The Daily Deal articles from October 2002

The Daily Deal archives from October 2002

Advantage Energy buys Best Pacific.
October 1, 2002... Calgary, Alberta-based Advantage Energy Income Fund said Monday it has agreed to acquire crosstown rival Best Pacific Resources Ltd. for C$51.7 million ($32.6 million) and the assumption of C$21.7 million in debt. The offer represents a 22.5%...

Bain takes stake in G-P's Unisource Worldwide.
October 1, 2002... Boston private equity firm Bain Capital Inc. and Atlanta's Georgia-Pacific Corp. confirmed Monday that Bain will acquire a 60% interest in G-P's Unisource Worldwide paper distribution unit in a $1.4 billion leveraged recapitalization. Bank of...

BridgeWave Communications.
October 1, 2002... Santa Clara, Calif.'s BridgeWave Communications Inc., a provider of semiconductor systems design technologies, said Monday it has received $4.75 million in Series D financing from German venture firm West STEAG Partners. Jerusalem Venture...

Crescent parts with Miami tower.
October 1, 2002... Crescent Real Estate Equities Co. said Monday it sold a majority interest in a Miami skyscraper to J.P. Morgan Fleming Asset Management for $111 million. The Class A office building known as Miami Center contains 780,000 square feet. Terms call...

Dairy Crest acquires Uniq unit.
October 1, 2002... U.K. food maker Dairy Crest Group plc said Tuesday it would acquire Uniq plc's St Ivel Spreads unit for pound sterling86.5 million ($135 million) cash. The acquisition is part of a drive by Dairy Crest to expand its higher-margin, branded...

Donnelly shareholders approve sale to Magna.
October 1, 2002... Donnelly Corp. said Monday its shareholders have approved a planned $450 million sale of the Holland, Mich., car mirror maker to Canadian auto parts giant Magna International Inc. Donnelly said the deal was backed by about 99.97% of the votes...

E5 Systems.
October 1, 2002... Boston's E5 Systems Inc., a supplier of advanced application management systems for enterprises, has received $10 million in a Series A financing led by Bain Capital Ventures, the venture arm of investment firm Bain Capital. Contributions also...

Groupe Laperriere to raise cash for Eimco buy.
October 1, 2002... Montreal pulp and paper machinery maker Groupe Laperriere & Verreault Inc. said Monday it's raising C$29.3 million ($18.5 million) to help finance the acquisition of Salt Lake City-based Eimco, the process equipment unit of Baker Hughes Inc....

Halliburton finishes $200M sale of pipe unit.
October 1, 2002... Dallas oilfield services company Halliburton Co. said Monday it closed the sale of its 50% stake in its Bredero Shaw pipe-coating unit to its Toronto partner, ShawCor Ltd. for $200 million in cash, stock, a short-term note and assumed debt. The...

Onset Technology.
October 1, 2002... Herzliya, Israel- and Santa Cruz, Calif.-based Onset Technology Inc. has raised $2 million in a third round of financing from Tel Aviv-based Catalyst Venture Partners. Founded in 1997, Onset develops message transmission and conversion...

PKN Orlen decision on Unipetrol due next week.
October 1, 2002... Poland's PKN Orlen SA will decide next week if it will jointly bid with Czech chemical company Agrofert for a stake in Czech chemicals and fuel company Unipetrol. In late July, PKN announced it sought a stake in Unipetrol and agreed with...

Potentia Power Systems.
October 1, 2002... Ottawa-based Potentia Power Systems Inc., a semiconductor maker, said Monday it received C$7.3 million ($4.6 million) in a round led by VenGrowth Capital Partners of Toronto. Kodiak Venture Partners and Teachers' Merchant Bank also contributed....

S&SE purchases Dynegy facility.
October 1, 2002... U.K. utility Scottish & Southern Energy plc said Monday it has bought a gas storage facility in Yorkshire, northern England, from troubled Houston energy trader Dynegy Inc. for pound sterling129 million ($202 million). Dynegy Hornsea Ltd. has...

