DIRS.INFO The most relevant business & tech news

☆ Subway comes up with $5 billion debt plan to clinch $10 billion-plus sale, sources say
▼ + stars: | 2023-05-01 | by ( ) www.cnbc.com time to read: +4 min

This is weighing on how much the private equity firms are offering to buy companies. So far, bids for Subway have ranged between $8.5 billion and $10 billion, one of the sources said. Barclays, a major player in the market for WBS financing, is one of the banks in discussions about long-term financing, the sources said. JPMorgan's financing package also offers the option of a preferred equity component with a roughly 15% interest rate, the sources said. This is a more expensive route that private equity firms may not opt for, three of the sources added.

This is weighing on how much the private equity firms are offering to buy companies. So far, bids for Subway have ranged between $8.5 billion and $10 billion, one of the sources said. This is a more expensive route that private equity firms may not opt for, three of the sources added. To be sure, Subway is allowing bidders to use any financing route they want, as long as they can show they can secure committed financing. TPG and Bain were part of a group that owned Burger King when John Chidsey, who is now Subway's CEO, headed that burger fast-food restaurant chain.

☆ This 44-year-old founder and CEO is stepping down to go on a 3-year religious mission. 'I feel such confidence that this is the right thing.'
▼ + stars: | 2023-04-30 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +11 min

Davis Smith founded Cotopaxi, an outdoor gear company and certified B Corporation, in 2014. In July, he will step down as CEO to go on a 3-year religious mission in Brazil. Damien Huang, Cotopaxi's president who joined the company from Eddie Bauer, where he was CEO, will move into the role. "But I feel such confidence that this is the right thing." And we don't do that by isolating ourselves or saying, "We're better than you," or "You're not doing it right."

☆ What Bed Bath & Beyond, Toys ‘R’ Us and RadioShack have in common
▼ + stars: | 2023-04-29 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

Staples is “a classic ‘category killer,’ like Toys R Us,” Mitt Romney, then Bain & Co.’s managing general partner, said in 1989. Another category killer fell this week, when Bed Bath & Beyond filed for bankruptcy. Once the go-to stop for everything in customers’ homes, Bed Bath & Beyond was brought down by shopping changes, competition and its own missteps. Founded in 1971 as Bed ‘n Bath as a small linen and bath store, the company changed its name to Bed Bath & Beyond in 1987 to reflect its expanded merchandise selection and built larger superstores. It’s somewhat ironic that there is now nostalgia for Bed Bath & Beyond and other once dominant chains that drove mom-and-pops out of business.

☆ Beijing’s Bain Raid, Espionage Law Are Self-Sabotage
▼ + stars: | 2023-04-28 | by ( Nathaniel Taplin | ) www.wsj.com time to read: 1 min

It’s Party time. Photo: Ng Han Guan/Associated PressChina’s economy is bouncing back quicker than expected. So, unfortunately, are the sort of heavy-handed policies that spooked investors during China’s last big expansion in 2021. On Wednesday China updated its counterespionage statute to cover all “documents, data, materials or items related to national security,” a considerably wider remit than the previous “state secrets and intelligence.” Recent weeks have also brought a raid of Bain & Co.’s Shanghai offices, the detention of Beijing staff at New York-based due diligence firm Mintz Group, and the arrest of a Japanese pharmaceuticals employee for alleged spying.

☆ Silver Lake adds to Software AG stake amid acquisition bid
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +1 min

Silver Lake said in a regulatory disclosure that it had acquired a 5% stake in Software AG at or below its acquisition bid of 30 euros per share from existing shareholders. This adds to its agreement to buy a 25.1% stake in Software AG from a charitable foundation that is the principal shareholder in the company. The consummation of that agreement is not subject to Silver Lake's offer being accepted by a majority of Software AG's shareholders, Silver Lake said. Software AG has said it is "highly supportive" of Silver Lake's offer and intends to recommend it to the company's shareholders. Silver Lake also disclosed on Friday that it had secured debt financing for its offer for Software AG.

