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Boston Globe's future remains uncertain

Posted Oct 11th 2009 3:10PM by Tom Johansmeyer (RSS feed)
Filed under: Deals, Rumors, Newspapers, Private equity, New York Times'A' (NYT)

The next step remains uncertain for what will go down in history as among the worst newspaper acquisitions.

On Friday, the deadline for submitting bids for the Boston Globe, which is owned by The New York Times Company (NYSE: NYT), passed. Two major contenders were expected to write figures on slips of paper and slide them across the proverbial desk: Platinum Equity, a Beverly Hills-based private equity firm and owner of the San Diego Union-Tribune, and Stephen E. Taylor, whose family sold the Globe in 1993.

Continue reading Boston Globe's future remains uncertain

Platinum Equity joins auction for The Boston Globe

Posted Aug 10th 2009 11:40AM by Zac Bissonnette (RSS feed)
Filed under: New York Times'A' (NYT)

Platinum Equity, the private equity firm that recently bought The San Diego Union-Tribune, has joined the bidding to acquire The Boston Globe from The New York Times Co. (NYSE: NYT).

The New York Times reported that "Platinum, based in Beverly Hills, bid $35 million and would assume $59 million in pension liabilities, according to people briefed on the process, who asked not to be named because they were not authorized to discuss the matter."

Continue reading Platinum Equity joins auction for The Boston Globe

Carl Icahn gets a second chance to acquire Delphi

Posted Jun 14th 2009 3:10PM by Trey Thoelcke (RSS feed)
Filed under: Deals, Rumors, Insiders, Private equity

Activist investor Carl Icahn is reportedly interested in taking another run at Delphi Corp. after a federal judge ordered the bankrupt auto parts supplier to open the sale of its assets to potential bidders, in addition to the previous offer from private-equity firm Platinum Equity.

Icahn's auto-parts company, Federal-Mogul Corp. (NASDAQ: FDML), had held discussions with Delphi, but the Presidential Task Force on the Auto Industry, which was set up by the Obama administration to oversee the restructuring of the U.S. auto industry, preferred the Platinum Equity deal.

Continue reading Carl Icahn gets a second chance to acquire Delphi

Ryerson's lackluster deal

Posted Jul 24th 2007 2:20PM by Tom Taulli (RSS feed)
Filed under: Private equity

In February, Ryerson (NYSE: RYI) announced that it retained UBS Investment Bank (NYSE: UBS) to explore "strategic alternatives." Yes, Wall Street interpreted this as the prelude to a leveraged buyout.

As a result, the shares of Ryerson, which is a major distributor of metals, increased from $30 to $44.

Well, today we got the details of the deal. The price tag? $34.50. The buyer is private equity firm, Platinum Equity.

What's more, to market the deal, UBS contacted more than 50 prospective acquirers.

Interestingly enough, Ryerson has been the target of activist hedge fund, Harbinger Capital. The firm was able to elect a majority of board members to Ryerson and it was enough pressure to get a deal done.

So far today, the shares of Ryerson are down $0.99 to $33.97.

If you want to see some more M&A transactions, click here.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

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Last updated: November 27, 2009: 08:29 AM

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