tip off

Private equity floats are duds — their own research proves it

By cherry-picking data, the private equity sector has come up with a report showing how well private equity floats do. Business director and commentator John Addis looks a little deeper.

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Backed into a corner, Billabong shareholders given only one choice

Billabong shareholders were backed into a corner yesterday with the latest takeover bid. But they’ll get out of it better than they might have thanks to the debt-for-equity sale.

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Private equity cashes in, but will media diversity result?

As media companies change hands for low valuations, private equity see profits. Catalyst is the latest to swoop, but will the injection of private equity cash deliver more media diversity?

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Anatomy of a farce: rights and the wrongs of a DJ dalliance

The withdrawal of a $1.65 billion takeover bid for national retailer, David Jones, has bought to a close one of the most bizarre chapters in the company’s 174-year history.

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Take a raincheck on that private equity move into retail

Private equity has performed poorly in old retail. There’s no reason why it will do any better as the sector faces major change.

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New York Times | COMPANIES|

Too much money on Wall Street

Private equity firms on Wall Street have a current piggy bank of around US$500 billion and nowhere for it to go. But they need to make some deals, because if they don’t invest the money quickly, they’ll have to return it to their clients.

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Private equity funds and the pillage of Australia

The big winner in the recent Myer float was the private equity firm that managed to float $452 million of tax money offshore, writes John Passant.

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ATO-TPG fight may force legislators to act curb tax favours

The emerging stoush between the Australian Tax Office and the former private equity owners of Myer should warm the cockles of the hearts of every long-suffering Australian taxpayer.

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The Sydney Morning Herald | COMPANIES|

Myer takes new product to market: itself

For potential investors in Myer’s float tomorrow one question remains: will private equity firm TPG retains shares? They will look for a show of faith to overcome concerns about the chequered history of such deals, says Elizabeth Knight.

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The long, slow death of private equity

The advent of Annex Funds are an admission that the private equity model is broken beyond repair and it’s desperate times for the likes of KKR, Apollo and Cerberus.

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The risky business of private equity floats

The majority of private equity floats of recent years have been disastrous for shareholders, writes Adam Schwab.

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Private equity freezes over

Less than two years ago, private equity was the new black, but the collapse of Australian Discount Retail indicates its reign is all but over, writes Adam Schwab.

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Private equity media buyouts not so crash hot after all?

Here’s a deal that will send a chill down the balance sheets of certain Australian and Canadian media companies which did deals with private equity groups in 2007, writes Glenn Dyer.

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Private equity suffering in the UK to spread downunder

UK retailer Debenhams is suffering, as are the private equiteers who own it. The really bad news is, there Australian companies stepping into the same leaky boat, writes Glenn Dyer.

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Lachlan’s ConsMedia bid flawed from the beginning

It’s not hard to understand why Lachlan Murdoch can’t get $1.2 billion for his $3.3 billion Consolidated Media play. The bid only benefits one person: James Packer, writes Glenn Dyer.

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With Flight Centre, the shareholders beat the barbarians

There is no more conflicted a transaction as when insiders (specifically, senior management) team with financial backers to acquire a company. That is because management are employed by the very people they are purchasing the asset from. Despite best intentions, it is a conflict that seems impossible to reconcile.

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IMF signals the credit squeeze is far from over

Just when you thought it was safe to go back and put in new share orders… comes a report from the IMF that the private equity market is at much at risk of a meltdown as the sub-prime mortgage market, with potentially greater consequences for global investment.

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Morning Market Report

The highlights and lowlights of this morning’s sharemarket activity.

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The sorry saga of Australian Pharmaceutical Industries

One would be hard-pressed to find a better example of how not to run a business than the sorry saga of Australian Pharmaceutical Industries, owner of Priceline, Price Attack and Soul Pattinson.

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Don’t forget distressed debt

Reading much of the commentary by various Australian financial market commentators about the genius of private equity and their seeming insatiable appetite for snapping up Australian companies often reminds me of the story of the fawning courtiers around King Canute who told the King he could even command the sea.

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