☆ Chinese Authorities Question Bain Staff in Shanghai
▼ + stars: | 2023-04-27 | by ( Dan Strumpf | ) www.wsj.com time to read: 1 min

Bain & Co.’s presence in China includes offices in Shanghai, as well as Beijing and Hong Kong. Photo: hector retamal/Agence France-Presse/Getty ImagesHONG KONG—Authorities visited the Shanghai offices of Bain & Co. and questioned staff, the management-consulting firm said, becoming the latest foreign firm to be targeted in China where authorities have been increasing pressure on selected American and other Western businesses. The Boston-based company said Wednesday U.S. time that it was cooperating with authorities and declined to comment further. Shanghai police didn’t immediately respond to a request for comment on the reason for the visit, previously reported by the Financial Times, which also said police took away computers and phones.

☆ Bain’s Staff in Shanghai Questioned as China Targets Foreign Businesses
▼ + stars: | 2023-04-27 | by ( Dan Strumpf | ) www.wsj.com time to read: 1 min

Bain & Co.’s presence in China includes offices in Shanghai, as well as Beijing and Hong Kong. Photo: hector retamal/Agence France-Presse/Getty ImagesHONG KONG—Chinese authorities questioned Shanghai workers at consulting firm Bain & Co., underlining the mounting uncertainties facing foreign executives and businesses operating in China after a series of detentions and investigations. The Boston-based company said Wednesday U.S. time that it was cooperating with authorities and declined to comment further. Shanghai police didn’t immediately respond to a request for comment on the reason for the visit, earlier reported by the Financial Times, which also said police took away computers and phones.

The revision is likely to heighten concerns of foreign individuals, such as academic researchers or journalists, and businesses about visiting or operating in China. “Something like a local government budget you could broadly define as relating to national security, or even food security,” he said. “Researchers definitely need to be careful.”China says its laws related to national security and espionage are meant to safeguard the country. “Even with this amendment we still don’t understand what kind of document constitutes a national security issue,” he added. Chinese authorities did not offer details about both cases, including the reason for the crackdown, but analysts say the move is likely to further spook foreign businesses operating in China.

☆ U.S. Consulting Firm Is the Latest Target of a Chinese Crackdown
▼ + stars: | 2023-04-27 | by ( Daisuke Wakabayashi | Keith Bradsher | ) www.nytimes.com time to read: +1 min

In the latest official scrutiny of a prominent American business in China, the authorities visited the Shanghai offices of the U.S. management consulting firm Bain & Company this month to question its employees. The questioning at Bain came less than a month after the authorities detained five Chinese nationals working in Beijing for the Mintz Group, an American consulting company with 18 offices around the world, and closed the branch. The five Chinese nationals were held overnight before their families were notified that they had been detained. China’s foreign ministry later said that the company was suspected of engaging in unlawful business operations. Mintz had no immediate response on Thursday to a request for comment on whether any of its five employees had been released.

China’s espionage law, passed by lawmakers Wednesday, is prompting concerns that Western companies could be required to provide information to Chinese security officials. Photo: PANG XINGLEI/XINHUA/ZUMA PRESSChina rewrote its law against espionage to tighten state control over a wider swath of data and digital activities, an expansion of its power to neutralize perceived foreign threats that raises the risks for businesses operating in the world’s second-largest economy. Foreign executives say the expanded scope and powers of the legislation threaten to turn everyday interactions into national-security offenses and underscore the increasingly hostile environment that many foreign businesses believe they face in the country.

☆ Chinese police question staff at Bain’s Shanghai office
▼ + stars: | 2023-04-26 | by ( Michelle Toh | ) edition.cnn.com time to read: 1 min

How relevant is this ad to you? Video player was slow to load content Video content never loaded Ad froze or did not finish loading Video content did not start after ad Audio on ad was too loud Other issues

☆ Chinese police query Bain's Shanghai office staff - company spokesperson
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - Chinese police have visited U.S. management consultancy Bain & Company's office in Shanghai and questioned staff there, a company spokesperson said on Wednesday without elaborating. "We are cooperating as appropriate with the Chinese authorities," the spokesperson told Reuters by email. The U.S. embassy in China and the American Chamber of Commerce in Shanghai did not immediately respond to requests for comment. American companies worry that China may be stepping up retaliatory action because of measures taken against Chinese firms by U.S. President Joe Biden's administration. Chinese authorities last month raided the office of U.S. corporate due diligence firm Mintz Group in Beijing and detained five local staff.

