to develop and commercialize technologies developed at Israel's largest institution of higher learning. Several...

Advent to sue Bulgaria over failed deal.
May 14, 2003... Private equity firm Advent International Corp. said Wednesday it plans to take legal action against the Bulgarian government after ministers in Sofia last week decided to cancel an agreed [Euro]260 million ($300 million) deal for Advent to...

Hitachi Metals purchases Honeywell unit.
May 14, 2003... Japanese special metals manufacturer Hitachi Metals Ltd. said Wednesday it agreed to acquire the Metglas division of Honeywell International Inc. The division makes non-crystalline metallic glass alloys used in electronics at plants in...

NaviSite gobbles up Interliant.
May 14, 2003... Managed hosting provider NaviSite Inc., a subsidiary of Andover, Mass., technology incubator CMGI Inc., said Wednesday it has prevailed as the winning bidder at a court supervised auction to buy the assets of bankrupt Purchase, N.Y., Internet...

Pediatrix Medical buys Neo Gen.
May 14, 2003... Pediatrix Medical Group Inc., a Sunrise, Fla., provider of doctor service at neonatal care units, said Wednesday that it has acquired privately held rival Neo Gen Screening Inc. for $34 million. Pediatrix, which was founded in 1979, said the...

Symantec buys rival Nexland for $19.6M.
May 14, 2003... Cupertino, Calif., network security company Symantec Corp. said Wednesday it has agreed to buy Miami competitor Nexland Inc. for $19.6 million in cash. Under the terms, Symantec said it offered 51 cents a share for Nexland, which has had a...

Tusk Energy taking Sunfire Energy.
May 14, 2003... Tusk Energy Inc. said Wednesday it is buying Sunfire Energy Corp. for C$61.3 million ($44.2 million) in cash. The two Calgary, Alberta-based companies said the C$3.41-a-share offer represents a 9% premium to the average trading price of...

Unicredito bids $71.9M for Locat unit.
May 14, 2003... Italian lender UniCredito Italiano SpA said Tuesday that it's launching a [Euro]62.5 million ($72.1 million) bid for its financial services unit, Locat SpA. UniCredito, Italy's second largest lender, is paying [Euro]0.90 per share for the...

Yukos, OAO Sibneft holders okay deal.
May 14, 2003... Russian oil companies Yukos Oil Co. and OAO Sibneft said Wednesday their main shareholders signed agreements for the two to combine, clearing a hurdle to Russia's largest merger ever. Yukos has agreed to pay $3 billion in cash for 20% of...

BellSouth bids for WorldCom unit.
May 13, 2003... Byline: Chris Nolter BellSouth Corp. has launched a $65 million stalking-horse bid for WorldCom Inc.'s fixed wireless unit, which the bankrupt telecom once touted as one of the centerpieces of its high-speed Internet strategy. The...

Bankrupt Hayes Lemmerz eyes June exit.
May 13, 2003... Byline: Terry Brennan Bankrupt Hayes Lemmerz International Inc. hopes to emerge from Chapter 11 by the end of June under a court-approved plan that turns majority control over to its banks. Judge Mary Walrath of the U.S. Bankruptcy...

Creditors object to DirecTV LatAm DIP.
May 13, 2003... Byline: Chris Nolter Bankrupt satellite television company DirecTV Latin America and two creditor factions are at loggerheads over the terms of the company's proposed $300 million debtor-in-possession financing package. Judge Peter...

Onex steel unit files Ch. 11.
May 13, 2003... Byline: Laura King in Toronto Canadian conglomerate Onex Corp. said Monday, May 12, its Magnatrax Corp. steel building and fabrication unit has voluntarily filed for Chapter 11 protection with the U.S. Bankruptcy Court for the District of...

North American Archery is sold.
May 13, 2003... Byline: Greg Johnson Escalade Inc., an Evansville, Ind., maker of basketball backboards, Ping-Pong tables and sporting goods as well as a supplier of fitness products, said Monday, May 12, that its Escalade Sports division is buying...

Hawaiian Air case facing turbulence.
May 13, 2003... Byline: Greg Johnson Some bankruptcy attorneys are surprised that Judge Robert Faris in Honolulu has taken it upon himself to consider appointing an examiner to probe Hawaiian Airlines Inc. when one was never requested. "It is a...

Air Canada's Aeroplan draws 5 new bidders.
May 13, 2003... Byline: Laura King in Toronto The court appointed monitor for insolvent Air Canada said Monday, May 12, there are five new bidders for the airline's frequent flier credit card program. Ernst & Young Inc. did not identify the...

CEO Shuffle: May 12, 2003.
May 13, 2003... Byline: David Ehrlich Burgers, video games and a Joint Strike Fighter contractor all make the shuffle this week as McDonald's Holding Co. (Japan), Midway Games Inc. and Alliant Techsystems Inc. all name new chief executives. ...

Promina offering shines.
May 13, 2003... Byline: Nicola Hobday in London In the world's largest initial public offering to date this year, shares in Australian insurer Promina Group Ltd. climbed 10% on the Sydney Stock Exchange Monday, netting up to A$1.91 billion ($1.23...

IPO soars despite dust-up.
May 13, 2003... Byline: Donna Block Despite the controversy surrounding Bear, Stearns & Co.'s use of one of its research analysts to plug the initial public offering of iPayment Inc., the new issue took off when it hit the public markets markets Monday,...

Oil majors block Chinese deal.
May 13, 2003... Byline: Shu-Ching Jean Chen in Hong Kong Oil company shareholders in a Kazakhstan oil field blocked a Chinese company's planned $615 million purchase of a stake from Britain's BG Group plc. The move looks sure to complicate the...

Mizuho turnaround venture draws backers.
May 13, 2003... Byline: Charles Smith in Tokyo Five U.S. and European financial groups are expected to invest in an advisory company to be set up in June by Mizuho Financial Group that aims to reconstruct and refloat scores of its troubled borrowers,...

Selfridges accepts Weston offer.
May 13, 2003... Byline: Lisa Clifford in London British department store Selfridges plc said Monday it had accepted a [pounds sterling]598 million ($962 million) offer from Canadian billionaire Galen Weston, but at least one other suitor is waiting in...

Citadel buys 11 Wilks stations.
May 13, 2003... Byline: Peter Lauria Citadel Broadcasting Corp., the radio company controlled by private equity firm Forstmann Little & Co., said Monday, May 12, it acquired 11 stations from Wilks Broadcasting LLC for $133 million. The deal marks...