Teledyne is buying Spirent unit.
October 1, 2002... Los Angeles electronics component maker Teledyne Technologies Inc. on Monday announced a deal to boost its environmental monitoring business, agreeing to buy the Monitor Labs Inc. division of Spirent plc for $24 million in cash. Monitor, which...

VeriSign adopts a poison pill plan to halt takeovers.
October 1, 2002... Internet domain name registrar and security company VeriSign Inc. has adopted a stockholder rights plan to protect the company from an unsolicited acquisition attempt. The Mountain View, Calif., company said the move was not in response to any...

Vishay snaps up rival Celtron.
October 1, 2002... Malvern, Pa., chip and component maker Vishay Intertechnology Inc. announced Monday it is buying Santa Clara, Calif., rival Celtron Technologies Inc. for $13.5 million in cash. The transaction is scheduled to close this month. Vishay has struck...

WLAN.
October 1, 2002... Munich-based wireless systems developer WLAN GmbH has raised a [Euro]9 million ($8.8 million) round of financing from three venture firms. Lead investor Target Partners and Wellington Partners, both of Munich, were joined by Viventures of Paris...

Malone gains as UPC files Ch. 11.
October 1, 2002... Byline: Peter Lauria The Netherlands-based cable TV operator United Pan-Europe Communications NV agreed Monday, Sept. 30, to file for Chapter 11 bankruptcy protection as part of a debt-for-equity swap with its creditors. Creditors...

Ackerly Polymer examiner.
October 1, 2002... Byline: Soma Biswas Benjamin Ackerly of Hunton & Williams of Richmond, Va., was approved Monday, Sept. 30, as an examiner for synthetic textile maker Polymer Group Inc. His appointment in U.S. Bankruptcy Court for the Southern District of...

Kmart CFO defies doom and gloom.
October 1, 2002... Byline: Soma Biswas A top executive at Kmart Corp. expects a breakeven year, but analysts believe the retailer could be headed for the checkout line. "For the full year, I expect Kmart to have positive cash flow from continuing...

Judge OKs Williams Communications reorg.
October 1, 2002... Byline: Chris Nolter Williams Communications Group took another step toward exiting bankruptcy protection on Monday, Sept. 30, when U.S. bankruptcy judge Burton Lifland approved the company's second amended reorganization plan. The...

Bankruptcy Calendar - Oct. 2002.
October 1, 2002... Byline: Scheduled hearings, meetings and deadlines for active bankruptcies. www.TheDeal.com

Malone faces Telewest loss.
October 1, 2002... Byline: Brian Cattell in London LONDON -- British cable operator Telewest Communications plc reached a preliminary agreement Monday, Sept. 30, with its bondholders to swap pound sterling3.5 billion ($5.5 billion) worth of bond debt for a...

Chicago Merc files IPO plans.
October 1, 2002... Byline: Donna Block As pork bellies slip and oil prices surge, the Chicago Mercantile Exchange Holdings Inc. is pushing ahead with plans that would make it the country's first major financial exchange to go public. The parent of the...

Citizens, Commonwealth reach deal.
October 1, 2002... Byline: Peter Moreira in London and David Weidner in New York As promised, Citizens Financial Inc. continued its slow but steady march across the northeastern United States, announcing Monday, Sept. 30, that it would pay $450 million in...

Liz Claiborne tries on Ellen Tracy.
October 1, 2002... Byline: Soma Biswas Liz Claiborne Inc., the mainstay women's apparel brand within department stores, is going to hang yet another label on its racks. On Monday, Sept. 30, Liz announced a $180 million deal, including $10 million in...

Microsoft heats up video game sector.
October 1, 2002... Byline: Eric Young in San Francisco Microsoft Corp.'s recent purchase of an English video game developer establishes the software giant as a serious competitor in the video game industry and could ratchet up valuations on other deals....

FTC ruling expected this week on P&O Princess; FTC ruling expected this week on P&O Princess.
October 1, 2002... Byline: Scott Stuart See today's Arbitrage situations chart. The Federal Trade Commission is expected to rule by the end of this week on the pending bids for P&O Princess plc by both Royal Caribbean Cruises Ltd. and Carnival Corp. ...