☆ VCs are scrambling to invest in AI startups in Y Combinator's latest class: 'There's hysteria for a reason'
▼ + stars: | 2023-04-24 | by ( Stephanie Palazzolo | Madeline Renbarger | ) www.businessinsider.com time to read: +5 min

VCs are scrambling to back the AI startups in Y Combinator's latest batch. Several generative AI startups have already secured funding from top firms, sources say. And while valuations are down across the board, YC AI startups are still hot. Startups focused on AI, and generative AI specifically, which saw a substantial jump in the latest batch, were some of the most highly sought after by investors. An AI feeding frenzyVC buzz was common across generative AI startups both in the application and infrastructure layers.

☆ Goldman Sachs' David Solomon had the right idea. But that's only half the problem.
▼ + stars: | 2023-04-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

David Solomon at Goldman's 2023 investor day Screenshots by Emmalyse Brownstein and Dakin Campbell1. Goldman Sachs' $12.2 billion in revenue from Q1 fell short of analysts' estimates, which is never a good sign — but it's not a complete disaster. As Insider's Carter Johnson reported, there is a case to be made for a turnaround at Goldman led by its embattled CEO David Solomon. We've written a lot about the struggles at Goldman Sachs recently, and rightfully so. More on what David Solomon needs to do to get Goldman Sachs back on track.

☆ McKinsey, Bain Delay Some M.B.A. Start Dates to 2024
▼ + stars: | 2023-04-18 | by ( Lindsay Ellis | ) www.wsj.com time to read: 1 min

McKinsey & Co. told students that they will learn their start dates with at least two months’ notice. Consulting giants McKinsey & Co. and Bain & Co. are delaying start dates for new M.B.A. hires, or in some cases paying them thousands of dollars to put off starting their jobs. Consulting firms are among the biggest recruiters of business-school talent. Delaying the start dates for so many fresh grads is causing anxiety on campuses and suggests these businesses may have wider concerns about the economy.

☆ Blue-chip consulting firm Bain is reportedly offering new hires $20,000 to become yoga instructors or go on safari for a year
▼ + stars: | 2023-04-18 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +2 min

Bain is offering new MBA hires tens of thousands of dollars to delay their starts, per The Wall Street Journal. Bain & Company is offering new MBA hires tens of thousands of dollars to delay their starts at the firm, according to a report by The Wall Street Journal. Other communications show the firm offering new hires $30,000 to learn a new language and $20,000 to become yoga instructors or go on a safari in Africa, per the Journal. McKinsey, meanwhile, did not notify most of their MBA hires of start dates until this week, and some won't start work until next year, per the Journal. Firms like Bain and McKinsey often offer new MBA hires some of the highest salaries in an industry that is already one of the highest paying for business school graduates.

☆ Analysis: Rocket startups face adapt-or-die moment amid investment drought
▼ + stars: | 2023-04-17 | by ( Joey Roulette | ) www.reuters.com time to read: +5 min

Venture investment in space startups has dropped 50% year-over-year in 2022 to $21.9 billion, according to VC firm Space Capital. Astra Space (ASTR.O), which ditched its small Rocket 3.3 for a planned, larger Rocket 4 in the next few years, has struggled to bring its stock price above $1, facing delisting threats from Nasdaq. Despite the startups' struggles, launch demand has soared after sanctions following Russia's invasion of Ukraine cut off access to Russian rockets. Recent failures with Europe's Arianespace's Vega-C rocket have added to demand in the U.S., outstripping the number of available rockets. Private plans to deploy mega-constellations, vast swarms of satellites in low-Earth orbit, have also given launch startups hope for future demand.

