M & A Law Prof Blog

Editor: Brian JM Quinn
Boston College Law School

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Monday, September 24, 2007

First Data Closes

The press release can be accessed here.  While some will find this an encouraging sign for the bigger private equity deals still to clear, remember that Wall Street is getting filled up these days with side-tracked, troubled and collapsed M&A deals, including:

  • Harman/GS-KKR (collapsed);
  • Genesco/Finish Line (in litigation; claimed MAC);
  • Reddy Ice/GCO (substantial financing problems);
  • PHH Corp/GE-KKR (substantial financing problems);
  • MGIC/Radian (terminated);
  • Sallie Mae/Flowers et al (claimed MAC); 
  • Acxiom/ValueAct Capital Partners & Silver Lake Partners (troubled);
  • The Tribune Co./Zell (troubled);
  • Penn National Gaming/Fortress (troubled);
  • United Rental/Cerebus (troubled);
  • Myers/GSCP (troubled);
  • Guitar Center/Bain Capital (troubled);
  • Manor Care/Carlyle (troubled);
  • ABN Amro/Barclays or RBS (troubled);

And this list doesn't include the Home Depot supply business and Accredited Home Lenders acquisitions both of which have been renegotiated.  Obviously, some of these deals are less troubled than others, and I believe most are still likely to close, but still, this is a long list.  It is going to be a busy Fall (and Winter as these deals get pushed back) despite First Data's successful conclusion.

Addendum:  I define a deal as troubled for these purposes if it material information has been disclosed to the market that indicates this or otherwise it is trading at an abnormal discount to its deal premium. 

http://lawprofessors.typepad.com/mergers/2007/09/first-data-clos.html

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