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Bank of America Corp (NYSE:BAC): Marks & Spencer Group (MAKSY) is being viewed as a possible GBP6B bid target following a 50 percent dip in its shares since 2007, according to the Telegraph. Bankers including Bank of America Merrill Lynch recently assessed the possibility of offering debt finance for a speculative bid, and at least one private equity firm is thinking about a public-to-private takeover of M&S.
Don’t Miss: Financial Cartoon of the Week: Bad Economy.
Best Buy Co., Inc. (NYSE:BBY) Founder and former Chairman Richard Schulze submitted a written proposal to the Best Buy Board of Directors for the acquisition of all of the company’s outstanding shares that he does not already own for a price of $24.00 to $26.00 per share in cash. The purchase price, based on current public information and subject to due diligence, reflects a premium of 36 percent to 47 percent to Best Buy’s closing stock price of $17.64 on August 3, 2012. Schulze is Best Buy’s largest shareholder, already controlling 20.1 percent of Best Buy shares. He has formulated a business plan addressing the numerous challenges Best Buy faces and has held discussions with leading private equity firms interested in participating in the acquisition. Based on these discussions, Schulze intends to finance the proposed acquisition via a combination of investments from the private equity firms, reinvestment of approximately $1 billion of his own equity, and debt financing. Credit Suisse, Schulze’s financial advisor, informed him that it is highly confident it can arrange the necessary debt financing. Schulze has also held discussions with several highly regarded former Best Buy executives, including former CEO Brad Anderson and former President and COO Allen Lenzmeier, who are interested in rejoining the company.
American International Group, Inc. (NYSE:AIG), the insurer bailed out by the Treasury Department, more than doubled its risk in relation to the U.K. government while it scaled back in Germany and France, according to Bloomberg. Also, Vietnam intends to ease rules concerning equity trading as well as accelerate IPOs of state-owned companies this year as a way to attract investors to a market that is valued nearly 15 times less than Singapore’s, Bloomberg reports.
Sirius XM Radio Inc (NASDAQ:SIRI): Option bulls have been bombarded Sirius XM Radio Inc (NASDAQ:SIRI – 2.18), as evidenced by the newest data from the major exchanges. Specifically, on the International Securities Exchange (ISE), Chicago Board Options Exchange (NASDAQ:CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open over 68 calls for every put during the last couple of weeks. In fact, the stock’s 10-day call/put volume ratio of 68.39 stands only one percentage point below a 52-week peak, which suggests that options players are initiating bullish bets over bearish at a near annual-high clip.
Citigroup Inc. (NYSE:C) revealed late Friday that on June 11, the New York Attorney General served a subpoena on a Citigroup affiliate seeking documents and information regarding MAT Finance Fund, ASTA Finance Fund, and Falcon Strategies. On August 1, the Massachusetts Attorney General served a Civil Investigative Demand on a Citigroup affiliate seeking similar documents and information. Citigroup stated that it is cooperating completely with these inquiries. The bank also claimed in a regulatory filing that in relation with the investigations and inquiries concerning submissions made by panel banks to bodies that publish various interbank offered rates, certain Citigroup subsidiaries have received additional requests for information and documents from numerous U.S. and non-U.S. governmental agencies, including the offices of the New York and Connecticut Attorneys General.
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