Word: buyouts
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This year Zell orchestrated the largest leveraged buyout ever when he sold his Equity Office Properties (EOP) Trust to Blackstone Group for $39 billion in a hotly contested bidding war. He also led the winning $8.2 billion bid to acquire the Tribune Co.--a deal that is yet to close. Zell won't comment on Tribune, but during a recent trip to New York City, he did sit down with TIME's Janet Morrissey to talk about the economy, the debt markets, housing and where he sees the greatest opportunities today...
Even now, it's not all wine and roses. Vintage Wine Trust, a private REIT formed in San Rafael, Calif., in January 2005, is already looking at alternatives to taking the company public. Chief financial officer Tamara Fischer says finding buyout targets and persuading wineries to sell through sale-leasebacks have been tougher than expected. "We thought we'd have $300 million invested in 18 months," she says. "But at 28 months, we only have $165 million...
...will be tough. Chrysler lost $1.4 billion last year. Thus far, the private-equity buyout has left the company in more debt than anticipated, and Detroit's Big Three are headed into tricky negotiations with the United Auto Workers...
...past, such a tactic was rare in the private-equity club. Historically, going-private transactions were bumped only when a strategic buyer jumped in, such as Whirlpool Corp. against Ripplewood in the Maytag contest, or Building Materials Corp. of America's attempt to bust up the Carlyle Group's buyout of ElkCorp. For PE investors deal jumping was considered a faux pas. "It has long been suspected that there is an unwritten gentleman's agreement among private-equity firms to refrain from jumping each other's deals," said Chris Young, director of M&A research at Institutional Shareholder Services...
...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 a bid to take EGL private with a counteroffer that has driven up EGL shares more than 50% and added more...