Archive for April 5th, 2008www.tennessean.com | Nashville Business | The Tennessean Business and Financial News - New York Times Business News - Personal Finance News - Tech News - TIME Business News | Financial News - FOXBusiness.com Orlando business news and information. Including news on Disney … IndyStar.com | Business | The Indianapolis Star Atlanta Business News | ajc.com JS Online: Associated Press Business News Business & financial news headlines, latest market updates … Filed under: Earnings reports, Deals, Private equity
But now he’s lowering the bid to $21 (for the 61% of the shares he does not own). That puts the deal at about $1.3 billion (when the debt is included). To evaluate the offer, Landry’s has setup a special committee of independent directors, as well as retained Cowen and Co. (NASDAQ: COWN) as the financial adviser. Landry’s owns an assortment of brands, such as Landry’s Seafood Home, Willie G’s Seafood & Steak House, and The Crab Home. In Q4, the company posted revenues of $280.5 million, which was up from $272 million. However, there was a net loss of $1.9 million. All in all, this should be a good deal for Fertitta. Over the years, he’s demonstrated a good sense for value. And, with the price reduction on the Landry’s deal, this looks enjoy it could be a long-term winner for him. In Friday’s trading, Landry’s stock spiked 17% to $17.91. Tom Taulli is the author of various books, including The Complete M&A Handbook Filed under: Forecasts, Deals, Industry, Recession Journal Register (NYSE: JRC) might be the first massive, listed newspaper company to go into Chapter 11. With falling revenue and high debt, the company, which publishes a number of papers including the New Haven Register, hired Lazard as it faces delisting from the New York Stock Exchange. JRC has been the most likely chain to hit trouble for some time. It bought a number of papers in Michigan four years ago and the deep trouble in the economy there has bedeviled the parent company. According to The New York Times, “If the company were to seek bankruptcy protection, as analysts stated was possible, it would be a first in current memory for a publicly traded newspaper company, John Morton, a longtime newspaper analyst, stated.” The company’s 10-K shows that revenue in 2007 dropped to $463 million from $507 million the year before. Industry analysts believe that ad revenue across all newspapers in the U.S. will drop another 8% this year. Journal Register operating income before write-offs was $63 million in 2007, but interest expense was $41 million, leaving almost no margin for a further drop. The company has $625 million in debt. The newspaper industry is dying more swiftly now and there will be other defaults in the next year or two. Massive chains like McClatchy (NYSE: MNI) face severe debt problems. Its lenders might end up owning the company. Douglas A. McIntyre is an editor at 247wallst.com. |
Powered by WordPress, Mandigo theme by tom.
Entries (RSS)
and Comments (RSS).
The credit crunch seems to be impacting all types of private equity deals — even small ones. Just look at the 
and 
. He also operates 
