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PennyMac launches lifeless IPO

Posted Jul 31st 2009 9:30AM by Tom Taulli (RSS feed)
Filed under: Private Equity, Blackstone Group L.P (BX), Initial Public Offerings

Over the past few months, the IPO market has been perking up. And, with the recent surge in equities, the good times should continue, right?

Well, not necessarily. The fact is that investors are scrutinizing deals. Just look at yesterday's IPO of PennyMac Mortgage Investment Trust (NYSE: PMT). In the offering, the company raised about $335 million. However, the goal was to get about $750 million. In other words, there was lots of investor pushback. Actually, on its first day of trading, the shares of PennyMac fell 4.5% to $19.10.

The company is a real estate investment trust (REIT) that is purchasing mortgages -- at discounts -- and trying to turn a profit. At the same time, PennyMac wants to get federal government support, such as from the loan modification programs. Oh, and the company also has notable backers that include BlackRock (NYSE: BLK) and Highfields Capital Management.

Continue reading PennyMac launches lifeless IPO

This week's rumor round-up: a bidder found for Wendy's?

Posted May 11th 2007 6:05PM by Eric Buscemi (RSS feed)
Filed under: Rumors, Archer-Daniels-Midland (ADM), Wendy's Intl (WEN)

Another week, another run through the rumor mill. And, as usual, it all surrounds possible takeovers/buyouts.

WENDY'S INTERNATIONAL INC (NYSE: WEN)

Up first is Wendy's, because since the company is exploring strategic alternatives, and shareholder Highfields Capital Management is pushing for a sale, the idea of a suitor isn't that farfetched. The rumor is that this mystery suitor has bid for the company. Will this Biggie-size Wendy's stock price? Only time will tell.

ARCHER DANIELS MIDLAND COMPANY (NYSE: ADM)

And in the earlier stages of the M&A cycle, the rumor with Archer Daniels Midland is that the company has hired a strategic adviser. This wouldn't be that mind-blowing, considering it follows an EPS miss when the company reported on May 1, and a downgrade by ThinkEquity on May 2 on margin weakness.

BEA SYSTEMS INC (NASDAQ: BEAS)

File this under "the boy that cried wolf." BEA Systems has long been the subject of takeover talk, and it has continued this week. This despite firms such as Bernstein saying a takeover is unlikely as the company's valuation is too high.