HSR Early Terms - Oct. 1, 2002.
October 1, 2002... Byline: Jaret Seiberg The Federal Trade Commission said Monday, Sept. 30, that it does not have antitrust objections to a deal involving Gencorp Inc. and General Dynamics OTS Inc. Also receiving early termination notices under the...

Motorola, Siemens revive wireless talks.
October 1, 2002... Byline: Cheryl Meyer and Sarah Cohen Reports have resurfaced that electronics giant Motorola Inc. may be in advanced talks to sell its ailing infrastructure business to Siemens AG in exchange for the German networking company's handset...

European firms shed real estate.
October 1, 2002... Byline: Jonathan Berke Selling real estate in Italy could be lucrative for the country's Enel SpA utility if it decides to sell its [Euro]2.6 billion ($2.55 billion) portfolio. Enel, of which the Italian government controls 68%, is...

Anadarko starts buying again.
October 1, 2002... Byline: Claire Poole in Houston After laying low for more than a year, Houston oil and gas explorer Anadarko Petroleum Corp. resumed its acquisitive ways Monday, Sept. 30, announcing it would purchase crosstown oil and gas producer Howell...

Murdoch, Vivendi in tune on pay TV.
October 1, 2002... Byline: Richard Morgan Rupert Murdoch's News Corp. is expected to sign a [Euro]1 billion ($990 million) deal Tuesday, Oct. 1, for the Italian pay-TV unit of Vivendi Universal SA, securing a much-needed cash infusion for the seller while...

Invensys sells Rexnord to Carlyle Group.
October 1, 2002... Byline: Laura Board www.TheDeal.com

DigitalNet to gain consulting arm.
October 1, 2002... Byline: Joshua Jaffe The Dutch information technology services company Getronics NV said Monday, Sept. 30, that it had reached an agreement to sell its U.S. government consulting arm to DigitalNet Inc., a competitor backed by the...

MKS Partners gets Yuasa food unit.
October 1, 2002... Byline: Charles Smith TOKYO -- A 350-year-old Japanese trading company, Yuasa Trading Co., said Monday, Sept. 30, it had agreed to sell its food division to Japanese private equity firm MKS Partners in a complex series of transactions...

Cambria-led team wins Freedomland.
October 1, 2002... Byline: Heather O'Brian in Milan The London-based private equity firm Cambria Media Ventures Ltd. and several partners have secured 80.9% of the Italian interactive TV Group Freedomland SpA, Italy's stock exchange said. Content, the...

Unilever backs new PE fund.
October 1, 2002... Byline: Jonathan Braude LONDON -- Anglo-Dutch consumer products giant Unilever plc has committed [Euro]100 million ($98 million) to a new private equity fund, London-based Langholm Capital LLP, as part of its drive to invest in private...

Jazz Semi: sweet sounds for Carlyle.
October 1, 2002... Byline: John E. Morris in New York In a deal that appears to vindicate The Carlyle Group's March investment in Jazz Semiconductor, Greensboro, N.C.'s RF Micro Devices Inc., has invested $60 million for a low double-digit stake in the...

Vivendi extends VUP deadline.
October 1, 2002... Byline: Josh Kosman and David Carey Vivendi Universal SA has extended the deadline for bids on its publishing unit until Oct. 15, as suitors question the unit's financials, said several sources close to the process. Only one bidding...

What's Hot -- Sept. 27, 2002.
October 1, 2002... Byline: George White It's been feast and famine for startups through September. After soaring to $518.35 million in the prior week, the pace of venture capital dealflow fell 47% to a paltry $271.33 million for the week ended Sept. 27....

Veritas raises 3rd fund -- barely.
October 1, 2002... Byline: Neal Sandler in Tel Aviv TEL AVIV -- Amid political violence and a deep slump in Israel's technology sector, Israel's oldest venture capital firm has managed to raise its third fund, a lone feat among its peers this year. The...

Hynomics' lucky number: $9.6M.
October 1, 2002... Byline: Clifford Carlsen Kirkland, Wash.-based Hynomics Corp. finally put a 7-year-old mathematical computation to work crunching some real numbers, leading to a $9.6 million first equity investment led by Frazier Technology Ventures,...

