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Advent, a buyout firm, is reportedly in the process of seeking investors for a new flagship fund that could potentially reach a size similar to its previous $25 billion fund. The firm has been engaging in preliminary discussions with limited partners and is aiming for a fund size in the mid-$20 billion range. While Advent is considering diversifying its investment strategies, it currently remains focused on its traditional model of acquiring controlling stakes in companies. Despite potential challenges in the fundraising environment, Advent's private equity strategy may help it differentiate itself in the market. [Extracted from the article]

Goldman Sachs is assisting NEOTech, an electronics manufacturing company, in seeking private credit to refinance its existing debt of at least $300 million. NEOTech, owned by CEO Sudesh Arora, faced challenges due to decreased demand during the Covid-19 pandemic and required equity cures to meet leverage covenants. More struggling firms are turning to direct lenders for refinancing, as seen with Pure Fishing receiving a $750 million private loan to replace syndicated debt. Banks are increasingly involved in private credit deals to secure potential lenders, especially as more leveraged buyouts are financed with direct loans. [Extracted from the article]

Banks are missing out on approximately €220 million in underwriting fees as Brookfield Asset Management withdraws its bid to take Grifols private. The collapse of the deal, due to valuation disagreements, means that the banks involved will not be appointed and will not receive their expected fees. This setback comes after a period of optimism in Europe's leveraged finance market, with the Grifols deal being the largest debt package of the year. [Extracted from the article]

The $9.2 billion debt package secured by Quikrete Holdings Inc. for the acquisition of Summit Materials Inc. signals a potential return of large leveraged buyouts on Wall Street. Wells Fargo & Co. has agreed to provide the debt commitments, including bridge financing of up to $6.7 billion. The syndicated leveraged finance markets and private credit lenders are hopeful for a resurgence in 2025, with optimism growing following President-Elect Donald Trump's return to the White House. Quikrete, a private family-owned company that manufactures concrete products, aims to expand its market share through the acquisition, valued at approximately $11.5 billion, including debt. [Extracted from the article]

Citigroup Inc and Banco Santander SA are preparing a debt package of up to €4 billion to support the potential sale of Spanish waste-management company Urbaser SA. The financing package will likely include funded debt split between term loans and high-yield bonds, as well as unfunded debt consisting of guarantees and revolving credit facilities. Infrastructure bidders are among the potential buyers of Urbaser, which operates in about 15 countries and serves around 70 million people worldwide. [Extracted from the article]

Oaktree Capital Management's David Rosenberg predicts that higher interest rates will lead to a surge in distressed-debt investment opportunities, particularly in industries that have taken on significant leverage through buyouts. The firm, managing $205 billion in assets, plans to focus on lending to companies facing debt maturities and exploring debt swaps. Rosenberg advises investors to carefully study covenants and choose companies wisely to mitigate risks in the corporate debt market. He also highlights concerns about energy, consumer discretionary sectors, and the potential impact of elevated financing costs on retail spending. [Extracted from the article]

Sleep Country Canada Holdings Inc. is considering a Canadian-dollar bond sale to finance its C$1.7 billion acquisition by Fairfax Financial Holdings Ltd., marking a rare leveraged buyout funded by loonie-denominated bonds. The company is expected to receive a credit rating below investment grade, and the acquisition is part of Fairfax Financial's recent trend of acquiring retail stores and consumer brands. Leveraged buyouts funded by loonie-denominated junk bonds are uncommon in Canada, with no previous instances recorded. [Extracted from the article]

Citigroup Inc and Banco Santander SA are preparing a debt package of up to €4 billion to support the potential sale of Spanish waste-management company Urbaser SA. The financing package will likely include funded debt split between term loans and high-yield bonds, as well as unfunded debt like guarantees and revolving credit facilities. Infrastructure bidders are among the potential buyers, and final bids are expected in early 2025. Europe's leveraged finance market is showing signs of revival, with Urbaser being the latest buyout opportunity in the region. [Extracted from the article]

Sleep Country Canada Holdings Inc. is considering a Canadian-dollar bond sale to finance its C$1.7 billion acquisition by Fairfax Financial Holdings Ltd., marking a rare leveraged buyout funded by loonie-denominated bonds. The company is expected to receive a credit rating below investment grade, and the acquisition is part of Fairfax Financial's recent trend of acquiring retail stores and consumer brands. Leveraged buyouts in Canada, especially those funded by junk bonds in Canadian dollars, are uncommon, with no previous instances recorded. [Extracted from the article]

The Abu Dhabi Investment Authority, managing $1 trillion in assets, has increased its private equity allocation to 12%-17% of its portfolio, up from 10%-15% the previous year. Despite challenges in the sector, ADIA made over 20 direct investments and focused on funding leveraged buyouts through private creditor providers. The fund's strategic shift towards private equity is part of a broader internal overhaul aimed at enhancing returns and making faster investment decisions. Abu Dhabi's sovereign entities collectively manage $1.7 trillion in wealth, attracting major international asset management names to the emirate's financial center. [Extracted from the article]

