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Showing 9 posts tagged buyouts.
New Guidance on Change of Ownership Issues for PPP Loans
Under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, small businesses around the nation have received Paycheck Protection Program (“PPP”) loans to stay afloat during the pandemic, but the rules regarding these disbursements haven’t always been so clear. On October 2, 2020, the Small Business Administration (“SBA”) issued guidance to all SBA employees and PPP lenders to clarify the requirements around the ownership of businesses receiving PPP loans. More >
BlackBerry Buyout Negotiations Continue, Drive Up Stock Price
As we discussed on this blog in August, BlackBerry Ltd. (formerly Research in Motion) had appointed a special board of directors committee to consider its strategic alternatives in light of its enormous drop in global market share. At that time, the New York Times’ DealBook blog had reported that BlackBerry’s market share had fallen to only 2.9 percent, and its value had fallen by 92 percent over the previous five years. Faced by these poor business prospects, the company was considering the sale of some assets or even the whole company, going private, or a joint venture. More >
Comcast Gunning to Force Sale of Houston Regional Sports Network
The major creditors of the Houston Regional Sports Network, which does business as Comcast SportsNet Houston, have filed an involuntary Chapter 11 bankruptcy petition against the network. The three listed creditors are Houston SportsNet Finance LLC, National Digital Television Center, LLC, and Comcast Sports Management Services, LLC, a subsidiary of Comcast Corp, which owns NBCUniversal. More >
Key Considerations in Your Family Business's Succession Planning
According to Forbes magazine, family businesses are responsible for 50 percent of the U.S. gross domestic product. Moreover, they account for 80 percent of all new job opportunities and make up 60 percent of all American jobs. Some 35 percent of Fortune 500 companies are still family firms. More >
Equity Contribution Requirements Dropping in Large-Market Buyouts
According to Reuters Loan Pricing Corporation, which provides market information and analysis for the credit industry, the balance of power in large-market buyout negotiations has shifted. As economic conditions in the U.S. improve, we appear to have entered a stronger credit cycle, according to the RLPC. Add to that a shortage of availability in mergers and acquisitions, and sponsors of leveraged buyouts are pushing for more advantageous terms. More >
For $340 Million, Globecomm Allows Wasserstein to Take it Private
Wasserstein & Co., the private equity firm founded by the late Bruce Wasserstein who also bought New York magazine in 2003, has made a deal to acquire satellite communications giant Globecomm Systems Inc. and take the firm private sometime in the fourth quarter of this year. Wasserstein & Co. was founded in 2001 and is known for making substantial merger and acquisition deals, including one worth $3 billion. More >
Acquisitive Air Products May Face Hostile Acquisition of its Own
Air Products and Chemicals, Inc., which sells gases and chemicals for industrial uses, has a reputation for attempting hostile acquisitions of other companies, most recently, Pennsylvania-based Airgas, Inc. Now it appears that Air Products could itself be facing an unwelcome takeover bid -- from Pershing Square Capital Management, which has already acquired a 9.8-percent stake in the company. More >
SEC Lifts Private Placement Advertising Ban: How Will it Work?
Earlier this month, the Securities and Exchange Commission announced what promises to be a fundamental change in the way small business startups can raise capital from private investors. Before this change, SEC financial services regulations, particularly Rule 506 of Regulation D of the Securities Act of 1933, have prohibited solicitation or general advertising of private placements in an effort to seek capital investments. In an effort to comply with the Jumpstart Our Business Startups Act, or JOBS Act, the new rule will permit the advertising of private placement offerings as long as two conditions are met. To simplify: only “accredited” purchasers will be allowed, and no “bad actors,” as defined by the Dodd-Frank Act, will be allowed to advertise. More >
Weighing Going Private or Sale to Carl Icahn, Dell Cuts Off Info
As Dell Inc. considers its future after a massive loss in value over the past decade, the question may fundamentally be this: are the company's problems are the result of poor leadership or a relatively straightforward matter of shedding its stock obligations? More >
