Word: bidding
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...Erdogan was seen as benefiting from a booming economy, which has grown an average 7% over the past five years, low inflation and a stable currency. His campaign promised more economic, social and political reforms to bring Turkey in line with European Union standards, even though the country's bid for membership in the E.U. has lost much of its momentum amid European opposition...
That's one reason some private-equity players are going public, such as Blackstone Group and Fortress Investment Group. Others are resorting to deal jumping--busting in on another firm's deal with a higher bid, as Filmore Capital Partners did to Formation Capital in the Genesis Healthcare takeout. "There has never been a buyout market that has been this frothy," says Thomas Roberts, partner at Weil, Gotshal & Manges, a leading mergers and acquisitions (M&A) law firm. "[The cycle] looks like...
...this unspoken rule. A team of PE players joined forces with publicly held Vornado Realty earlier this year to try to derail Blackstone's agreement to buy office giant Equity Office Properties Trust. Although the PE contingent, which included Starwood and Walton Street Capital, eventually dropped out, the ensuing bidding war wound up costing Blackstone significantly more to buy Equity Office in what became the largest leveraged buyout in Street history. Blackstone was forced to boost its bid to $55.50 a share, or $39 billion, from the original $48.50 a share. Another deal jumper: an affiliate of Apollo Management challenged...
...Pakistan's mountainous and lawless borderlands, hate Musharraf because of his ties to Washington. Moderate Pakistanis dislike him because he seized power by force and seems determined to stay in office even if that means suspending the chief justice, who could be a potential block on Musharraf's bid for another term...
...venial sin that would never have come to light except that in February Whole Foods made a $565 million play to buy Wild Oats--the very company rahodeb so soundly dissed online--and while reviewing the bid, the Federal Trade Commission (FTC) turned up what would, if this were a spy thriller, be known as the Rahodeb Identity. The FTC is seeking to halt the deal on basic antitrust grounds--it claims that a union of the two companies would produce an organic-foods quasi-monopoly. The government may also be examining whether Mackey, in his double life, revealed information...