Word: buyouts
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Dates: during 2000-2009
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Odyssey Investment Partners and First Reserve Corp., a pair of buyout firms, were among the earliest to tap this replenished reservoir to finance a takeover. Last week they agreed to buy Dresser Equipment from oil-services giant Halliburton for $1.6 billion. More of that can't be far behind...
...buyout game is more complicated today. The typical LBO has three layers of financing--equity (put up by the buyer), senior debt (borrowed from a bank), and junior debt, or junk bonds (most often provided by junk-bond mutual funds). Banks are reluctant to lend for speculative buyouts with the economy slowing, though the Fed's rate cuts are easing that condition...
Frequent flyers pondered that question in the wake of an audacious, $5 billion five-carrier buyout proposal launched last week by American Airlines. Consumers were clearly skeptical of any scheme that would enable American and archrival United to control fully half of U.S. air travel. If the deal goes through, "the world is going to be divided up among just a few airline companies," says Bruce Edwards, a California doctor who was forced to return home via Miami last week after United canceled his flight from Ecuador to San Francisco, citing weather conditions. "It's not going to be very...
...your auto lease is coming due, consider buying the car instead of leasing another. You may be able to keep your vehicle for less than the buyout, or residual, value stated in the lease. That's because a glut of cars coming off lease are driving prices lower amid slack demand...
...proposed American Airlines deal is complex and far-reaching; if the buyout succeeds, it will benefit United as well. American has agreed to buy a 20 percent share in USAirways - a move designed to quell Justice Department fears that the United-USAirways deal is monopolistic. Some experts are unimpressed by this move. "United is throwing Justice a bone," says Richard Gritta, professor of finance at the University of Portland's R. B. Pamplin School of Business. That bone - and an incoming business-friendly administration - could be enough; analysts predict relatively laissez-faire antitrust efforts at Justice...