News Breaks |
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| January 25, 2013 |
| 06:11 EDT |  | BCS, DELL, RY, BAC, CS, JPM | Dell deal avoids "staple financing" after court criticism, WSJ reports
The deal for Dell (DELL) is different, reports the Wall Street Journal. With takeovers, banks usually try to get as many pieces of the action as they can, from offering advice to lending money. Not here. J.P. Morgan Chase (JPM) didn't pursue an important chunk of business in the potential buyout of Dell. While it's advising Dell directors on a transaction involving a purchase for $22B or more by the company's founder, Michael Dell, Microsoft (MSFT) and private-equity firm Silver Lake Partners, it isn't among the banks arranging some $15B in financing for the deal. That's because people at the bank and at Dell wanted to avoid conflict allegations, sources say. The bank and its client also were influenced by a 2011 ruling by the nation's pre-eminent business court that cast a spotlight on problems that can arise when a bank advising a seller also helps provide financing for buyers. The controversial practice is known as "staple financing" because the financing terms are stapled to the advising bank's sales pitch. The banks currently involved are Bank of America (BAC), Barclays (BCS), Credit Suisse Group (CS) and Royal Bank of Canada (RY), the Journal says. |
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News For DELL;JPM;BAC;BCS;CS;RY From The Last 14 Days Check below for free stories on DELL;JPM;BAC;BCS;CS;RY the last two weeks. |
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| June 18, 2013 |
| 17:16 EDT |  | DELL | Dell special committee responds to Carl Icahn's latest proposal
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| 16:20 EDT | | DELL | Southeastern says Icahn in best position to lead alternative Dell transaction
In a regulatory filing Southeastern Asset Management stated: "Southeastern Asset Management continues to believe that the Michael Dell / Silver Lake management buyout proposal undervalues the company and its prospects going forward. Southeastern and Icahn Associates have been working diligently to provide a better alternative for shareholders.Southeastern has determined that Icahn is in the best position to lead the development of an alternative transaction and to generate a better outcome for shareholders. Southeastern has therefore agreed to sell approximately 72,010,328 shares to Icahn, making Icahn the largest outside shareholder of Dell. Southeastern intends to vote its approximately 72,010,328 remaining shares of Dell stock against the $13.65 Michael Dell / Silver Lake management buyout proposal. Furthermore, Southeastern intends to vote its shares at Dell’s Annual Meeting in favor of the slate of highly qualified director candidates it and Icahn submitted to the Company. Icahn has Southeastern’s full support as it leads the proxy fight in the interest of all shareholders against the undervalued management buyout proposal. Southeastern will continue to participate in the proxy contest with Icahn to defeat the Michael Dell / Silver Lake management buyout proposal." |
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| 16:06 EDT | | DELL | Icahn reports 8.68% stake in Dell
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| 12:49 EDT | | DELL | Icahn proposes Dell engage in $14 per share tender offer
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| 12:32 EDT | | DELL | Icahn says bought 72M Dell shares from Southeastern
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| 12:28 EDT | | DELL | Icahn proposes Dell commence tender offer for 1.1B shares at $14
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| 12:27 EDT | | DELL | Icahn issues letter to Dell holders, proposes $14/share tender offer
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| 09:30 EDT | | DELL | Dell tells holders $13.65/share offer 'superior to any alternative'
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| 07:42 EDT |  | DELL | O'Reilly Media to hold a conference
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| 07:29 EDT | | CS, BAC | Securities Industry and Financial Markets Association to host a conference
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| June 17, 2013 |
| 10:22 EDT | | BAC | Bank of America reports May card write-offs 4.03% vs. 4.55% last month
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| 09:36 EDT | | JPM | JPMorgan reports May net credit losses 3.34% vs. 3.49% last month
Reports May delinquency rate 1.60% vs. 1.70% last month. |
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| 08:09 EDT | | JPM | JPMorgan confirms launch of asset tracking service
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| 07:50 EDT | | JPM | Move to relaunch synthetic CDOs falls apart, FT reports
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| 07:42 EDT | | JPM | JPMorgan to begin asset tracking service, FT reports
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| 07:13 EDT | | JPM, BAC | Bank profits seen hurt by rising rates with no growth, Bloomberg reports
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| 06:14 EDT | | BAC, JPM | On the Fly: Periodicals Wrap-Up
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| June 14, 2013 |
| 13:39 EDT | | DELL | Carl Icahn may drop bid for Dell, CNBC says
CNBC's David Faber, citing sources, says that Carl Icahn is increasingly likely to drop his bid for Dell. |
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| 09:05 EDT | | JPM | JPMorgan says One Equity Partners to raise future funds independently
JPMorgan Chase announced that the partners of One Equity Partners, the firm’s private equity unit, will begin to raise their next fund from an external group of limited partners and become independent from JPMorgan Chase. One Equity Partners currently manages approximately $4.5B of investments for JPMorgan Chase in direct private equity transactions and has produced strong returns over the last twelve years. OEP will continue to make direct investments for JPMorgan Chase for an interim period. OEP will still manage the existing group of portfolio companies for JPMorgan Chase to maximize value for the firm. |
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| 09:05 EDT | | JPM | JPMorgan says One Equity Partners to become independent
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