DealZone

Deals wrap: On to the next tech IPO

Online radio company Pandora Media priced shares in its initial public offering above an already raised range on Tuesday, the latest company to take advantage of red-hot valuations for Internet companies. Deal Journal breaks down the company by the numbers.

DST Systems  has received several buyout overtures from private equity firms in recent months, including one led by activist investor Russell Glass, according to people with knowledge of the situation.

To get General Motors firing on all cylinders, Chief Executive Daniel Akerson needs to fix the sputtering Opel. However, neither a sale nor a quick fix to return to sustained profitable growth is easily achievable, analysts and experts say.

The New York Times’ Deal Professor finds some cracks in the IPO process.

In your first few weeks on the job? The Wall Street Journal lays out the dress code for first-year analysts.

Deals wrap: Ericsson to buy Telcordia

Mobile network equipment maker Ericsson said it would spend $1.15 billion in cash to buy U.S. group Telcordia to boost its presence in the operations and business support sector.

KKR’s planned $1.6 billion buyout of Taiwan electronics components maker Yageo came under a cloud after a source with direct knowledge of the matter said the island’s financial regulator expressed concern over minority shareholders’ rights.

Mid-sized lender China Everbright Bank  plans to raise about $6 billion in a Hong Kong initial public offering, Asia’s biggest so far this year, braving choppy equity markets that have dampened demand for new issuances.

Deals wrap: Timberland shares jump

VF Corp, owner of clothing brands such as The North Face and Wrangler jeans, said it would buy Timberland for $2 billion. The deal values the shoemaker at $43 a share, a 43 percent premium to Friday’s closing price of $29.99 on the New York Stock Exchange.

For many potential investors Russia is synonymous with corruption, weak rule of law and political risk, its reputation hurt by events such as the jailing of oil tycoon Mikhail Khodorkovsky. Vladimir Putin is trying to turn that image around by telling investors to invest in Russia, and have Russia invest in you.

Maple Group launched a $3.8 billion hostile bid for Toronto Stock Exchange operator TMX Group, an all-Canadian challenge to the London Stock Exchange’s agreed bid.

Deals wrap: Is the PE industry overpaid?

Stephen Feinberg, one of the best-known private equity financiers in the world, admitted that the industry is radically overpaid. The stunning admission was followed by another one: some private equity firms were increasing their fund size too much — potentially hitting the returns for their investors.

Barnes & Noble’s third-largest shareholder, money manager Aletheia Research and Management, reported a reduced stake in the company, weeks after John Malone’s Liberty Media offered to buy the bookstore chain for $1 billion.

Citigroup has agreed to sell a portfolio of private equity assets to AXA Private Equity for $1.7 billion, the French insurer said on Wednesday, the latest move by the U.S. bank to unload non-core assets.

Deals wrap: Dealmakers play it safe

USA/Bankers taking part in the Reuters Global M&A Summit this week told correspondents Quentin Webb and Victoria Howley that despite a recent pickup in global dealmaking, economic fragility, natural disaster and political tumult in the Middle East are hurting corporate confidence and holding back a more robust M&A recovery.

“A new guard of private equity bosses has emerged at the top of the industry, striving to make their business more open before investors and policy makers, and alter preconceptions of this at times secretive industry,” writes Reuters private equity reporter Simon Meads.

Pfizer said it struck a deal to sell its Capsugel unit, the world’s largest maker of hard capsules, to private equity firm KKR & Co for nearly $2.38 billion.

Deals wrap: A game of chicken

A sign is pictured on Wall St. near the New York Stock Exchange in New York November 25, 2008. REUTERS/Lucas Jackson Record amounts of cash and cheap financing have emboldened chief executives to sign off on deals aimed at boosting growth in a sluggish economy, helping push global dealmaking to a four-year high.

Deutsche Boerse and NYSE Euronext announced the creation of the world’s largest exchange operator, dodging political issues that could threaten completion of a deal. BBC News takes a step back and looks at what is driving exchanges’ urge to merge.

In what must count as the longest game of chicken ever, biotechnology company Genzyme and French drugmaker Sanofi-Aventis, which is seeking to acquire it, are still haggling over price.

Deals wrap: Missing the M&A wave?

A man is reflected on a stock index board showing Nikkei average as he walks past a brokerage in Tokyo January 28, 2011.  REUTERS/Kim Kyung-Hoon Asia runs the risk of being left behind in the sudden wave of transatlantic stock exchange consolidation, given the tough regulatory regimes, cumbersome ownership structures and protectionist minded governments.

The Wall Street Journal profiles NYSE CEO Duncan Niederauer.

Columnist Felix Salmon weights in on why the stock market is increasingly irrelevant.

General Electric is to buy a unit of British energy services firm John Wood Group for about $2.8 billion. The acquisition raises hopes of more deals in the oilfield services sector, where GE has recently been an active buyer of assets.

Deals wrap: BlackRock results beat Street

Snow falls on a Wall St. street sign in front of the New York Stock Exchange, February 25, 2010.   REUTERS/Brendan McDermidBlackRock reported a big jump in fourth-quarter profit and revenue, topping analysts’ estimates. With markets on an upswing, the $3.6 trillion behemoth created when Chief Executive Laurence Fink bought Barclays’s investment unit for $15 billion just over a year ago finally appears to be paying off for investors.

Cross border deals are providing an opportunity for boutique investment banks to shine, reports NYT.

“An unusual burst of trading ahead of a $3.5 billion takeover for cardboard box maker Smurfit-Stone Container Corp left some analysts remarking on the timing,” reports WSJ.

Deals wrap: Mixing it up at Morgan Stanley

A street sign stands near the Morgan Stanley worldwide headquarters building in New York May 8, 2009. REUTERS/Lucas JacksonMorgan Stanley’s surge in fourth-quarter profit indicates its strategy of diversifying its businesses to reduce a reliance on traditional investment banking operations may be paying off.

Wendy’s/Arby’s Group plans to sell its struggling Arby’s roast beef sandwich chain to focus on the Wendy’s hamburger business. The move comes at a time when other fast-food companies are trying to shed assets or even sell themselves.

The Carlyle Group’s back-to-back sell-downs worth $2.6 billion of China Pacific Insurance, put the U.S. buyout fund on course for its best exit ever.

Deals wrap: AIG makes the sale, probably

A woman walks past a Nan Shan Life logo in Taipei March 11, 2010.      REUTERS/Nicky LohAIG accepted a $2.16 billion cash offer for its Taiwan Nan Shan Life unit from a group led by local conglomerate Ruentex. Regulatory issues have dogged the sale of the unit and might yet delay it further.

Sara Lee could fetch more from an outright sale than if it were split up, but only if it can find a buyer that wants a wide array of assets, write Martinne Geller and Jessica Hall.

Asia’s private equity industry has quickly turned into a sellers’ market, as firms cash out of investments made on the back of the region’s robust economic growth.

Private equity funds in China
are nervously eyeing a push by the country’s top securities regulator to gain oversight of the fast-growing sector, fearing increased scrutiny and tougher new rules.