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Birkenstock believes it can obtain the final sign-off from the U.S. Securities and Exchange Commission even during a shutdown when the financial regulator would operate with only essential staff, the sources said. SEC Chair Gary Gensler said on Wednesday that a shutdown would reduce his agency's staffing to "skeletal" levels, blocking it from approving companies' IPO filings and hindering the agency's ability to respond to any market turmoil. An SEC spokesperson did not immediately respond to a request for comment on Birkenstock's IPO plans. Companies less advanced in their IPO preparations, including healthcare software vendor Waystar, healthcare services firm Brightspring and car-sharing platform Turo, could be affected by a government shutdown. They did not immediately respond to requests for comment.

Persons: Birkenstock, Kevin McCarthy, Gary Gensler, Abigail Summerville, Anirban Sen, Chris Prentice, Echo Wang, Lisa Shumaker Organizations: U.S, U.S . Securities, Exchange, Republican U.S, SEC, Companies, Thomson Locations: Washington, New York

These conditions, known as an earn-out, defer payment on part of the deal consideration, the sources familiar with the matter said. The arrangement helped bridge a gap in the valuation expectations between Roark Capital and the DeLuca and Buck families that own Subway, according to the sources. The deal will make Roark Capital one of the largest restaurant operators in the world. Subway said in February it was exploring a possible sale, drawing interest from private equity firms including Roark, Advent International, TDR Capital and TPG as well as Goldman Sachs' asset management arm. Roark and Subway have 12 months to close the deal, which has a 4% breakup fee, sources said.

Persons: Roark, DeLuca, Buck, Jimmy John's, Neil Saunders, GlobalData, Goldman Sachs, Anirban Sen, Abigail Summerville, Deborah Sophia, Arun Koyyur Organizations: Roark Capital, TDR, Sycamore Partners, Brands, Baskin, Robbins, Buffalo Wild Wings, Subway, Advent, TDR Capital, TPG, Thomson Locations: U.S, North America, New York, Bengaluru

Reuters reported on Tuesday on a so-called earn-out agreement that was key to Roark clinching a deal for Subway. Roark prevailed over a rival bidding group led by buyout firms TDR Capital and Sycamore Partners, whose final offer was for $8.75 billion including an earn-out, and $8.25 billion without, the sources said. Roark took the view that the restaurant market is too fragmented for the deal to raise competition concerns, the sources added. Roark and Subway, which announced the deal on Thursday, declined to comment on the terms. Roark currently controls Inspire Brands, the owner of restaurant chains including Jimmy John's, Arby's, Baskin-Robbins and Buffalo Wild Wings.

Persons: Roark, DeLuca, Buck, John's, Jimmy John’s, Jimmy John's, Neil Saunders, Peter Buck, Fred DeLuca, JPMorgan Chase, Sullivan, Cromwell, Weiss, Garrison, Roark Capital, Morgan Stanley, Anirban Sen, Abigail Summerville, Deborah Sophia, Greg Roumeliotis, Marguerita Choy Organizations: Roark, Reuters, Subway, TDR Capital, Sycamore Partners, Inspire Brands, Baskin, Robbins, Buffalo Wild Wings, JPMorgan, Cromwell LLP, Thomson Locations: Connecticut, U.S, Bridgeport , Connecticut, The Milford , Connecticut, Rifkind, Wharton, New York, Bengaluru

A Subway sandwich shop logo is pictured in the Manhattan borough of New York February 14, 2014. These conditions, known as an earn-out, defer payment on part of the deal consideration, the sources said. The Wall Street Journal reported on Monday that Roark Capital was nearing a deal to buy Subway for about $9.6 billion. A spokesperson for Subway declined to comment, while representatives for Roark and TDR did not immediately respond to requests for comment. Roark controls Inspire Brands, owner of the Jimmy John's, Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Rusty Taco and SONIC Drive-In chains.

