TPG&#39;s acquisition of JVC stumbles over financing
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U.S. private equity firm Texas Pacific  Group&#39;s  bid for Japanese consumer electronics maker  JVC (6792.T) 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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The decision is a setback for the two companies and their plan to acquire ContentGuard, a digital rights management firm.
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Investors might want to wait a while as this company digests its large acquisition.
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Shares of electronics maker Kenwood Corp.  jumped as much as 10 percent on Monday on news it 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.
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Shares of Global Crossing Ltd., 10 months out of bankruptcy, plunged 19 percent after the fiber- optic network operator said it needs as much as $40 million in new loans to avoid running out of money this year.
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Just a few days ago, it appeared that Time Warner (TWX ) was near an upset victory in the bidding war for famed movie studio MGM (MGM ), which owns the world&#39;s biggest film library.
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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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The $8 billion buyout of audio-equipment maker Harman International Industries collapsed yesterday, the first major private-equity deal to unravel since the current credit turmoil began and a sobering sign for other big takeovers in the works.
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Weak market, poor performance of key titles but takeover talks still on
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Financing for leveraged buyouts turned more precarious on Friday as Thomson Learning was forced to retool terms on $5.3 billion of loans and bonds after meeting resistance from investors.
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J&J gets dragged down by restructuring charges.
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The $6.1 billion plan to bring auto-parts supplier Delphi Corp  out of bankruptcy protection may be in jeopardy as bank lenders face trouble syndicating loans to other lenders, the Wall Street Journal said, citing people familiar with the matter.
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The country&#39;s largest video store chain made an offer to buy arch rival Hollywood Entertainment yesterday. It&#39;s a risky effort to stave off competition from online DVD rental services like
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Avaya Inc.  on Monday said it  agreed to be acquired by private equity firms TPG Capital and  Silver Lake for $8.2 billion, the latest in a string of mergers  in the telecommunications-equipment industry.
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Japanese electronics maker Kenwood Corp.  and asset manager Sparx Group  will buy a combined stake of about 30 percent in JVC  in a $291 million deal aimed at getting the loss-making JVC off Matsushita Electric Industrial's  consolidated accounts.
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Malcolm Glazer&#39;s attempt to buy Manchester United was in chaos last night as JP Morgan, his main financial backer and City adviser, dropped him as a client.
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Avaya Inc.  on Monday said it agreed to be acquired by private equity firms TPG Capital and Silver Lake for $8.2 billion, the latest in a string of mergers in the telecommunications-equipment industry.