Seven & i Holdings Co. management has proposed a ¥9 trillion ($58 billion) offer to take the company private, which would make it one of the largest buyout deals in history. The deal, funded by Japan's major banks and the Ito family, is a response to potential takeover bids from Alimentation Couche-Tard Inc. However, the success of the transaction is uncertain due to its size and the possibility of Couche-Tard withdrawing its pursuit. [Extracted from the article]

The UK's Financial Conduct Authority is investigating how private credit lenders value their investments, as concerns arise about the lack of effective valuation in the $1.7 trillion industry. Regulators are examining the oversight and governance of different valuation methodologies used by lenders, with plans to release interim findings by the end of the year. Global financial regulators, including the European Central Bank and the Bank of England, have expressed worries about private credit valuations and potential risks to financial stability. The private credit industry is under scrutiny for the lack of consistent and accurate valuation practices, with the FCA seeking to understand how firms assess the value of their investments and the roles of those involved in the process. [Extracted from the article]

Citadel, a hedge fund founded by Ken Griffin, has hired Nabeel Bhanji from Elliott Investment Management, marking a significant industry defection. Bhanji's departure from Elliott is being managed internally, with Gordon Singer overseeing his trades. Meanwhile, Elliott is promoting Samantha Algaze to become its first female partner and appointing John Pike and Pat Frayne to the firm's management committee. Bhanji, who joined Elliott in 2012, has been instrumental in the firm's investments in various companies and has a background in private equity and investment banking. [Extracted from the article]

The article discusses how M&A bankers are optimistic about an increase in deals under a potential second term for Donald Trump, anticipating a more business-friendly regulatory environment. Debt underwriters are also expected to benefit from the surge in deals, particularly those funded by debt. While there are challenges such as high valuations and rising borrowing costs, the market remains hopeful for increased M&A activity in sectors like technology and healthcare. The text also highlights various financial news updates and industry movements related to credit markets and corporate restructuring. [Extracted from the article]

Hedge funds like Millennium Management and Athos Capital Ltd. suffered losses due to the collapse of a deal involving Chinese drugmakers. The deal, which was not approved by Chinese regulators, caused significant drops in stock prices. While the losses may not heavily impact the overall funds, individual portfolio managers could face challenges. This event adds to a challenging month for funds betting on corporate deals, as seen with other recent failed acquisitions. [Extracted from the article]

The article discusses Clayton Dubilier & Rice's latest buyout deal with drugmaker Sanofi to acquire half of its consumer arm, Opella, for €16 billion. Despite facing challenges with a previous buyout, CD&R attracted 22 banks to underwrite the deal, showcasing Wall Street's renewed interest in leveraged finance. The deal includes unique terms like back leverage, demonstrating banks' willingness to adapt to secure a role in significant transactions. The article highlights the competitive landscape of the leveraged-finance market and the evolving strategies employed by buyout firms and banks to navigate complex deals. [Extracted from the article]

Banks and private credit firms are in competition to provide over $5 billion in debt financing for a potential buyout of Bausch + Lomb, which could value the company at $10 billion including debt. Private equity firms TPG Inc. and Blackstone Inc. are reportedly working on a joint bid for the eye care firm. However, there is no guarantee that a deal will be reached, as negotiations could fall through. The potential deal, if successful, would be one of the largest in recent months, amidst challenges in the leveraged buyout market due to higher borrowing rates. [Extracted from the article]

Goldman Sachs Group Inc and Citigroup Inc. are part of a group of 22 banks providing Clayton Dubilier & Rice with financing for a stake in Sanofi SA's consumer health division. The lenders are expected to offer €8.65 billion in euro- and dollar-denominated loan and bond financing. This deal is significant in the finance world, as leveraged buyouts are highly profitable, and the involvement of multiple banks reflects the current market conditions. The banks involved in the deal are receiving lower fees due to the deal being split among a large number of institutions. [Extracted from the article]

Japan's financial regulator, the Financial Services Agency (FSA), plans to examine Japanese banks' lending practices to private equity and other funds in the US and elsewhere to ensure proper risk management. The FSA is particularly concerned about the increasing use of subscription finance, where banks provide bridge loans to investment firms for time-sensitive deals. The regulator is also paying attention to leveraged buyout financing by regional banks and the potential for sham accounting by corporate borrowers. The FSA aims to ensure effective risk management and prevent problems caused by unfettered lending during a period of low interest rates. [Extracted from the article]

