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Stock Market & Financial Investment News

News Breaks
January 31, 2013
13:06 EDTCG, DUFClearBridge urges Duff & Phelps to pursue higher offer during 'go shop' period
In an open letter to Duff & Phelps, long-term shareholder ClearBridge Investments urged the company's board and its advisors to "exhaustively pursue all alternatives, including a higher offer price, during the "go shop" period" of its deal to be acquired by a consortium comprising controlled affiliates of or funds managed by The Carlyle Group (CG), Stone Point Capital LLC, Pictet & Cie and Edmond de Rothschild Group.
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March 30, 2015
08:17 EDTCGHCP, HCR ManorCare amend, extend master lease
HCP (HCP) and HCR ManorCare (CG) have agreed to amend their Master Lease encompassing a portfolio of 333 post-acute, skilled nursing and assisted living facilities owned by HCP. Commencing April 1, HCP will provide an annual net rent reduction of $68M, which equates to initial lease year rent of $473M, compared to $541M that would have commenced April 1, prior to the amendment. The contractual rent will increase by 3.0% annually during the initial term. In exchange, HCP will receive the following consideration: Fee ownership in nine new post-acute facilities valued at $275M with a median age of four years, currently owned and operated by HCRMC; A second lease receivable with an initial amount of $250M, payable by HCRMC upon the earlier of: (i) end of the initial term of the first renewal pool under the Amended Master Lease, or (ii) certain capital or liquidity events of HCRMC, including an IPO or sale. HCP and HCRMC continue to advance their efforts on the previously disclosed marketing of up to 50 non-strategic facilities. The asset sales are expected to be completed in late 2015 to early 2016, and generate net proceeds between $250M-$350M. Based on the previously announced 7.75% yield on sale proceeds to HCP, this will result in an annual rent reduction under the Amended Master Lease between $19M-$27M after completion.
March 24, 2015
07:27 EDTCGTelsey Advisory to hold a conference
2015 Consumer Conference is being held in New York on March 24-25.
March 23, 2015
10:09 EDTCGCarlyle doesn't see strong dollar discouraging long-term investors, Reuters says
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06:57 EDTCGSilver Lake weighs GBP2B bid for Tesco's Dunnhumby, Sunday Times reports
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