Paychecks shrivel for VC execs.
October 1, 2002... Byline: The Daily Deal staff Managing general partners at venture capital and leveraged buyout firms have seen their median total compensation fall from $750,000 in 2001 to $604,000 in 2002, according to a study by Alternative Investor to...

Laszlo lands $9M.
October 1, 2002... Byline: Katherine Goncharoff Aiming to create a more sophisticated Internet experience, Laszlo Systems has succeeded at raising $9 million in first-round venture capital funding. The San Francisco developer of a software platform for Web...

(Embargoed for New York a.m. Publication) NetLogic raises $32M from new backers.
October 1, 2002... Byline: Tyson Freeman Economic uncertainty has muted frenetic corporate spending on networking and communications gear, prompting many startup chipmakers, even those with a technological lead, to scramble for relevance and capital. ...

Collocation Solutions.
October 2, 2002... Dallas-based Collocation Solutions LLC announced Tuesday that it has raised $3.3 million in debt financing. The round was led by new investor Koch Telecom with participation from existing investors Hunt Capital Growth Fund II LP and BG Media...

Corning finishes buy of Lucent's China unit.
October 2, 2002... Corning Inc. said on Tuesday it completed the acquisition of Lucent Technologies Inc.'s interests in Lucent Technologies Shanghai Fiber Optic Co. Ltd. and Lucent Technologies Beijing Fiber Optic Cable Co. Ltd. for $225 million in cash and...

DBN buys Convergent Tech.
October 2, 2002... Flemington, N.J.-based Digital Broadband Networks Inc. said Tuesday that it has agreed to purchase control of privately held wireless telecom Convergent Technologies Inc. for about $5 million in cash and stock. The companies expect to close in...

EOP unloads San Diego assets.
October 2, 2002... Equity Office Properties Trust said Tuesday it sold three of its San Diego industrial assets for $56.7 million in cash to a joint venture between Muller Co. of Orange County, California and St. Louis financial services firm Rockwood Capital...

Edwards buys out JV partner.
October 2, 2002... Edwards Lifesciences Corp., an Irvine, Calif., supplier of medical devices used to treat cardiovascular disease, announced Tuesday a buyout of its partner in a Japanese joint venture. Edwards said it paid $22 million to Baxter International...

French regulators reject Swiss Life's deal for Fortis.
October 2, 2002... The French Finance Ministry has rejected Swiss Life's planned acquisition of Fortis France SA, the French life insurance unit of Belgium's Fortis Group, Fortis said Tuesday. The transaction, announced in February, was expected to be worth...

Judge approves WorldCom severance payments.
October 2, 2002... U.S. Bankruptcy Judge Arthur Gonzalez gave WorldCom Inc. permission to pay about 4,100 laid-off employees the remainder of their severance on Tuesday. When WorldCom filed for bankruptcy in July, severance payments were capped at $4,650. To...

Kitty Hawk emerges from bankruptcy.
October 2, 2002... Dallas air cargo carrier Kitty Hawk Inc. has emerged from bankruptcy, according to a statement from its attorneys, Haynes and Boone LLP. Terms of the carrier's reorganization plan give the company's noteholders 81% of the reorganized company,...

NUI closes sale of North Carolina Gas to Piedmont.
October 2, 2002... Bedminster, N.J., utility NUI Corp. said Tuesday it closed the sale of its North Carolina Gas unit to Piedmont Natural Gas Co. of Charlotte, N.C., for $26 million in cash. The sale was announced May 15. The unit serves 14,000 customers in...

Nastech buys U.S. drug rights.
October 2, 2002... Nastech Pharmaceutical Co., a Bothell, Wash., biopharma company, said Tuesday it has bought the United States rights to vitamin supplement drug Nascobal from German drug giant Schwarz Pharma AG for $8.75 million. Nastech will make an upfront...

