A recent study by Pitchbook and Grant Thornton has discovered that Private Equity groups are holding on to their investments for longer, 4.8 years is the median "hold" time as discussed in "Private Equity Exits Report: 2012 Annual Edition".
September 23, 2011
Venture capital performance continued an upward trajectory as of the first quarter of 2011, the improvements were seen across all time horizons, with the exception of the 15-year numbers, and were driven by the strong one-year venture capital return of 18.5 percent.
June 27, 2011
Finally, consequences. Those giant banks that are too big to fail will now be required to either pay a higher cost of capital, or break themselves up to avoid new capital requirements.
May 20, 2011
I received this brief summary from Elizabeth Burnett and Jehanne Bjornebye at Mintz Levin and found it interesting. Several questions about the rights of shareholders and their conflicting rights as fiduciaries are addressed in the recent Superior Court decision Merriam v. Demoulas Super Markets, Inc. It's instructive.
May 10, 2011
Over a six-month period, Mr. Andreessen tapped his formidable network of Silicon Valley connections to snag stakes in Facebook Inc., micro-blogging service Twitter Inc. and deals-site Groupon Inc. Other investments include social-game developer Zynga Inc. and Internet-telephone company Skype SA. In the process, he helped to ignite Silicon Valley's latest Web boom and the burgeoning market for private-company shares.
May 2, 2011
Mergers and acquisitions, or M&A activity, so far in 2011 has been a driving force in the stock market's positive performance. In fact, global M&A activity in the first quarter topped $799.8 billion, the most since 2007's pre-crash frenzy, according to a recent report in Forbes magazine. Article by By Larry D. Spears, Contributing Writer, Money Morning
April 26, 2011
I received this e-mail from Steven Goldberg, an M&A attorney at the law firm of Baker & Hostetler LLP. Steve argues that a management led buyout (MBO) can be good for company shareholders if the company engages in a fair auction. A fair auction can occur through various means. I found it both timely and thought provoking, and wanted to pass it along.
April 13, 2011
In March, U.S. companies raised more money through stock offerings than any month since March 2000. And it's not just tech companies these days. Bond offerings are also occurring at a record pace thanks to low interest rates.
April 13, 2011
From WSJ: "The stock market's strong gains since its 2009 meltdown low have buoyed investor demand for stocks, helping global common-stock underwriting surge 16% to $174.4 billion in the first quarter, Dealogic said. Investors who had previously sought more-stable bond funds have grown "steadily more confident" about stock mutual funds this year, said Alastair Borthwick, co-head of global capital markets at Bank of America Corp.'s Bank of America Merrill Lynch. "
April 5, 2011
Banks have again started to provide large bridge financings for deals, and in some case keep all of the lending business for themselves rather than spread the risk over a syndicate, an indication of just how competitive the world of corporate and commercial lending is becoming. Take for example the JPMorganChase $20 billion unsecured bridge loan to fund AT&T's $39 billion purchase of T-Mobile USA from Deutsche Telekom.
February 21, 2012
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