Posts with tag Centerbridge Partners
Posted Sep 25th 2007 2:46PM by Paul Foster
Filed under: Options, Deals, Management, Top deals, Rumors, Engagements, Private equity industry, Public or private?
MGM Mirage(NYSE:MGM) is recently up $1.78 to $87.38. Dubai World, a holding company for the Persian Gulf state, announced on 8/22/07 it will pay $2.7 billion to acquire a stake in MGM City Center, a 76-acre Las Vegas development. Dubai World will also buy 14 million shares from MGM for $84 a share and 14 million from investors. Unconfirmed chatter is circulating Dubai World will raise its tender bid.
Penn National Gaming(NYSEPENN), a diversified, multi-jurisdictional owner and operator of gaming properties, agreed to be acquired on 6/15/07 by certain funds managed by affiliates of Fortress Investment(NYSE:FIG) and Centerbridge Partners for $67 dollars a share. The deal is expected to close in mid-2008. PENN is recently trading at $58.26.
Daily M&A Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
Posted May 7th 2007 1:15PM by Tom Taulli
Filed under: Deals, Apollo Management
Private equity firm
Apollo Management has lots of discipline when it comes to valuations on its buyouts. So when the firm competes on a deal, the valuation is usually pretty low.
Back in March, a group of investors -- CEO of EGL (James Crane) as well as private equity firms Centerbridge Partners LP and Woodbridge Co. -- made a $38 per share offer for
EGL (NASDAQ:
EAGL).
According to Apollo, it was left out in the cold. Not to be outdone, the firm made its own offer. It was certainly much better at $43 per share or $2 billion, compared to the earlier offer of $38 a share.
Apollo controls Ceve, which is in the warehousing business. It should have synergies with EGL, which is in the freight forwarding industry.
Well, as should be no surprise, EGL's special committee likes the Apollo offer much better, calling it "superior."
And it looks like it's the end of the bidding. EGL's stock price is up only $0.09 to $42.30.
Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.
BloggingBuyouts is provided for informational purposes only. Nothing on the service is intended to provide personally tailored advice concerning the nature, potential, value or suitability of any particular security, portfolio or securities, transaction, investment strategy or other matter. You are solely responsible for any investment decisions that you make. The contributors who provide the content of BloggingBuyouts may, from time to time, hold positions in the securities discussed at the time of writing and they may trade for their own accounts. Such holdings will be disclosed at the time of writing. By using the site, you agree to abide to BloggingBuyouts' Terms of Use.