NetLogic Microsystems.
October 2, 2002... Mountain View, Calif.-based NetLogic Microsystems Inc. said Tuesday it secured $32 million from new corporate investors, including Mitsubishi International Corp. www.TheDeal.com

Opti sells chip business for $1.9M.
October 2, 2002... Mountain View, Calif., chip designer Opti Inc. has sold its semiconductor business for up to $1.9 million to Opti Technologies Inc., which is unrelated to the seller. Opti Tech will pay about $700,000 in cash plus future royalties up to $1.2...

Pinnacle Systems takes VOB.
October 2, 2002... Pinnacle Systems Inc., a Mountain View, Calif., supplier of multimedia products, said Tuesday it has acquired VOB Computersysteme GmbH, a privately held Dortmund, Germany, producer of writable CD and DVD products, for about $7 million. Pinnacle...

Rubicon Genomics.
October 2, 2002... Ann Arbor, Mich.-based Rubicon Genomics Inc. said Tuesday it has completed its second round of funding with $3.5 million. ARCH Development Partners LLC of Chicago led the round, with Duchossois TECnology Partners, Sloan Ventures and individual...

Seibels Bruce sells flood unit.
October 2, 2002... Seven months after being bounced from the National Flood Insurance Program, Columbia, S.C., insurer Seibels Bruce Group Inc. has gotten out of the flood insurance business. Seibels Bruce said Tuesday that it's selling the business to...

Siemens director confirms talks with Motorola.
October 2, 2002... Siemens AG board member Volker Jung confirmed his company was in talks with Motorola Inc., and other technology companies, over how best to cooperate and cut costs in the hard-hit mobile wireless sector, according to news reports Tuesday...

Ultra-Scan tabs Friedman, Billings.
October 2, 2002... Ultra-Scan Corp., a privately held Amherst, N.Y., supplier of ultrasonic security systems, said Tuesday that it has hired Friedman, Billings, Ramsey & Co. as a financial adviser to provide investment banking assistance. Friedman, Billings is a...

Elektrim seeks hearing delay.
October 2, 2002... Byline: Patricia Koza in Warsaw Pursuing talks with holders of [Euro]440 million ($431 million) in defaulted bonds, Poland's troubled conglomerate Elektrim SA has moved to delay an Oct. 7 bankruptcy hearing. The telecom and energy...

Agway files for bankruptcy.
October 2, 2002... Byline: Soma Biswas Seven months after announcing a restructuring plan to sell troubled units and boost sluggish sales, agricultural cooperative Agway Inc. has gone bankrupt. DeWitt, N.Y.-based Agway filed for Chapter 11 reorganization...

360networks poised to emerge from Ch. 11.
October 2, 2002... Byline: Chris Nolter Vancouver-based 360networks is poised to exit bankruptcy protection, after a bankruptcy judge in the Southern District of New York approved its reorganization plan late Tuesday, Oct. 1. A judge in the Supreme Court...

Warnaco files reorganization plan.
October 2, 2002... Byline: Soma Biswas Underwear giant Warnaco Group Inc. is on the way to mending its tattered past. Warnaco filed a reorganization plan Tuesday, Oct. 1, in U.S. Bankruptcy Court for the Southern District of New York in Manhattan that will...

WorldCom wins one, loses one.
October 2, 2002... Byline: Chris Nolter and Jonathan Berke WorldCom Inc. was back in court Tuesday, Oct. 1, winning one bout while losing another. Its unsecured creditors convinced a U.S. Bankruptcy Court judge to block a sale of the company's...

Fiat dumps travel insurance unit.
October 2, 2002... Byline: Heather O'Brian in Milan Italian automaker Fiat SpA has dispatched another non-strategic asset with an agreement to sell its 40% stake in Europ Assistance Holding to Italian insurer Assicurazioni Generali SpA for [Euro]124 million...

DB to sell Axel Springer stake.
October 2, 2002... Byline: Jonathan Braude In a move apparently designed to pressure German publisher Axel Springer Verlag AG to reach a deal, Deutsche Bank AG said Tuesday, Oct. 1, it plans to auction off its 40% stake in Springer as early as Oct. 8, unless...

Citigroup names new COO.
October 2, 2002... Byline: Heidi Moore Despite numerous troubles surrounding its dealings with telecommunications companies, Citigroup Inc. is still retaining tight ties with the industry: the financial services giant on Oct. 1 named Michael Masin, the...