Persons: Carlo Allegri, Roark, DeLuca, Buck, John's, TDR, Sycamore, Goldman Sachs, Fred DeLuca, Peter Buck, Jimmy John's, Dunkin ’, Rusty Taco, Jimmy John’s, Abigail Summerville, Anirban Sen, Greg Roumeliotis Organizations: REUTERS, TDR, Sycamore Partners, Goldman Sachs, Subway, Street, Roark Capital, Goldman, Inspire Brands, Baskin, Robbins, Buffalo Wild Wings, Thomson Locations: Manhattan, New York, TDR Capital, Bridgeport , Connecticut, The Milford , Connecticut, U.S, Champaign , Illinois

NEW YORK, June 27 (Reuters) - The end of the COVID-19 pandemic has weighed not just on demand for Purell but also on efforts to sell the maker of the hand sanitizer. SC Johnson, Ecolab Inc, Essity AB (ESSITYa.ST) and Kimberly-Clark Corp (KMB.N) were among the companies that participated in the auction, the sources said. It is unclear whether the family will now hold on to Gojo and try to seek a sale in the future. The company expanded into skincare and invented Purell, an alcohol-based hand cleaner which dries on its own, in 1988. The company launched Purell in the consumer market in 1997.

Persons: SC, Clark, Kimberly Clark, Essity, Gojo, Goldie Lippman, Jerry, Clarence Cook, Abigail Summerville, Anirban Sen, Leslie Adler, David Gregorio Our Organizations: YORK, Gojo Industries Inc, SC Johnson, Ecolab Inc, Essity, Clark Corp, Thomson Locations: Kimberly, Akron , Ohio, New York

Bloomberg News had reported on May 25 that Bunge and Viterra were in talks to combine, without providing details on the deal's terms and timing. Acquiring Viterra would bring Bunge revenue's revenues -- $67.2 billion in 2022 -- in line with Archer-Daniels-Midland, which registered sales of nearly $102 billion last year. In early 2017, Viterra, then known as Glencore Agriculture, attempted a takeover of Bunge, which was then valued at $11 billion. In May 2017, Bunge rebuffed Glencore after the latter made an informal approach to discuss "a possible consensual business combination." Viterra expanded its business of buying and selling grain in the United States through its $1.1 billion acquisition of Gavilon last year.

Persons: Bunge, Greg Heckman, Privately, Viterra, Archer, Louis Dreyfus Co, Glencore, Abigail Summerville, Anirban Sen, Jonathan Oatis Organizations: YORK, Bunge Ltd, Glencore Plc, Canada, Plan Investment Board, Columbia Investment Management Corp, Bloomberg News, Daniels, Midland Co, Cargill Inc, Bunge, Midland, Agriculture, Thomson Locations: Ukraine, Glencore, Brazil, Viterra, United States, Gavilon, New

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.

Penguin was unable to convince Simon & Schuster to launch an appeal and extend their deal contract before it expires on Monday, the sources said. Penguin will owe Simon & Schuster a $200 million break-up fee as a result of the transaction falling apart. Following the deal's collapse, Simon & Schuster's owner, Paramount Global (PARA.O), will be free to explore a sale of the publisher anew. HarperCollins, which is controlled by News Corp (NWSA.O), and Lagardere SCA's (LAGA.PA) Hachette Book Group have previously expressed interest publicly in buying Simon & Schuster. HarperCollins also unsuccessfully bid for Simon & Schuster when it was put up for sale by Paramount in early 2020.

The top five U.S. publishers are Penguin, HarperCollins, Macmillan, Simon & Schuster and Hachette. Following a collapse of the deal, Paramount will be free to explore a sale of Simon & Schuster anew. Previously known as ViacomCBS, Paramount had inked the Penguin deal so it could focus on its video and streaming businesses. HarperCollins, which is controlled by News Corp (NWSA.O), and Lagardere SCA's (LAGA.PA) Hachette Book Group have previously expressed interest publicly in buying Simon & Schuster. HarperCollins also unsuccessfully bid for Simon & Schuster when it was put up for sale by Paramount in early 2020.

The spin-out structure would make it easier and faster for Kroger and Albertsons to divest stores if they cannot easily sell them outright, people familiar with the arrangement said. The companies may struggle to find many buyers because Albertsons' stores are unionized, making them less attractive to potential bidders such as private equity firms. Kroger and Albertsons are likely to shed their least profitable stores and keep the best ones to themselves, analysts said. That region contains the most store-overlap between Kroger and Albertsons and is where divestitures are most likely, according to analysts. They intend for the spun-off company to not carry any debt, the sources added.

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