Olivia's Feed
Aug 5, 2014

Walgreen retreats from plan to move tax domicile abroad

WASHINGTON/NEW YORK (Reuters) – U.S. retailer Walgreen Co (WAG.N: Quote, Profile, Research, Stock Buzz) on Tuesday backed away from a plan to reincorporate abroad to cut its U.S. tax bill, while the Obama administration said it was considering steps to curb such corporate tax domicile-shifting deals.

Walgreen, the operator of the largest U.S. pharmacy chain, will buy the 55 percent it does not already own of European rival Alliance Boots ABN.UL, but the U.S. company will not use the deal to move its tax domicile overseas, said a person familiar with the matter.

Aug 4, 2014

Onex explores $1 billion sale of its ResCare holding: sources

NEW YORK (Reuters) – ResCare, which provides home care services to the elderly and disabled, is in the early stages of exploring a sale that could fetch more than $1 billion, according to people familiar with the matter.

The Louisville, Kentucky-based company, which is owned by Canadian private equity firm Onex Corp (OCX.TO: Quote, Profile, Research, Stock Buzz), is working with investment banks Goldman Sachs Group (GS.N: Quote, Profile, Research, Stock Buzz) and Jefferies on the potential sale, the people said on Monday, asking not to be named because the matter is private.

Jul 29, 2014

Flash sale site Rue La La explores sale; Gilt interested: sources

By Liana B. Baker and Olivia Oran

(Reuters) – Online flash sale site Rue La La, which counts eBay as an investor, is exploring a sale that could value the company at around $400 million, people familiar with the matter said on Monday.

Boston-based Rue La La, which has attracted interest from online shopping site Gilt Groupe, has hired JPMorgan Chase & Co to advise a potential sale, the people said.

Jul 28, 2014

Exclusive: Flash sale site Rue La La explores sale; Gilt interested – sources

By Liana B. Baker and Olivia Oran

(Reuters) – Online flash sale site Rue La La, which counts eBay as an investor, is exploring a sale that could value the company at around $400 million, people familiar with the matter said on Monday.

Boston-based Rue La La, which has attracted interest from online shopping site Gilt Groupe, has hired JPMorgan Chase & Co to advise a potential sale, the people said.

Jul 24, 2014

Irish, Dutch, UK law firms in tax inversion beauty contest in U.S.

NEW YORK (Reuters) – A series of European law firms are aggressively pitching low corporate taxes in their countries to prospective U.S. clients, seeking to tap into the tax inversion frenzy that has seized Corporate America in recent months.

At least eight European law firms are pitching their services to major U.S. law firms and Wall Street banks, hoping that U.S. companies considering an inversion choose Ireland, Britain or the Netherlands for their new tax domicile, according to people with knowledge of the matter.

Jul 22, 2014

PetSmart hires bank to study buyback, deal options: sources

NEW YORK (Reuters) – PetSmart Inc has hired investment bank JPMorgan Chase & Co to evaluate a range of alternatives, including a leveraged share buyback and a potential deal with private equity, according to people familiar with the matter.

PetSmart’s hiring of JPMorgan in recent weeks comes as investor pressure mounts on the pet supply store chain to sell itself, at a time when fierce competition from large retailers including Wal-Mart and Amazon squeezes specialty stores.

Jul 17, 2014

Shire, AbbVie to announce $53 billion merger by Friday: sources

By Olivia Oran and Soyoung Kim

(Reuters) – Shire Plc (SHP.L: Quote, Profile, Research, Stock Buzz) and U.S. drugmaker Abbvie Inc (ABBV.N: Quote, Profile, Research, Stock Buzz) plan to announce a $53 billion merger as soon as Friday morning, two people said on Thursday.

Dublin-based Shire, which sells drugs for rare diseases, said earlier this week it was ready to recommend a deal to shareholders after AbbVie increased its offer.

Jul 17, 2014

Exclusive: Sycamore Partners explores bid for Fred’s – sources

By Olivia Oran

(Reuters) – Private equity firm Sycamore Partners is in talks with regional discount store operator Fred’s Inc (FRED.O: Quote, Profile, Research, Stock Buzz) about a potential takeover, according to people familiar with the matter.

The talks are at an early stage, the people said, cautioning that no bid may surface. There is at least one other party in talks with Fred’s, two of the people said, without disclosing its identity.

Jul 1, 2014

Berkshire Partners nears deal for hot dog chain Portillo’s-sources

July 1 (Reuters) – Buyout firm Berkshire Partners LLC is in
advanced talks to acquire Portillo’s Restaurant Group, the
largest privately owned restaurant chain in the U.S. Midwest,
for close to $1 billion, according to people familiar with the
matter.

Berkshire Partners has outbid other private equity firms for
the Chicago-based restaurant group, the sources said on Tuesday.

Jun 30, 2014

Exclusive: CareOne explores $2 billion real estate asset sale – sources

NEW YORK (Reuters) – Privately held senior care center operator CareOne LLC said on Monday it was working with an investment bank to explore a sale of its real estate assets in an auction that people familiar with the matter said could fetch as much as $2 billion.

The Fort Lee, New Jersey-based company’s asset sale, run by Jefferies Group LLC, is expected to attract interest from real estate investment trusts (REITs) as well as private equity firms, four people said on Monday.