Wednesday, April 7, 2010 as of 11:14 AM ET
A leveraged buyout (or LBO, or highly leveraged transaction (HLT), or "bootstrap" transaction) occurs when an investor, typically a financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage (borrowing).
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confirmed its will buy the 26.5% stake in Archstone it doesn't already own for $1.58 billion, ending a high-stakes battle over the control of the apartment giant.The Wall Street Journal late Thursday reported the failed investment bank, which emerged from bankruptcy under a liquidation plan earlier this year, planned to buy the stake from Bank of America Corp. (BAC) and Barclays PLC (BCS), which together partnered with Lehman to buy Archstone in a 2007 leveraged buyout valued at $22 billion.Archstone owns more than 70,000 apartment buildings in the U.S. and Germany. Lehman initially owned a 47% stake in the company and the banks owned the rest.Late last fall, Equity Residential (EQR), chaired by Chicago real-estate investor Sam Zell, made a bid to buy half of the two banks' 53% stake in Archstone for $1.33 billion. But Lehman didn't want to share control of Archstone, setting off a complex battle for the past six months between Lehman and Zell.To block Zel...Polish state-controlled refiner PKN Orlen SA (PKN.WA) restated 2011 net profit Thursday as it increased write-downs on certain assets and said its management again r...
Political analyst Craig Crawford discusses the continued battle ahead of the 2012 presidential election.
Anton Schutz, Mendon Capital Advisors president, breaks down the banks that failed the stress tests and the impact on the market.
Private-equity firm Apollo Global Management (NYSE:APO) cannonballed into the water-park world on Tuesday by launching a $167 million takeover of Great Wolf Resorts ...
Lehman Brothers Holdings Inc. (LEHMQ) says its Archstone apartment company co-owners Barclays PLC (BCS) and Bank of America Corp. (BAC) "conspired" to try to sell th...
El Paso (NYSE:EP) is reportedly nearing a pact to unload its oil-and-gas exploration business for about $7 billion to a consortium led by private-equity firm Apollo ...
ArcelorMittal (MT), a global steel producer, completed a massive $3 billion U.S. debt deal Thursday, according to a term sheet obtained by Dow Jones Newswires.The de...
ArcelorMittal , a global steel producer, plans to issue a three-part debt deal in the U.S. credit markets Thursday, according to a person familiar with the matter.Th...
Marriott International Inc. (MAR) launched terms for its $400 million offering of seven-year notes in the U.S. credit markets Wednesday, according to a person famili...
Marriott International Inc. (MAR) plans to issue $350 million in the U.S. credit markets Wednesday, according to a person familiar with the matter.The bonds are expe...
Apartment company Equity Residential (EQR) struck a deal with Bank of America Corp. (BAC) and Barclays PLC (BCS, BARC.LN) over the weekend to extend its purchase opt...
Travelodge is close to falling into the hands of its creditors as the U.K. budget hotel chain struggles under a mountain of debt taken on by owner Dubai Internationa...
Blackstone (NYSE:BX) has inked a deal to buy the underperforming Motel 6 chain from Accor for $1.9 billion as the French hotel company continues to cut debt and turn...
U.S. business aircraft builder Hawker Beechcraft expects to emerge from its Chapter 11 protection from creditors by year-end and will be a much stronger company than...
Tribune Co. (TRBCQ) has moved to block an appeal that could prolong a stay in bankruptcy that began in 2008 and might not be over until next year.The Chicago broadca...
Lehman Brothers Holdings Inc. (LEHMQ) lashed out at Sam Zell's deal with Bank of America Corp. (BAC) and Barclays PLC (BCS) to extend Zell's option to buy their rema...
P.F. Chang's (NASDAQ:PFCB) landed a $1.1 billion leveraged buyout on Tuesday that values the restaurant chain at a 30% premium and leaves the door open for a more lu...
Burger King Holdings Inc. is putting the "fast" in the fast-food business.Less than 18 months since the struggling hamburger chain was taken private by Brazilian-bac...
DirecTV Group Inc. (DTV) has asked the Federal Communications Commission to intervene in a dispute with Tribune Co. that has blacked out local stations for more than...
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