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☆ 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.

Even so, the U.S. financial system has plenty of problems. The lender, founded in 1985, was the 14th-largest bank in the United States at the start of this year. Its shares lost nearly all of their value after a relentless series of steep declines that began as Silicon Valley Bank was teetering. reached out to other financial institutions, including JPMorgan Chase, PNC Financial Services and Bank of America, seeking bids for the First Republic. As part of the bidding process, banks were also asked what parts of the bank they wouldn’t accept.

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.

First Republic Bank customers pulled around $100 billion in deposits in a matter of days. Photo: LOREN ELLIOTT/REUTERSThe Federal Deposit Insurance Corp. is reviewing bids for First Republic Bank and preparing to seize the lender, according to people familiar with the matter, weeks after a $100 billion deposit run shattered its business model. Big banks including JPMorgan Chase & Co. and PNC Financial Services Group Inc. submitted offers for the troubled lender earlier Sunday, the people said, and the FDIC went back to the bidders with questions in the evening. The agency is expected to name a winner before First Republic opens Monday morning, the people said.

☆ Stock futures are flat after Dow notches best month since January
▼ + stars: | 2023-04-30 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

U.S. stock futures were flat in overnight trading Sunday after the major averages logged gains for April, and the Dow Jones Industrial Average notched its best month since January. Futures tied to the Dow dipped 30 points, while S&P 500 and Nasdaq-100 futures each inched 0.1% lower. The Nasdaq Composite advanced 0.69% as Big Tech earnings took center stage. For the month, the Dow gained 2.5% to notch its best monthly stretch since January, while the benchmark index gained 1.5%. "There was definitely a very positive surprise on the big tech earnings," said Jan Szilagyi, CEO of Toggle AI.

☆ Big banks including JPMorgan Chase, Bank of America asked for final bids on First Republic
▼ + stars: | 2023-04-29 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

JPMorgan Chase and PNC are likely bidders for the ailing lender, which would be seized in receivership and immediately sold to the winning bank, according to people with knowledge of the situation. Bank of America is among several other institutions that are weighing a potential bid for First Republic, according to people with knowledge of the matter. Shares of the bank sank 90% last month, and then collapsed further this week after First Republic disclosed how dire its situation is. The biggest banks will bear the brunt of that expense, because member banks will likely be assessed fees to replenish the FDIC fund over several years. Wells Fargo , Goldman Sachs and Citigroup are each unlikely to make a bid, according to people with knowledge of the banks.

Guggenheim Securities is advising the U.S. Federal Deposit Insurance Corp (FDIC) on the sale process, two sources familiar with the matter said. The process kicked off this week after First Republic, which got swept up in a banking crisis last month, failed to come up with a deal without government help, three of the sources familiar with the situation said. A deal for First Republic would come less then two months after Silicon Valley Bank and Signature Bank failed amid a deposit flight from U.S. lenders, forcing the Federal Reserve to step in with emergency measures to calm markets. A sale would bring to an end a weeks-long effort by First Republic to survive the market rout. When that deal failed to stabilize First Republic, the lender, known best for its rich clientele, tried to find other private-sector solutions.

A three-judge panel of the U.S. Court of Appeals for the District of Columbia said the law, which instructed the U.S. Circuit said the law "makes clear" that those leases are no longer subject to requirements of the National Environmental Policy Act, which requires a thorough look at environmental impacts of proposed major federal actions. Earthjustice attorney Steve Mashuda, who represented the environmental groups, said in a statement that the decision will harm Gulf communities and ecosystems. A spokesperson for the American Petroleum Institute called the order a “positive step toward more certainty and clarity for energy producers.”The Interior Department, which did not appeal the lower court decision, declined to comment. v. Debra Haaland et al., U.S. Court of Appeals for the District of Columbia Circuit, case No.

☆ Opinion: Six experts imagine an internet that women actually want
▼ + stars: | 2023-04-27 | by ( Cnn Opinion | As Equals | ) edition.cnn.com time to read: +13 min

Women still have less access to the internet, with men being 21% more likely to be online than women globally. One reason for this is because being a girl, teenager, woman, trans or non-binary person makes us victims of digital violence. An internet women want is one where there is no fear to comment, to express an opinion, or publish photos of our bodies -- and where there are no limits simply because you are a woman on the internet. Women stood together internationally when Iranian women cut their hair , showing how the internet politicises women, sparks debates and builds international solidarity. Therefore, an internet that women want -- and that works for women -- needs to start by being affordable for women.

☆ Italy's FSI invests up to $110 million in debit card operator BANCOMAT
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

MILAN, April 26 (Reuters) - Italian investment fund FSI has agreed to invest up to 100 million euros ($110 million) in debit card operator BANCOMAT to support its expansion in Europe. Under a new business plan drawn up by the company, its main shareholders and FSI, BANCOMAT will complete targeted acquisitions and build a new platform to offer clients a wider range of services and products. In early 2022, it invested in the payments business of cooperative banking group BCC ICCREA, acquiring a 60% stake in electronic payment company BCC Pay. The payments sector has been swept up in a wave of mergers and acquisitions as it seeks the financial muscle to keep up with technological advances while contending with the threat from new entrants. The accord comes after FSI last year signed a preliminary deal for an investment in BANCOMAT.