Clayton Dubilier & Rice (CD&R) had initially requested banks to commit over €1 billion of debt to fund part of its bid for Sanofi's consumer-health division, but this debt facility was not included in the final proposal. CD&R is competing with French rival PAI Partners for the €15 billion unit, and Sanofi is expected to make a decision soon. Back leverage, a type of loan used by buyout shops to finance equity investments, was not included in CD&R's final bid. [Extracted from the article]

Clayton Dubilier & Rice (CD&R) had initially requested banks to commit over €1 billion of debt to fund part of its bid for Sanofi's consumer-health division, but this debt facility was not included in the final proposal. CD&R is competing with French rival PAI Partners for the €15 billion unit, and Sanofi is expected to make a decision soon. Back leverage, a type of loan used by buyout shops to finance equity investments, was not included in CD&R's final bid. The rest of the debt packages for CD&R and PAI's bids are similar, with a group of banks providing senior debt and private credit lenders offering junior debt. [Extracted from the article]

Banks and lenders are preparing to provide over €10 billion ($11.1 billion) in debt to support the buyout of Sanofi SA's consumer health division. A group of banks has already committed to providing €7.5 billion to €7.8 billion of senior debt, along with a revolving credit facility of around €1.2 billion. Private credit lenders are also planning to offer €1.5 billion to €2 billion of junior debt. New York-based buyout firm Clayton Dubilier & Rice and French rival PAI Partners are competing for the acquisition, with bids due this month. The debt packages for both firms include a mix of euro and dollar-denominated loans and bonds. Banks are eager to fund leveraged buyouts, but there are risks involved, as seen in previous experiences. The total leverage provided by banks is expected to be six times the unit's earnings, rising to 7.5 times with the private credit element. CD&R is also in discussions with banks for back leverage to fund part of the equity check. [Extracted from the article]

San-in Godo Bank, a regional bank in Japan, is planning to increase its holdings of Japanese government bonds (JGBs) as interest rates rise. Like other banks, San-in Godo had previously invested in US debt for higher returns, but suffered losses when the US Federal Reserve raised interest rates. The recent increase in JGB yields has made them more attractive to the bank. Global investors are watching to see if Japanese banks will increase their holdings of domestic securities and reduce their presence in overseas markets. San-in Godo aims to rebuild its securities holdings to ¥2 trillion by March 2027. The bank is located in Shimane Prefecture, a sparsely populated area in western Japan, and faces challenges in hiring market experts due to its remote location. Despite this, the bank projects record profits for the fourth consecutive year, driven by increased lending in more populated prefectures. San-in Godo was the first regional bank to form an alliance with Nomura Holdings, which has helped increase revenues and cut costs in the brokerage business. The bank is also expanding its structured finance business in Tokyo and plans to make more hires. [Extracted from the article]

Wall Street banks are once again backing big corporate buyouts, despite being burned in the past. Some investment bankers are willing to underwrite up to 100% of the debt for European leveraged buyouts. The terms offered by banks have been so generous that even private equity sponsors are questioning whether banks are being too optimistic. Banks are taking on these risky underwrites in the hopes of benefiting from the Federal Reserve's expected rate cut and potential market rally. However, there are risks involved, as mispriced deals can harm banks, private equity firms, and investors. [Extracted from the article]

Oak Hill Advisors has provided a $775 million private credit loan to Carlyle Group Inc. to help finance its acquisition of auto parts distributor Worldpac. The loan has a pricing of 5.5 percentage points over the Secured Overnight Financing Rate. Oak Hill is in discussions to potentially sell some of the loan to limited partners. Direct lenders often provide debt financing for acquisitions made by private equity firms. Carlyle announced in August that it is acquiring Worldpac for $1.5 billion. [Extracted from the article]

Clayton Dubilier & Rice (CD&R) is in discussions with banks about using borrowed money to fund a portion of the equity check in its bid for Sanofi's consumer health division, which is valued at €15 billion ($16.6 billion). This type of loan, known as back leverage, is a way for buyout firms to finance part of their equity investment in a specific company. CD&R is considering various options for structuring its bid, including the percentage of the equity check that would be financed with borrowed money. The use of back leverage is a strategy employed by private equity firms to deal with the slowdown in dealmaking and boost returns for investors. CD&R is competing with French rival PAI Partners for the Sanofi business, with bids due this month. [Extracted from the article]

Focus Financial Partners Inc. has priced $4.35 billion of leveraged loans and junk bonds, a month after postponing a planned loan deal due to market volatility. The financing structure was revised, with loans reduced by $300 million to $3.35 billion and the bond sale increased by the same amount to $1 billion. The proceeds will be used to refinance debt and pay a dividend to Focus Financial's owners. Private equity firms Clayton, Dubilier & Rice and Stone Point Capital acquired Focus Financial last year. Debt markets are becoming more receptive to riskier deals, including dividends and leveraged buyouts, ahead of the US elections. [Extracted from the article]

