Latest news with #buyout
Bloomberg
3 days ago
- Business
- Bloomberg
BASF Kicks Off €6 Billion Sale of Coatings Business
BASF SE has kicked off a sale of its coatings business, in a process that could value the unit at about €6 billion ($6.8 billion) and attract bids from large buyout firms, according to people familiar with the matter. The German chemical company has sent out information on the business to potential suitors in recent weeks, the people said, asking not to be identified as the matter is private. Carlyle Group Inc. is considering bidding for the coatings business together with paint-maker Sherwin-Williams Co., the people said. It's also attracting early interest from CVC Capital Partners Plc and Lone Star Funds, the people said.
Reuters
3 days ago
- Business
- Reuters
Skechers shareholder sues footwear maker for details on $9.4 billion 3G buyout
May 30 (Reuters) - A Skechers USA (SKX.N), opens new tab shareholder has sued the footwear maker for more details about its $9.4 billion buyout by private equity firm 3G Capital, saying the decision by Skechers' founder and controlling shareholder to sell raises "red flags." According to a complaint filed on Thursday in Los Angeles federal court, founder Robert Greenberg and his family, who hold about 60% of Skechers' voting power, appear to have "controlled the sales process to a single bidder and deprived the minority stockholders of any legitimate bidding process." Florida-based Key West Police Officers & Firefighters Retirement Plan said the buyout should not close until Skechers makes required disclosures with the U.S. Securities and Exchange Commission to help shareholders decide if the terms are fair. The complaint cited a Reuters article in which Needham analyst Tom Nikic called the buyout "very surprising" because Skechers was considered a family business, and sources said the Greenbergs eschewed an auction because of their long ties to 3G. Known for comfort-first sneakers, Skechers is the world's third-largest footwear maker. Skechers spokeswoman Jennifer Clay declined to comment on Friday, saying the Manhattan Beach, California-based company does not discuss pending litigation. The vast majority of large U.S. corporate mergers are challenged in court. Lawsuits seeking greater disclosures often end with defendants paying legal fees to plaintiffs' lawyers, and plaintiffs recovering nominal payouts or nothing. According to a regulatory filing, Greenberg, 85, could collect more than $1 billion from the buyout, which is scheduled to close in the third quarter. The buyout values Skechers at $63 per share in cash, 20% below its 52-week high of $78.82 set on January 30. Like other footwear makers including Nike (NKE.N), opens new tab, Skechers faces pressure from U.S. President Donald Trump's tariffs. Many Skechers' products come from China, and the company withdrew its full-year financial guidance in April. Brazil-based 3G is known for stringent cost-cutting, including at such companies as Anheuser-Busch InBev ( opens new tab and Kraft Heinz (KHC.O), opens new tab. The case is Key West Police Officers & Firefighters Retirement Plan v Skechers USA Inc et al, U.S. District Court, Central District of California, No. 25-04863.
Bloomberg
5 days ago
- Business
- Bloomberg
Bridgepoint in Talks to Sell French Broker Kereis to Advent
Bridgepoint Group Plc is in talks to sell French broker Kereis to buyout firm Advent, adding to a wave of insurance deals in Europe as the industry consolidates. Advent is in exclusive negotiations for the acquisition, the companies said Wednesday in a statement confirming an earlier report by Bloomberg News. Terms of the potential deal weren't disclosed. The price is more than €2 billion ($2.3 billion) including debt, according to people familiar with the matter.
Bloomberg
6 days ago
- Business
- Bloomberg
KKR Is Fighting Private Equity's Battle for the UK Stock Market
KKR & Co.'s recent deal for a struggling UK real estate firm was initially remarkable for landing in the midst of the American tariff turmoil. Now facing a domestic counterbid, this US-led buyout has become an emotive symbol of the London stock market's capitulation to private equity and foreign bids. The odds may be stacked against the English interloper. But the situation has the feeling of an Agincourt moment for the UK market. Assura Plc accepted KKR's £1.6 billion ($2.2 billion) offer in April in a textbook UK public-to-private transaction. The property company's long-term growth potential is plain to see, given it specializes in hospitals and surgeries. The stock had nevertheless traded at a discount to net asset value (NAV), making it vulnerable to predators. That was heightened after management overstretched to buy a hospital portfolio last August and chose to pay partly in shares, making Assura a target for short-selling hedge funds.
Fox News
6 days ago
- Business
- Fox News
Washington Post announces another buyout program targeting veteran staffers, other departments
The Washington Post announced Monday it was implementing another buyout program, this time targeting veteran staffers and other department employees. "Today, we are announcing that The Washington Post is offering a Voluntary Separation Program (VSP) to news employees with 10 or more years' service at The Post, as well as to all members of the video department and to all members of the copy desk and sports copy desk," Washington Post executive editor Matt Murray wrote in a staff memo obtained by Fox News Digital. The memo stated the move was part of The Washington Post's "ongoing newsroom transformation efforts aimed at reshaping and modernizing the newsroom for the current environment." "Like the rest of our industry, we are adapting to changing habits and new technologies that are transforming news experiences. Even as we have begun creating new departments and welcoming new colleagues, to reach new audiences we must increase our staffing flexibility and expand in areas such as audience data and social video," Murray continued. Murray told staff the buyout program would conclude by the end of July. "With the VSP, we will no doubt see valued colleagues and friends decide to leave The Post," Murray wrote. "But as stewards of this great institution, we all must remain relentlessly focused on bringing engaging and relevant journalism to growing numbers of readers in the formats and ways they want it in 2025. That is an urgent and important task for us given the pace of technological change, the industry's evolving landscape and the ever-present need to produce and promote strong, rigorous and independent journalism." According to a VSP document viewed by Fox News Digital, nine months of base pay would be given to staffers employed for 10-15 years, 12 months of base pay for 15-20-year veterans, 15 months of base pay for 20-25-year veterans and 18 months for anyone who has worked at the Post for more than 25 years. All of them would also receive 12 months of pay credit in their Separate Retirement Account (SRA). One Washington Post staffer told Fox News Digital that the new buyout program is "less discerning" than previous rounds of buyouts because of how widespread it is, adding that copy editors are "always targets" and that they're "always underperticipated." "Less important who stays or goes. Just want to get the numbers down," the staffer said. A spokesperson for The Washington Post told Fox News Digital, "The Washington Post is continuing its transformation to meet the needs of the industry, build a more sustainable future and reach audiences where they are. This voluntary program is part of our ongoing efforts aimed at reshaping how we deliver world-class news experiences and expand our reach to serve all Americans." The "Democracy Dies in Darkness" paper was hit with layoffs earlier this year and previously implemented buyouts in 2023. The Post was reportedly expected to lose a whopping $77 million in 2024. There has been an exodus of talent from the Post in recent months, including several resignations following moves made by the paper's billionaire owner, Jeff Bezos, who halted the Post's endorsement of former Vice President Kamala Harris just days before the presidential election and his initiative announced earlier this year, ordering columns regularly defending "personal liberties and free markets" and banning viewpoints that oppose them.