☆ Bed Bath & Beyond vows it can pull off a sale – here's what that means for shareholders
▼ + stars: | 2023-04-24 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +5 min

Bed Bath & Beyond is confident it can offload its names and stores after it declared bankruptcy, but shareholders are expected to be wiped out as its stock plummets. "Bed Bath & Beyond has pulled off long shot transactions several times in the last six months, so nobody should think Bed Bath & Beyond will not be able to do so again. To the contrary, Bed Bath & Beyond and its professionals will make every effort to salvage all or a portion of operations for the benefit of all stakeholders," she added. The likelihood of finding a buyer will come down to how much Bed Bath and Buy Buy Baby's names are worth. As of late November, Bed Bath & Beyond had about $4.4 billion in assets and $5.2 billion in debts, court filings show.

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HOUSTON/NEW DELHI, April 21 (Reuters) - South America's fastest growing oil producer has turned down the Indian government's request for discounted crude oil purchases during trade discussions, Guyana Vice President Bharrat Jagdeo said on Thursday. Guyana's oil production in total has tripled from a year ago to about 380,000 barrels of oil per day. "Any sale of our crude will have to be on commercial terms, not a discounted terms," Jagdeo said at a briefing. Indian buyers have sought a discount to compensate for high freight costs to send its oil to the Asian country, Jagdeo said. "Guyana crude is costly for us because of high freight.

☆ Spurs not in talks with investors, says chairman Levy
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

April 20 (Reuters) - Tottenham Hotspur are not in negotiations with any bidders over a potential takeover of the Premier League club, chairman Daniel Levy has said. Iranian-American billionaire Jahm Najafi, chair of MSP Sports Capital, was reported to be preparing a $3.75 billion takeover bid for Spurs in February. Tottenham exited the FA Cup and Champions League last month, meaning their 15-year trophy drought continues and Levy has found himself targeted by a section of fans at home games. We have 30,000 shareholders and most of them are fans who own the shares," Levy told the Cambridge Union in a wide-ranging interview released on YouTube on Wednesday. Levy, 61, added that he hoped supporters would see him as someone who always acted in Tottenham's best interests.

LONDON, April 20 (Reuters) - British transport company FirstGroup (FGP.L) and infrastructure fund I Squared are weighing competing bids for parts of Deutsche Bahn's international transport business Arriva, according to a number of people familiar with the matter. The British transport company may also consider partnering with another bidder for the UK operations, the two added. Arriva, Deutsche Bahn, FirstGroup and I Squared declined to comment. A Bloomberg report in January suggested Arriva may now fetch as much as 2 billion euros. Binding offers for Arriva are expected in the next couple of months, two of the sources said.

☆ Princess Rita Jenrette Boncompagni evicted from villa with original Caravaggio in Rome
▼ + stars: | 2023-04-20 | by ( Barbie Latza Nadeau | ) edition.cnn.com time to read: +3 min

Rome CNN —Princess Rita Jenrette Boncompagni Ludovisi – formerly Rita Carpenter, the former wife of Republican US Rep. John Jenrette – has been evicted from the home she once shared with the late Prince Nicolo Boncompagni, after an inheritance dispute with his children. Princess Rita confirmed her eviction from the historic Casino dell’Aurora in central Rome to CNN on Wednesday. Princess Rita Boncompagni Ludovisi poses for a photograph outside Villa Aurora in Rome, Italy, November 16, 2021. A statue of Pan by Michelangelo is seen outside Villa Aurora. Princess Rita told reporters at the Casino dell’Aurora as she left on Thursday that she is writing a new book about her latest ordeal.

☆ Subway Sale Process Heats Up as Bidders Head to Second Round
▼ + stars: | 2023-04-13 | by ( Lauren Thomas | Heather Haddon | ) www.wsj.com time to read: 1 min

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☆ Finnish businessman Zilliacus drops out of Manchester United bidding
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

April 13 (Reuters) - Finnish businessman Thomas Zilliacus has dropped out of the bidding for Manchester United, saying delays in the sale process will make it difficult for a new owner to build a winning team. United's American owners, the Glazer family, launched a formal sale process late last year, with several bids received in February and March. read more"I have declined participation in a third bidding round for United," Zilliacus said on social media. "The delays will make it very difficult for any new owner to build a winning team for next season." Sports industry news site Sportico reported this week that Manchester United would accept a third round of bids from prospective buyers at the end of the month.