☆ Birkin bag maker Hermes sees no U.S. slowdown as sales jump 23%
▼ + stars: | 2023-04-14 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

[1/2] A craftswoman works on a Birkin bag at the luxury goods Hermes factory in Seloncourt October 4, 2013. REUTERS/Benoit TessierPARIS, April 13 (Reuters) - Sales at Birkin bag maker Hermes (HRMS.PA) rose 23% in the first quarter, above market expectations, as wealthy shoppers in China and Europe splurged on luxury fashion and accessories despite higher prices and global market turmoil. The increase of 23%, at constant exchange rates, beat a Visible Alpha consensus for 15% growth. Hermes raised prices by around 7% at the start of the year, a higher rate than its usual 2-3% annual increase. In China, where Hermes was less affected than competitors by lockdowns that dented sales for many at the end of last year, revenues grew by 23% in the quarter.

In addition to mergers and acquisitions, the options include a sale of the bank and an initial public offering (IPO), the people said. Officials for Co-op Bank, Aldermore, OneSavings Bank, Paragon and Shawbrook declined to comment. Co-op Bank had an equity value of close to 1.3 billion pounds ($1.61 billion) as of the end of December, based on its latest annual accounts. It had more than 28 billion pounds of assets on its balance sheet and reported a profit before tax of 132.6 million pounds for 2022. Later that year, Co-op Bank made an offer for domestic rival TSB Group, which was rejected by Spanish parent Banco Sabadell (SABE.MC).

☆ Y Combinator's latest class is a feeding frenzy for VCs looking to back AI startups: 'There's hysteria for a reason'
▼ + stars: | 2023-04-13 | by ( Stephanie Palazzolo | Madeline Renbarger | ) www.businessinsider.com time to read: +5 min

☆ China is home to one of the world's biggest luxury markets, and it's starting to make a comeback after the country's 3-year COVID lockdowns
▼ + stars: | 2023-04-12 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

China is an important luxury market. Bain expects these consumers will account for 46% of the global luxury market by 2025. However, Wu's comments echoed Bain's positive outlook for China's luxury market. China's consumer price index, or CPI — the monthly change in prices paid by consumers — showed bleak data for March. It could be the reason Bank of America's Wu told CNBC that strong recovery across China's consumer sector has not yet been seen.

☆ Bank pullback on lending will be a headwind for businesses, says Bain's Jack Connaughton
▼ + stars: | 2023-04-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank pullback on lending will be a headwind for businesses, says Bain's Jack ConnaughtonJack Connaughton, Bain Capital co-managing partner, joins 'Closing Bell: Overtime' to discuss private equity and the banking sector.

☆ Leaked document shows Salesforce employees who routinely log over 10 hours of overtime pay will get a talking-to from senior management
▼ + stars: | 2023-04-12 | by ( Ellen Thomas | ) www.businessinsider.com time to read: +3 min

Salesforce is scrutinizing overtime, especially for workers who log more than 10 overtime hours a week. Overtime policies were laid out earlier this month in an internal document viewed by Insider. Salesforce is taking a stricter approach to overtime pay, according to an internal document viewed by Insider. It isn't clear how many Salesforce employees qualify for overtime pay, but most large tech companies do have a percentage of their workforce that qualifies. The document reminding employees that overtime pay must be approved and limited comes during a time when the software giant is executing major cost-cutting initiatives.

☆ Only the big will crack the $1 trln LBO code
▼ + stars: | 2023-04-12 | by ( Jonathan Guilford | ) www.reuters.com time to read: +9 min

Lenders will only tiptoe back, meaning deals need the big checks and extra elbow grease in credit markets that favor the largest private equity firms. Private equity firms depend on borrowed money to reduce how much of their own they use in any single deal and to magnify returns as a percentage of their initial investment. Imagine a private equity firm acquires a company for $1 billion, then flips it five years later for $1.5 billion. Though the private equity industry is awash in so-called dry powder, fundraising is increasingly tilting to the largest fund managers. Buyout firms are apt to keep their plans more conservative to garner higher ratings – meaning, again, less leverage and more upfront cash.

Search resuls for: "bain"

25 mentions found