Home » Search results for: “private equity”

Private Equity Destroyed My Job

Comments Off on Private Equity Destroyed My Job

By Shirley Smith | September 15, 2021 — Not long ago, I was a saleswoman and manager at Art Van Furniture, a furniture retailer that was an institution in metro Detroit for over half a century. It was more than a job. My coworkers were my family, and we were all proud to work for […]

Continue reading …

Private Equity – Rein It In Before It Destroys More Jobs

Comments Off on Private Equity – Rein It In Before It Destroys More Jobs
Private Equity – Rein It In Before It Destroys More Jobs

The Hufcor plant in Janesville, Wisconsin was profitable before investors gobbled it up. Now it’s the latest highway robbery by private equity. By Elisa McCartin | July 21, 2021 This spring, 166 workers in Janesville, Wisconsin awoke to a nightmare. OpenGate Capital, the private equity firm that owns their employer, Hufcor, announced it was moving […]

Continue reading …

New Zealand – Trade Me CEO holds off leaving company as private equity bids for firm

Comments Off on New Zealand – Trade Me CEO holds off leaving company as private equity bids for firm

Trade Me Group Limited CEO Jon MacDonald will remain with the company beyond the end of the year, according to an announcement on Monday. Trade Me operates online commerce sites including job board Trade Me jobs.

MacDonald announced his plans to step down last June but decided to lead the company on an interim basis after two private equity firms entered bids to acquire the firm.

Apax Partners in November offered NZD 6.40 per share for 100% of the company’s shares. The deal was subject to several conditions, including the completion of due diligence. However, Hellman & Friedman last week offered to pay NZD 6.45 per share for 100% of the company.

“The board has decided that it is in the interest of Trade Me and consistent with its fiduciary obligations to also engage with Hellman & Friedman on the new proposal,” according to the company. “The board notes that there is no certainty either proposal will result in an offer, or any other transaction, for Trade Me.”

Continue reading …

CalPERS looks at changing how it invests in private equity: WSJ

Comments Off on CalPERS looks at changing how it invests in private equity: WSJ

(Reuters) – CalPERS, the largest pension fund in the United States, is considering changes in how it invests in private equity that could slash payments to fund managers, according to a report by the Wall Street Journal.

Continue reading …

Give Gig Economy Workers Equity? The S.E.C. is Considering It

Comments Off on Give Gig Economy Workers Equity? The S.E.C. is Considering It

Contractors like Uber drivers can’t receive stock in private companies. But that could soon change, in a move supported by tech companies.

Continue reading …

Connecticut Has a New Pay Equity Law

Comments Off on Connecticut Has a New Pay Equity Law

Connecticut Governor Dannel P. Malloy signed a bill making Connecticut the sixth state to prohibit private employers from asking applicants about salary history. Here’s what employers should know.

Continue reading …

Connecticut Has a New Pay Equity Law

Comments Off on Connecticut Has a New Pay Equity Law

Connecticut Governor Dannel P. Malloy signed a bill making Connecticut the sixth state to prohibit private employers from asking applicants about salary history. Here’s what employers should know.

Continue reading …

U.S. Senators draft bill to boost employee private stock ownership

Comments Off on U.S. Senators draft bill to boost employee private stock ownership

WASHINGTON (Reuters) – A bipartisan pair of lawmakers on the U.S. Senate Banking Committee are planning to introduce a bill that aims to entice private corporations to give their employees larger equity stakes in their companies and promote longer-term investing.

Continue reading …

WeWork starts $2.9 billion property platform with Canada's CDPQ

Comments Off on WeWork starts $2.9 billion property platform with Canada's CDPQ

The We Company, parent of workspace provider WeWork, said on Wednesday it has created a $2.9 billion real estate investment platform with funding from one of Canada’s largest pension funds, building on ties with private equity firm the Rhone Group.

Continue reading …

New Zealand – Job board operator Trade Me strikes deal to be acquired

Comments Off on New Zealand – Job board operator Trade Me strikes deal to be acquired

Trade Me Group Limited (NZSE: TME) struck a deal to be acquired by London-based private equity firm Apax Partners for NZD 6.45 per share for 100% of the shares. The deal gives Trade Me enterprise value of NZD 2.74 billion (USD 1.88 billion).

Trade Me operates several ecommerce websites including jobs website Trade Me Jobs; it’s based in Wellington, New Zealand. The deal is subject to shareholder and court approval.

Apax’s offer represents a multiple of 16.7x on Trade Me’s underlying fiscal 2018 EBITDA of NZD 164 million (USD 112.8 million).

A shareholder vote on the deal is expected in April, and an independent advisor recommended Trade Me shareholders vote in favor of the scheme.

Apax Partners, a London-based private equity firm, initially offered NZD 6.40 per share, but a second firm, Hellman & Friedman, this month offered NZD 6.45 per share. Apax’s new offer matched Hellman’s.

“The Apax funds have increased their offer price since the indicative proposal, following the completion of their due diligence,” Chairman David Kirk said. “After careful consideration, the board has unanimously concluded that this offer is consistent with our efforts to deliver maximum value for shareholders.”

Kirk continued, “we’re confident Trade Me would have a successful standalone future, but we believe the certainty of the cash offer and material premium would be an attractive outcome and it merits being put to shareholders with our recommendation, in the absence of a superior proposal.”

This week, Trade Me CEO Jon MacDonald announced he would hold off leaving the company amid the bids to acquire the firm.

Continue reading …
Page 1 of 41234