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China’s Didi Chuxing raises $7 billion in new funding: source

The round values ​​the company more than $ 25000000000, the Wall Street Journal reported earlier on Wednesday, referring to people familiar wi...

 

China's Didi Chuxing raises  billion in new funding: source

The round values ​​the company more than $ 25000000000, the Wall Street Journal reported earlier on Wednesday, referring to people familiar with the matter. (Http://on.wsj.com/28Ed9Sz)

Furthermore, Didi guarantee a $ 2.5 billion debt package from China Merchants Bank Co., the Journal said.

Didi signed a $ 4500000000 $ 1000000000 fundraising rounds that Apple Inc. and included $ 600 million from China Life Insurance Co Ltd <601628.SS>.

Didi and China Merchants Bank was not immediately available for comment.

(Reporting by Anya George Tharakan Bengaluru and Liana B. Baker in San Francisco, Editing by Shounak Dasgupta)

Dell’s board evaluates rival bids: source

 

Dell's board evaluates rival bids: source

A special committee of the board Dell Inc. is the evaluation of proposals for separate purchase Blackstone Group and billionaire investor Carl Icahn to decide whether one or both are likely to prevail on an existing 24, $ 4 billion to private contract take, a source close to the talks said Sunday.

Blackstone and Icahn put in preliminary bids late last week, making the founder of PC maker 3, Michael Dell, and private equity firms Silver Lake thwart Dell to take private.

Icahn has offered $ 15 a share for 58 percent of Dell, while Blackstone offered to more than $ 14.25 per share be distributed, according to the same source. Silverlake Group has agreed to purchase the entire Dell for $ 13.65 per share.

problem to the special committee would be how the three proposals compare. Both Blackstone and Icahn consider proposals for a portion of the stock will remain listed Dell, questions about what would be reviewed increases.

Dell

can an announcement as early as Monday or any of the competing offers were reasonably likely to lead to a better proposal to make, the source said. But the source cautioned that the Special Committee of the Board of Directors may also decide to take more time to make a decision.

Blackstone and Silver Lake declined to comment. Dell and Icahn could not immediately be reached for comment.

provides unexpected rivals Dell throws the future of the PC-maker in question. A “go-shop” period – during which the target company actively seeking competing offers – in a case of this magnitude rarely leads to competitive offers Submissions could now selling Dell in a race to transform with three horses. which could drag on for months.

It may also be the future of Michael Dell, founder of the technology giant at the age of 19 with only $ 1,000 threaten. According to the plan Silverlake, the plan is about 16 percent share of the equity contract from Dell, as well as cash offer from his investment firm MSD Capital, and CEO of the company to continue. Silver Lake puts up $ 1.4 billion in the case.

Silverlake group did not plan to raise its offer or to adapt to special commission comes with Dell a decision on the proposals rivals, two sources familiar with the situation said Sunday. they said that for now, the company purchasing and Michael Dell plans to continue with their current contract.

But the current plan to take the company private has been criticized by a number of large shareholders such as Dell Southeastern Asset Management and T. Rowe Price.

The shareholders said the offer undervalues ​​the society and promised to vote against the deal, which a majority of the shareholders, except the founder passed.

Brian Marshall, an analyst at ISI Group, said in a report Sunday he did not expect the group Silverlake its offer significantly above competitive offers to increase, “given the challenges facing the PC industry and the processing time.”

Dell

stock closed at $ 14.14 Friday.

OFFERS

RIVAL

The proposal Icahn will shareholder the option of Dell choose cash or stock, but there would be a cap on the amount of money they could get, according to the same source.

In other words, if all the shareholders chose Dell cash, they can sell 58 percent of their stock, while retaining the other 42 percent will remain listed.

Icahn is advised by investment bank Jefferies Group Inc. He plans to increase its bid to finance own money, money from Dell and the new debt, the source said.

activist investor, who took an interest in Dell Dell earlier this month asked to pay $ 15.7 billion in special dividends., Is more demanding, according to the same source.

Jefferies declined to comment.

Blackstone, which recently hired former vice president Dell’s business strategy David Johnson, offered to more than $ 14.25 per share for Dell, according to the same source.

New York-based alternative investment no specified end of the offer, but has two other participating partners -. Francisco Partners and Insight Venture Partners

Insight Francisco and could not immediately be reached for comment

<. p> According to the proposal from Blackstone, Dell also a certain amount of shares traded, the source said. But, contrary to the suggestion of Mr. Icahn, Blackstone acquisition of a shareholder who wishes to give Dell proposed.

Instead, Blackstone proposes to cap the amount of shares that would be outstanding in the heel of listed shares, the source said, adding that the private equity firm did not indicate what the cap is.

