Judge Halts Martin Marietta Bid for Vulcan Materials
In granting an injunction, Chancellor Leo E. Strine Jr. of the Delaware Chancery Court found that Martin Marietta had breached confidentiality agreements between the two companies
Westlake Abandons $1.2 Billion Bid for Georgia Gulf
The decision follows acquisition talks with Georgia Gulf’s management that had been aimed at creating one of the largest producers of building materials like olefins and vinyls.
Chris Ratcliffe/Bloomberg News
On the floor of the London Metal Exchange.
Bids for the London Metal Exchange Due Monday
Bidders have until Monday to make an offer, but the member firms that own the exchange could face increases in trading fees if the exchange is sold and may band together to block a proposed deal.
Reuters
The activist investor Daniel Loeb is questioning the credentials of Scott Thompson, above, chief executive of Yahoo.
Loeb Accuses Yahoo Officials of Résumé Padding
In a letter to Yahoo’s board, the activist investor Daniel S. Loeb said that Yahoo’s chief executive and a board member listed college majors different from the ones they earned.
Yana Paskova for The New York Times
The offices of Dewey & LeBoeuf in Manhattan.
Dewey Deal Lawyer Decamps to White & Case
Morton A. Pierce, co-chairman of Dewey & LeBoeuf’s mergers and acquisitions group and a member of the firm’s executive committee, is headed to a rival firm, White & Case, according to two people with knowledge of his decision.
Caetano Barreira/Reuters
A natural gas station owned by Comgás in Cubatão, Brazil.
BG Group to Sell Stake in Brazilian Pipeline Operator for $1.8 Billion
The BG Group of Britain has agreed to sell its 60 percent stake in the Brazilian gas distribution company Comgás for $1.8 billion, as it focuses on energy exploration projects.
Jason Alden/Bloomberg News
Weetabix cereal at a supermarket in Slough, England.
China’s Bright Food Buys 60% of Weetabix
The transaction values the British cereal maker at $1.9 billion and marks the biggest overseas foray yet for Bright Food, after several unsuccessful attempts at foreign acquisitions.
Novartis to Buy Fougera Pharmaceuticals for $1.5 Billion
Novartis International agreed to buy Fougera Pharmaceuticals, a maker of generic skin care medicine, in a move that would make it the biggest manufacturer in the field.
Business Wire
The Gores Group may try to walk away from the $1 billion leveraged buyout of Pep Boys.
Walking Away From Merger Deals
Pep Boys may have few options after the private equity firm Gores Group suggested it might terminate a merger agreement.
Owner of Lane Bryant Is Sold |
Dan Loh/Associated PressA Lane Bryant store in Cherry Hill, N.J., in 2001.The owner of the Lane Bryant line of women’s clothing announced a deal on Wednesday to sell itself to a rival, the Ascena Retail Group, for about $890 million.
Ascena agreed to pay $7.35 a share for Charming Shoppes, which owns Lane Bryant, a retailer of plus-size women’s clothing. The figure is nearly 25 percent above the closing price of Charming Shoppes shares on Tuesday.
The crucial component of the deal was likely the Lane Bryant line, a standout performer for Charming Shoppes. Last year, the company indicated it was exploring a sale and was looking to shed Fashion Bug, its worst-performing division.
Ultimately, the boards of Charming Shoppes and Ascena unanimously approved the takeover deal, which could close in the second quarter.
Upon completion of the deal, Charming Shoppes will become a subsidiary of Ascena, which is based in Suffern, N.Y. Ascena runs about 2,500 stores and has a market value of about $2.9 billion. It was formerly named Dress Barn, after one of its most popular clothing lines.
“Charming Shoppes is a superb strategic fit for Ascena,” David R. Jaffe, Ascena’s president and chief executive, said in a statement.
Barclays, Drinker Biddle & Reath and Schulte Roth & Zabel advised Charming Shoppes on the deal. Bank of America and Proskauer Rose advised Ascena.
Dan Loh/Associated Press
A Lane Bryant store in Cherry Hill, N.J., in 2001.
Owner of Lane Bryant Sold to Rival for $890 Million
Charming Shoppes, the owner of the Lane Bryant line of women’s clothing stores, agreed to sell itself to a rival, the Ascena Retail Group, for about $890 million.
Jerome Favre/Bloomberg News
Peter Clarke, chief of Man Group, faced attacks at a shareholder meeting.
Struggling Hedge Fund Under a Cloud
As the hedge fund industry continues to grow and expand, the Man Group, the world’s largest publicly traded hedge fund, has suffered a crumbling stock price and poor market performance.
Jonathan Alcorn/Bloomberg News
Leon Black, chairman and chief executive of Apollo Management.
Buyout Kings Size Up Their Sector, the Elections and Europe
The private equity titans discuss the lack of big buyouts and the perception of the industry in the United States and abroad. And one predicts boom years for the sector if Mitt Romney is elected.
PRNewsFoto/Payless ShoeSource
Payless ShoeSource, the discount retailer owned by Collective Brands, will have a new home.
Investor Group Carves Up Collective Brands
Wolverine Worldwide, an apparel maker, and two private equity firms have agreed to acquire Collective Brands, the footwear company behind Keds and Payless ShoeSource, in a deal valued at $2 billion including debt.
Richard Drew/Associated Press
Pep Boys' mascots celebrated the company's 90th anniversary at the New York Stock Exchange in 2011.
Fight Brewing at Pep Boys as Gores Calls L.B.O. Into Question
Pep Boys disclosed in a regulatory filing that its would-be buyer, the Gores Group, was potentially seeking to walk away from the $1 billion leveraged buyout of the auto parts and repair company.
Interactive Timeline: AT&T’s Merger With T-Mobile
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