By Jessica Toonkel and Paritosh Bansal
(Reuters) – Dell Inc (DELL.O: Quote, Profile, Research) said it received alternative proposals from Blackstone Group LP (BX.N: Quote, Profile, Research) and Carl Icahn that could be superior to the $24.4 billion offer from founder Michael Dell and private equity fund Silver Lake Partners last month.
Michael Dell is willing to explore the possibility of working with third parties regarding alternative offers, the company said on Monday.
(Reuters) – A special committee of Dell Inc’s board is evaluating separate takeover proposals from Blackstone Group and billionaire investor Carl Icahn to decide whether either or both are likely to trump an existing $24.4 billion take-private deal, a source familiar with the discussions said on Sunday.
Icahn and Blackstone put in preliminary bids late last week, potentially upsetting the plans of the No. 3 PC maker’s founder, Michael Dell, and private equity firm Silver Lake to take Dell private.
NEW YORK (Reuters) – Penny Pritzker, a U.S. businesswoman and longtime supporter of President Barack Obama, said an agreement with Republicans over the looming federal debt crisis could take six to nine months and may require the influence of ordinary Americans on legislators.
Pritzker, who was national co-chair of the president’s re-election campaign – Obama for America 2012 – said in a phone interview on Wednesday that the president had told her his top priority after the election was resolving the fiscal cliff problem – a $600 billion package of federal spending cuts and tax increases set to begin in January that could push the U.S. into a new recession.
NEW YORK (Reuters) – Penny Pritzker, a U.S. businesswoman and long-time supporter of President Barack Obama, said resolution of a looming debt crisis facing the country will take a long, drawn-out fight with Republicans and require the influence of ordinary Americans on legislators.
Pritzker, who was national co-chair of the president’s reelection campaign – Obama for America 2012 – said in a phone interview on Wednesday that the president had told her his top priority after the election was resolving the fiscal cliff problem. That is a reference to a package of federal spending cuts and tax increases set to begin in January that could push the U.S. into a new recession.
NEW YORK (Reuters) – Billionaire Phil Anschutz has kicked off the auction of his Anschutz Entertainment Group, with an expectation that the sports and entertainment giant should draw bids in the $10 billion range, higher than previously believed, according to sources familiar with the situation.
The initial, 25-page AEG information memorandum that describes the business but has no financial information was expected to go to “dozens” of potential buyers on Monday, the sources said. The initial group of recipients is expected to include rich individuals, rivals, sovereign wealth funds, real estate firms, and private equity firms, they said.
NEW YORK (Reuters) – Best Buy Co Inc founder Richard Schulze and at least four private equity firms have started examining the books of the world’s largest consumer electronics chain, early steps toward what could become a potential $11 billion buyout, according to people familiar with the matter.
Apollo Global Management LLC, Cerberus Capital Management LP, TPG Capital LP and Leonard Green & Partners LP are among firms that are conducting due diligence on Best Buy, as are Schulze and his financial advisers at Credit Suisse Group AG, several sources told Reuters.
(Reuters) – Global biotech merger volume has reached levels not seen in four years as big pharmaceutical companies pursue deals to get access to new drugs, with bankers saying therapeutic areas such as cancer, inflammation and autoimmune diseases are proving to be especially attractive.
Large pharmaceutical companies that have expired patents are looking for products to supplement their drug development efforts and sometimes to also give their primary-care sales forces more drugs to sell, according to healthcare bankers at Credit Suisse Group (CSGN.VX: Quote, Profile, Research, Stock Buzz).
Aug 1 (Reuters) – Credit Suisse Group AG named
veteran investment banker David DeNunzio as global chairman of
mergers and acquisitions, as part of a broader reshuffling of
the group in recent weeks, according to an internal memo on
DeNunzio’s appointment comes after Steve Koch, who was
co-chairman of the M&A group, decided to retire to become the
deputy mayor of Chicago, effective Sept. 4.
(Reuters) – The remnants of Washington Mutual Inc, the biggest U.S. bank to fail, has hired Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz) to advise it on how to grow — possibly in a business other than banking.
In an unusual step, WMI Holdings (WMIH.PK: Quote, Profile, Research, Stock Buzz), the parent company of the failed bank, is considering buying companies or starting businesses using a $125 million credit facility, “substantial cash” and advice from the Wall Street private equity company.
NEW YORK (Reuters) – Large investors in U.S. biotech companies are likely to capture serious windfall profits as deal activity picks up in the sector.
A Reuters analysis of investors’ average cost found that six U.S. biotech companies flagged as potential takeover targets could yield billions of dollars in profits for their major shareholders at current share prices.