Blackstone Group Agrees to Buy Alliance Data Systems
Alliance Data Systems (http://www.businessweek.com/ticker/) agrees to be acquired by Blackstone Group for $81.75 per share cash, or total of $7.8 billion, including the assumption of certain debt.
24/7 Real Media (http://www.businessweek.com/ticker/) agrees to be acquired by WPP Group (http://www.businessweek.com/ticker/) for $11.75 cash per share, for a total transaction value of about $649 million net of cash acquired. The deal is expected to be completed by end of the third quarter.
Liberty Media (http://www.businessweek.com/ticker/) acquires the Atlanta Braves baseball club from Time Warner (http://www.businessweek.com/ticker/). Liberty Media exchanges 68.5 million Time Warner shares with Time Warner for a newly created unit of Time Warner which holds the Atlanta Braves baseball club, Time Inc.’s Leisure Arts, and $960 million of cash. The deal essentially completes Time Warner’s $20 billion stock buyback.
Acxiom (http://www.businessweek.com/ticker/) agreed to be acquired by Silver Lake and ValueAct Capital for $27.10 per share in cash, in a deal valued at about $3 billion including the assumption of $756 million in debt. Separately, Acxiom posted 8 cents in fourth-quarter EPS on a 3.8% revenue rise.
Nexstart Broadcasting (http://www.businessweek.com/ticker/) hires Goldman, Sachs & Co. to assist in reviewing alternatives including but not limited to a sale of the company.
Hewlett-Packard (http://www.businessweek.com/ticker/) shares were higher after the company posts 70 cents, vs. 69 cents a year ago, second-quarter non-GAAP EPS on a 13% revenue rise. It sees third-quarter non-GAAP EPS of 64-65 cents on revenue of $23.7-$23.9 billion, and fiscal year 2007 EPS of $2.75-$2.77 on revenue of $100.5-$100.9 billion. S&P keeps hold.
J.C. Penney (http://www.businessweek.com/ticker/) posted first-quarter earnings per share from continuing operations of $1.04, vs. 90 cents a year ago, on 2.2% higher comp-store sales and 3.1% higher total sales. The retailer sees about 77 cents second-quarter EPS on a low- to mid-single digit rise in comparable department-store sales.
BEA Systems (http://www.businessweek.com/ticker/) says first-quarter revenue rose 7% to $345.8 million; license fees fell 13%, services revenue up 21%. It sets $500 million stock buyback. It says a review of past comp awards will hurt some historical results. Goldman ups estimate, and S&P keeps buy on the stock.
Sun Microsystems (http://www.businessweek.com/ticker/) set a $3 billion stock buyback.
Dusa Pharmaceuticals (http://www.businessweek.com/ticker/) receives orphan drug designation from FDA for its Levulan Photodynamic Therapy for treatment of esophageal dysplasis.
Scottish Re Group (http://www.businessweek.com/ticker/) says CFO Dean E. Miller will be leaving the company effective May 18, 2007. The company intends to announce a successor to Miller shortly.
Micron Technology (http://www.businessweek.com/ticker/) plans to offer $1.1 billion principal amount of unsecured convertible notes; plans to enter into capped call transactions with one or more counterparties, which expected to reduce potential dilution upon conversion of notes.
Safeway (http://www.businessweek.com/ticker/) raises its quarterly dividend by 20% to $0.069 from $0.0575.