Blackstone was advised by Morgan Stanley, which also gave a letter certainly of funding, according to the same source.

Morgan Stanley declined to comment.

There were also discussions about the Blackstone Group Dell financial services to sell, but is not part of the current proposal, the source said.

STEPS Next

But concerns from the fourth quarter of 2012, the share of the global PC market, Dell to just above 10 percent slipped from 12.5 percent a year earlier as deliveries fell 20 percent, according to IDC house.

Michael Dell returned to the company as CEO in 2007 after a short break, but was unable to restore to work so far. emphasis on the Dell computer company in recent years has paid off, critical note.

successfully compete with the incumbents, including IBM and Hewlett-Packard will not be easy, no matter what the structure of the company.

A source said earlier that Dell has lowered its forecast for fiscal 2013 internal operating profit of 3 billion -. sharply from $ 3.7 billion had earlier predicted The source added that more details will be revealed in a filing agent that is expected by the end of this week

Meanwhile, the Special Committee of the Board of Directors decides whether – or both – competing offers for Dell may reasonably result in higher offers, Blackstone and Icahn will have to submit binding offer for Dell. negotiations will probably take weeks, according to the same source.

At that time, the Special Committee will again have to decide whether the company offers from Icahn and Blackstone among other functions, such as the funding committed, were above the Silverlake Michael Dell once.

If they are higher, Silver Lake and Michael Dell will get a shot at their first offer to revise. Unlike most other go-shop process, where the original bidders multiple opportunities to compete come to agree, Dell has given the founder and Silver Lake have the right to do that only once.

Silver Lake’s bid for Dell started at $11.22 per share: source

 

Silver Lake's bid for Dell started at .22 per share: source
Private equity firm Silver Lake Partners offers

as little as $ 11.22 per share for Dell Inc. in mid-2012, when the first discussion of a takeover by the founder and CEO Michael Dell, according to a person familiar with the situation.

Since then, 5 February this year, Silver Lake and Michael Dell has its offer to the world No. 3 maker of personal computers private 13.65 per share to take. At $ 24.4 billion, is the largest private equity-led takeover since the financial crisis of 2008.

When the bid was announced, the price represents a premium of 25 percent on the share price before news of the offer, but Dell’s share price closed at 14, $ 31 Friday.

The computer maker has said repeatedly that the offer comes after a thorough evaluation and negotiations, and is considered fair to the shareholders and this vision will probably be re-emphasized in a proxy filing with the SEC come.

But some analysts say that Michael Dell and Silver Lake can possibly increase its offer to try to satisfy investors within Dell and the South East who complain that society underestimates.

Michael Dell tries the transfer of the undertaking to complete a manufacturer of low-margin PC to a service provider to be. The makeover has become more urgent than the PC market shrinks. Analysts say that this can best be achieved if the company is private, away from the pressures of shareholders and public scrutiny taken.

Discussions

BID BACK TO MIDDLE 2012

CNBC reported for the first opening of the offer and, depending on the television business, private equity house KKR & Co. LP discussed an offer for Dell $ 12 to $ 13 per share decreased, but the offer in December last year.

Several large shareholders have their opposition to the application, including Southeastern Asset Management and T. Rowe Price.

A second person familiar with the situation told Reuters that South East, Dell independent main shareholder, had the possibility of a leveraged buy Michael Dell was increased in 2012, where he was interested in contributing to equity in relation to a Dell case.

But two sources familiar with the thinking of the South-East Reuters the company had not touched a sort of agreement to private equity led during the interviews with Michael Dell to acquire last summer.

These sources indicated Southeast proposed transaction similar to that described in a Feb. 8 letter to the council, when he called a “tender to the Dutch ‘or public offer to all shareholders, the two sources.

Southeast objection to the current bid, like that of many other investors is that the salvation so seriously underestimated the society.

All sources asked not to be named because the matter is not public. Dell has not responded to requests for comment and Southeast declined to comment.

clearer picture of the negotiations leading to the agreement is expected in the last week of March arise in a proxy filing society.

Exclusive: Southeastern joined by other Dell investors – source

 

Exclusive: Southeastern joined by other Dell investors - source

At least three of Dell Inc. Top 20 shareholders support decision Southeastern Asset Management to vote against the acquisition of $ 24.4 billion manufacturer of PC # 3, led by CEO Michael Dell, a person close the file.

Among the incumbents who support Southeast Harris Associates LP, Yacktman Asset Management LP and Pzena Investment Management LLC, representing approximately 3.3 percent keep in Dell, the person said.

Yacktman Harris were not immediately available for comment. President Richard Pzena Pzena says many Dell must be in the range of $ 20 per share or the company should other options.