TPG's acquisition of JVC stumbles over financing
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U.S. private equity firm Texas Pacific Group's  bid for Japanese consumer electronics maker JVC  is struggling to win backing from lenders, putting the roughly $560 million deal in jeopardy, sources familiar with the matter say.
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James Packer's Publishing & Broadcasting had its credit rating cut a notch by Moody's Investors Service after selling its media assets to a venture owned with the buyout firm CVC Asia-Pacific.
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Japan&#39;s Nikkei 225 Stock Average fell. Mitsubishi Tokyo Financial Group Inc. dropped after a competitor made a hostile takeover bid for UFJ Holdings Inc.
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Business & money: Â· Business reborn after new stock offer accepted  Â· Debt halved as vote ends difficult chapter for firm
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J&J's blues may indicate trouble ahead for competitors.
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The homebuilder lost $787.9 million in the third quarter, hurt by a hefty impairment charge, as its land lost value amid flagging demand for real estate.
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Avaya Inc.  said on Monday it  agreed to be acquired by private equity firms TPG Capital and  Silver Lake for $8.2 billion, the latest in a string of deals  in the telecommunications-equipment industry.
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Decision by Private Capital Management, one of PeopleSoft's largest institutional investors, hurts Oracle's takeover bid.
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A unit of JPMorgan Chase & Co. JPM.N   botched a trade for a basket of Japanese stocks on Monday when   it mistakenly sold shares linked to the wrong index, helping   spark a brief fall in the market.
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Private-equity firms TPG Capital LLP and Silver Lake Partners are in a leading position to buy telecommunications equipment company Avaya Inc.  for about $17 per share, the Wall Street Journal reported in its online edition on Monday.
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India's Tata Steel said its acquisition of Anglo-Dutch steelmaker Corus is a &quot;visionary move&quot; but investors were giving the deal a thumbs down as too expensive and sent the stock plunging more than 9.5 percent.
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Sometimes, stock buybacks destroy shareholder value.
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The company has some major issues, which weighed heavily on its recent IPO.
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A move to curb sales fees at one of the largest fund providers may be good news for investors, but load funds still scream buyer beware.
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(InfoWorld) - Strong corporate financials, eager venture capital, a liberal lending environment, and markets in transition continue to inspire buyouts and acquisitions in the IT world with Avaya and Palm beingÂ just two of the high-profile targets this week. The transition to new technology in telecom and the Web in particular opens up opportunities for vendors. Network equipment manufacturerÂ Avaya announced a dealÂ for a $8.2 billion cash buyout by private equity firms TPG Capital and Silver Lake Partners on Monday. "We are starting to see more of this kind of public-firm-going-private. We've seen this with Alltel most recently and cable television companies as well," said telecom analyst Jeff Kagan. Last month, TPG and Goldman Sachs Group's private equity unitÂ bought mobile service company AlltelÂ for $27.5 billion. The Avaya deal will allow it to make a potentially costly transition from legacy TDM products to IP technology without having to worry about the quarter-to-quarter bottom line. The timing of the deal was good. Avaya shares have been doing well lately, so the buyout gives shareholders top dollar. Avaya shares rose $0.31 to close at $17.02 Tuesday. "Avaya obtained an impressive value for shareholders," said Morgan Keegan analyst Tavis McCourt. Private equity firmÂ Elevation Partners' acquisition of 25 percent of PalmÂ also caused investors to cheer. Palm rose $1.48 to close at $17.57 Monday. Palm gets a $325 million investment and also several industry leaders: Jon Rubinstein, former senior vice president of hardware engineering and head of the iPod division at Apple, as well as Apple's former CFO, Fred Anderson. It is widely hoped that Rubinstein will be able to spark new ideas at Palm, which is suffering from competition against device makers Research In Motion and Nokia. Palm last week announced the Foleo, pitched as a mobile device "companion" product, but IT investors are waiting for more of a breakthrough device for the company's aging product line. In other acquisition news,Â Flextronics International said Monday it will acquire SolectronÂ for $3.6 billion. Flextronics said the deal will streamline product development and supply chain management and create an electronics manufacturing giant with more than $30 billion in annual revenue. But Flextronics slipped $0.16 to close at $11.54 on the news. Traders sometimes dump shares of acquiring companies when deals are suspected to have a negative impact on financials. Investment firm Hilliard Lyons downgraded its rating on Flextronics from "buy" to "underperform." Meanwhile, telecom-equipment maker UTStarcom dropped $0.80 to $6.51 after announcing Monday that it had done a strategic review and decided not to seek a buyout or merger. Though new technology may bring more opportunities, it may take a while before new products and services generate significant revenue for vendors. Almost halfway through the year, moderate growth is still anticipated for global IT in 2007 and recent surveys suggest that corporate spending may be even softer than had been expected. AÂ survey from ChangeWave Research released last week, for example, reported that the percentage of companies planning to increase their spending has fallen to its lowest point in the last four years. In this environment, where capital is available but market growth is slow, IT is bound to see buyouts and acquisitions continue.
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Japanese electronics maker JVC has slashed its forecasts for this year, predicting it would only just break even due to sluggish sales of its high-end televisions and software.
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Shares of JVC  dived to a five-year low on news that Kenwood Corp.  has resumed talks with Matsushita Electric Industrial Co. Ltd.  to buy a stake in JVC, after a deal with private equity firm Texas Pacific Group fell through.