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Judge won’t fast-track Icahn claim against Dell
WILMINGTON, Del. — A Delaware judge on Friday dealt a blow to activist investor Carl Icahn’s effort to stop CEO and founder Michael Dell’s $24.8 billion buyout offer for the struggling computer maker. He refused to fast-track proceedings on Icahn’s claims that Dell Inc. directors have betrayed their duties to shareholders in trying to win […]
Icahn signs confidentiality agreement with Dell
Billionaire investor Carl Icahn, who is fighting Dell Inc. founder Michael Dell’s plan to take the struggling company private, has entered a confidentiality agreement that would give him access to the computer maker’s financial records. Michael Dell, who is also Dell’s CEO, is planning a $24.4 billion buyout that would make the Round Rock, Texas, […]
FedEx officers, directors accept buyout plan
NEW YORK — FedEx Corp., the world’s second biggest package delivery company, said Wednesday that it will lose more than 10 percent of its U.S.-based executives under a voluntary buyout plan. The Memphis, Tenn., company says its personnel will leave the company in stages through May 2014. Company spokesman Glen Brandow declined to say how […]
Verizon offering buyouts to 1,700 wireline workers
NEW YORK — Phone company Verizon Communications Inc. is offering buyouts to 1,700 workers, mainly call-center employees and technicians, as it continues to shrink its wireline business. The offer applies to less than 1 percent of Verizon’s overall workforce of 191,800 as of the end March, and about 2 percent of its wireline workforce. Verizon […]
Tribune Co. to offer new bankruptcy plan
WILMINGTON, Del. — Tribune Co., whose plan to exit bankruptcy was rejected by a judge late Monday, will file a new proposal by Nov. 22, Chief Restructuring Officer Don Liebentritt said Tuesday in a note to employees. Tribune, owner of The Baltimore Sun, saw its reorganization plan and a competing proposal by a group of […]
Blackboard to be taken private in $1.64B deal
WASHINGTON — Educational software maker Blackboard is being taken private for $1.64 billion in cash by an investor group led by affiliates of Providence Equity Partners. Under the deal’s terms announced Friday, shareholders of Blackboard will receive $45 for each share of Blackboard they own. The price represents a 21 percent premium over the stock’s […]
Private equity firms to take over BJ’s Wholesale
NEW YORK — BJ’s Wholesale Club is being acquired by two private equity investors for roughly $2.8 billion in a widely expected deal. The nation’s third-largest wholesale club said Wednesday that Leonard Green & Partners and CVC Capital Partners will pay $51.25 per share in cash for BJ’s common stock. That’s a 6.6 percent premium over […]
Hertz boosts buyout offer for Dollar Thrifty
NEW YORK — Hertz is raising the stakes in its pursuit of Dollar Thrifty Automotive Group Inc. in hopes of besting rival Avis’ efforts to acquire the Oklahoma-based car rental agency. The two vehicle rental heavyweights have been in a virtual tug-of-war over Dollar Thrifty for a little more than a year, with both looking […]
Attorneys argue merits of Tribune reorganization plans
WILMINGTON, Del.— Attorneys for Tribune Co. and a rival group of creditors argued the merits of their competing reorganization plans for the media conglomerate Monday before a Delaware bankruptcy judge who must decide whether either one passes muster. Judge Kevin Carey heard opening arguments in a scheduled two-week hearing that could determine the fate of […]
Tribune creditors seek buyout info
WILMINGTON, Del. — Attorneys for creditors who oppose the Tribune Co.’s proposed reorganization plan are seeking more information related to the 2007 leveraged buyout that left the media conglomerate saddled with debt. A Delaware bankruptcy judge convened a hearing Monday to hear arguments on several issues, including the creditors’ attempt to force supporters of Tribune’s [&he[...]
Week in review: December 10, 2010
2 city fires cause damage, closings A five-alarm fire damaged several buildings Monday on The Block, Baltimore’s adult-entertainment district. The next morning, about a mile away, another fire destroyed businesses, including Donna’s café, in Mount Vernon. Some businesses were total losses, while others suffered only smoke and water damage and expect to reopen. Late in the […]
Gov. O’Malley offers $15K buyouts to state employees
ANNAPOLIS — Maryland’s governor is offering buyouts to executive branch employees in a bid to cut the size of state government. The executive order signed Tuesday by Gov. Martin O’Malley offers $15,000 plus $200 for each year of service and three months of medical, prescription and dental benefits to select employees. Those accepted can’t rejoin […]
