M & A wrap: Olympus hid billion in losses

December 5, 2011

An investigative panel has found Japan’s disgraced Olympus Corp hid up to $1.67 billion in losses from its investors, but is likely to say there is no evidence of involvement by organized crime in the cover-up, a source says.

Lehman Brothers Holdings Inc.’s bankruptcy estate is close to naming a new board of directors to help finish winding down the defunct financial firm, the WSJ reports.

Metals recycler Commercial Metals Co rejected billionaire investor Carl Icahn’s buyout bid, saying the offer substantially undervalues the company and is “opportunistic.”

Online gaming firm Nexon Co fixed the price for its $1.2 billion initial public offering in Tokyo at the mid-point of a pre-set range, following rival Zynga in settling for a more conservative valuation amid tough stock market conditions.

“Buffeted by lackluster profits and turmoil in the global markets, Wall Street is bracing for one of the worst bonus seasons in recent memory,” according to the New York Times’ DealBook.

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