Six Continents spinoff plan panned.
October 2, 2002... Byline: Nicola Hobday in London Global hotel chain Six Continents plc's long-anticipated decision to spin off its pubs for an expected pound sterling700 million ($1.1 billion) landed with a resounding thud Tuesday. After weeks of...

Leapfrog, Kirkland's defy slump.
October 2, 2002... Byline: Padraic Cassidy With market conditions keeping a lid on new issues, two newly public companies look like high-fliers despite mixed performances. Analysts cited strong revenues as the reason that educational toy maker Leapfrog...

SEB to gain Eurocard in Norway.
October 2, 2002... Byline: Patricia Koza The Swedish commercial bank Skandinaviska Enskilda Banken agreed Tuesday, Oct. 1, to buy Europay Norge AS, which has rights to the Eurocard brand in Norway, for NKr1 billion ($135 million) from six Norwegian banks....

HSR Early Terms - Oct. 2, 2002.
October 2, 2002... Byline: Jaret Seiberg The Federal Trade Commission said Tuesday, Oct. 1, that it does not have antitrust objections to a deal involving Berkshire Hathaway Inc. and Comdisco Holding Company Inc. Also receiving early termination notices...

Telia and Sonera advance $7.2B deal.
October 2, 2002... Byline: Brian Cattell Six months after the Swedish telecom Telia AB unveiled its groundbreaking [Euro]7.3 billion ($7.2 billion) all-share deal to acquire its Finnish counterpart, Sonera Oyj, the two companies found a way around a tricky...

Smiths to buy Heimann for $369M.
October 2, 2002... Byline: Jonathan Braude LONDON -- British defense and medical systems manufacturer Smiths Group plc is riding the post-Sept. 11 security wave with its fourth security acquisition, agreeing to pay pound sterling235 million ($369 million)...

Interest high in Rocky Mt. explorers.
October 2, 2002... Byline: Claire Poole in Houston Anadarko Petroleum Corp.'s announcement Monday that it would acquire Howell Corp. for $265 million could lead to further acquisitions of small oil explorers active in the Rocky Mountain region, analysts said...

Books out on potential remedy for Quest, Unilab; Books out on potential remedy for Quest, Unilab.
October 2, 2002... Byline: Scott Stuart See today's Arbitrage situations chart. An asset auction is under way in an effort to remedy antitrust concerns for Quest Diagnostics Inc.'s $780 million acquisition of Unilab Corp. Quest has sent information...

Air Products acquires home-care provider.
October 2, 2002... Byline: Andrew Morse In a move to establish itself as a major presence in the U.S. home respiratory care market, Air Products and Chemicals Inc. said Tuesday, Oct. 1, it completed a $165 million cash purchase of regional healthcare...

Judge halts Unocal bid for Pure.
October 2, 2002... Byline: Claire Poole in Houston and Jaret Seiberg in Washington The Delaware Court of Chancery on Tuesday, Oct. 1, blocked Unocal Corp.'s proposed $409 million acquisition of Midland, Texas-based Pure Resources Inc. Vice Chancellor Leo...

Murdoch giddy over Telepiu buy.
October 2, 2002... Byline: Richard Morgan Rupert Murdoch didn't bother to contain his glee Tuesday morning on announcing a definitive [Euro]920 million ($909 million) agreement for News Corp. to acquire Vivendi Universal SA's Italian pay-TV business. ...

NetIQ grabs PentaSafe for $251M.
October 2, 2002... Byline: David Shabelman in San Francisco In a move to widen its share of the computer security market, NetIQ Corp. on Tuesday, Oct. 1, announced a deal to buy PentaSafe Security Technologies Inc. for $251 million. Terms call for NetIQ,...

DT cable assets up for grabs.
October 2, 2002... Byline: Brian Cattell Four high-powered private equity groups emerged Tuesday, Oct. 1, as bidders for Deutsche Telekom AG's cable businesses, which the German telecom hopes to sell for between [Euro]2 billion and [Euro]2.5 billion ($1.98...