☆ Buyouts are getting complicated
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

The terms say that the buyer cannot be forced to close before Oct. 15 – seven months after the deal’s announcement. A Tuesday proxy filing shows that’s to give Platinum enough time to sort out its debt financing. Qualtrics, meanwhile, sold in March for $12.5 billion – but it turns out it almost got more. An unnamed bidder offered $21 per share, more than the $18.15 that Qualtrics accepted from Silver Lake and CPP Investments. Buyouts are getting done, but they’re also getting complicated.

☆ Emerson Electric to buy NI Corp for $8.2 bln to deepen automation push
▼ + stars: | 2023-04-12 | by ( Nathan Gomes | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - U.S. industrial conglomerate Emerson Electric Co (EMR.N) said on Wednesday it will buy measurement tools maker NI Corp (NATI.O) for $8.2 billion in a bid to boost its automation capabilities. The purchase will allow Emerson to tap NI's software-connected automated test and measurement systems for higher growth and margins in its automation portfolio. Emerson has executed a string of deals over the last few years to streamline itself into an industrial automation provider. The NI deal is expected to close in the first half of Emerson's fiscal 2024. Goldman Sachs & Co LLC and Centerview Partners LLC were financial advisers to Emerson on the deal, while Davis Polk & Wardwell LLP was its legal adviser.

☆ Emerson Electric to buy NI for $8.2 bln to deepen automation push
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

April 12 (Reuters) - U.S. industrial conglomerate Emerson Electric Co (EMR.N) on Wednesday said it would buy measurement tools maker NI Corp (NATI.O) for $8.2 billion in an effort to boost its automation capabilities. Emerson has executed a string of deals over the last few years to streamline itself into an industrial automation provider. The NI deal is expected to close in the first half of Emerson's fiscal 2024. Shares of Emerson, which already owns an about 2% stake in NI, fell more than 2% to $82.55 in premarket trade. NI launched a formal sale process in January after Emerson threatened to challenge its board if it did not engage in deal negotiations.

Emerson outbid other bidders including Fortive Corp (FTV.N) and Keysight Technologies Inc (KEYS.N) in the final stages of a sale process for National Instruments with an offer of about $60 per share, the sources said. National Instruments launched a formal sale process in January after Emerson threatened to challenge its board if it did not engage in deal negotiations. Emerson dropped its hostile bid once the auction for National Instruments got underway. Reuters first reported in March that Emerson, Fortive and Keysight were through to the final round of bidding for National Instruments, after breaking news of Emerson's interest in January. Austin, Texas-based National Instruments specializes in the production of automated testing and measurement tools for the semiconductor, transportation, aerospace and defense industries.

While advancing more than 10% to an all-time high on the deal news, National Instruments was still trading a couple of dollars below the purchase price. The technology portfolio of National Instruments is "poised to capitalize on the same secular trends as our core business today," the Emerson team added. While we don't like hostile offers, it emerged that deal or no deal Emerson would be OK as long as they didn't grossly overpay. But to be clear, the issue isn't that National Instruments is a bad company and this deal is doomed from the start. Now it's time for management to show us we were wrong and National Instruments was worth the premium price.

☆ Man Utd to accept third round bids ahead of potential sale - report
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Manchester United will accept a third round of bids from prospective buyers at the end of the month as the Premier League club's owners explore a sale, sports industry news site Sportico reported on Tuesday. Manchester United and Raine Group, the investment bank running the bidding process, did not immediately respond to a Reuters request for comment. United's American owners, the Glazer family, launched a formal sale process late last year, with several bids received in February and March. Any sale would likely exceed the biggest sports deal so far, the $5.2 billion including debt and investments paid for Chelsea. Reporting by Aadi Nair in Bengaluru; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ India's Reliance, Adani among 49 bidders for debt-ridden Future Retail
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

Reliance Retail, part of Ambani's Reliance Industries Ltd (RELI.NS) as well as April Moon Retail Pvt Ltd, a joint venture between Flemingo group and Gautam Adani-led Adani Airport Holdings, have submitted expressions of interest (EoIs), an exchange filing by Future Retail showed. Other entities that have submitted EOIs include London-based retailer WH Smith (SMWH.L), a consortium led by U.S.-based restructuring firm Gordon Brothers, J.C. Flowers Asset Reconstruction, India's Jindal Power, and individual investor Harsha Vardhan Reddy. Reliance Retail, Jindal Power, J.C. Flowers, WH Smith and Gordon Brothers did not immediately respond to emails seeking comment.

☆ UFC merger beefs up WWE's leverage in media rights negotiations
▼ + stars: | 2023-04-03 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

Networks and streaming services need to get ready for a media rights smackdown. UFC should also benefit ahead of 2025, when its U.S. media rights deals come up, including with Disney's ESPN. "I think everything is up for grabs with these media rights deals. During his time with CAA, he had formed a relationship with McMahon during a recent round of TV rights negotiations for WWE. It will also work for UFC negotiations, he noted.

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