Investors around the world are showing a strong interest in buying investment-grade bonds, leading to a surge in bond sales. This week alone, there have been at least 81 high-grade bond sales globally, with 19 in the US on Wednesday and a record-breaking 29 the day before. The low yields and the anticipation of rate cuts by the Federal Reserve are motivating money managers to invest in bonds. The bond frenzy is not limited to high-grade companies, as speculative-grade firms are also participating in the market. Additionally, Latin American borrowers had their busiest day for hard-currency debt issuance this year. [Extracted from the article]

US leveraged loan issuance is reaching new highs during the summer season, with several new deals being launched. Some of these deals are supporting leveraged buyouts, while others are funding acquisitions. Market experts believe that the market will remain busy in the coming weeks, as borrowers take advantage of the resilient and strong market conditions. The high-yield bond market is also experiencing favorable conditions, with stable prices and attractive returns. Investors are particularly interested in high yield as they anticipate a potential second term for Donald Trump and the benefits it may bring for domestic manufacturers. [Extracted from the article]

Leveraged loan issuance is reaching new summer highs as borrowers take advantage of a resilient market and low financing costs. Several leveraged loan and high-yield bond deals were launched on Monday, with some transactions supporting leveraged buyouts and acquisitions. Experts predict that issuance trends will continue to strengthen in the coming weeks. The high-yield bond market has seen attractive returns this year, and investors are drawn to this asset class in anticipation of a potential second term for Donald Trump. Economic data indicating slowing inflation has also raised hopes for a future interest rate cut by the Federal Reserve. [Extracted from the article]

Astra Space Inc., a rocket launch company, has finalized a take-private deal with its founders, marking a significant decline for the company since its peak valuation of $3.9 billion in 2021. The founders, CEO Chris Kemp and technology chief Adam London, will acquire the company's outstanding shares for 50 cents per share in cash. Astra Space has faced development delays and launch failures, including one for NASA, and announced plans to scrap future flights of its latest vehicle. The company received a delisting notice from Nasdaq in April. [Extracted from the article]

Private credit funds and banks are in discussions to provide up to €1 billion ($1.1 billion) to finance a potential buyout of French cybersecurity specialist Exclusive Networks SA. An investor group, supported by Clayton Dubilier & Rice and Permira, has made a non-binding offer to take Exclusive Networks private at a value of approximately €2.2 billion. Private credit has become a significant industry, with lenders competing to fund large buyouts. While banks can offer cheaper financing, private lenders emphasize speed and certainty of execution. The bidders for Exclusive Networks have proposed a price of €24 per share. [Extracted from the article]

Private equity fund CVC Capital Partners, along with select shareholders of Polish software producer Comarch SA, have announced plans to buyout and delist the company from the Warsaw Stock Exchange. The bid, valued at 315.4 zloty per share, represents a 10% premium to Tuesday's closing price and values the company at 2.57 billion zloty ($654 million). The buyout and delisting are intended to support Comarch's international expansion, which requires significant financial investment. Following the transaction, CVC will become the majority shareholder in Comarch. [Extracted from the article]

Macy's Inc. experienced a significant drop in its stock and bond prices after announcing the termination of buyout discussions with Arkhouse Management Co. and Brigade Capital Management. The company's 4.5% note due 2034 fell to 82 cents on the dollar, while its 6.125% bond due 2032 dropped to 94.5 cents. These bonds have a change of control provision that would require repayment at 101 cents on the dollar if Macy's is acquired. CreditSights analyst James Goldstein noted that the termination of negotiations removes some near-term upside for Macy's bonds, but the notes due in the 2030s still appear attractive. Macy's board found the most recent bid from the suitors to be insufficient, citing uncertain financing and incomplete commitment papers. As a result, Macy's stock plunged by as much as 16% to $16.07. [Extracted from the article]

Macy's Inc. experienced a significant drop in its stock and bond prices after announcing the termination of buyout discussions with Arkhouse Management Co. and Brigade Capital Management. The company's 4.5% note due 2034 declined by 5.8 cents to 82 cents on the dollar, while its 6.125% bond due 2032 fell by 2 cents to 94.5 cents. These bonds have a change of control provision that would require repayment at 101 cents on the dollar if Macy's is acquired. CreditSights analyst James Goldstein noted that the cancellation of negotiations removes some near-term upside for Macy's bonds, but the notes due in the 2030s still appear attractive compared to the BB index. Macy's board found the most recent bid from the suitors to be insufficient, citing uncertain financing and incomplete commitment papers. As a result, Macy's stock plunged by as much as 16% to $16.07. [Extracted from the article]

Macy's Inc. saw a significant drop in its shares after ending discussions with two investors regarding a buyout of the department store chain. The company stated that the buyout offer from Arkhouse Management Co. and Brigade Capital Management lacked sufficient financing and was not compelling. Macy's CEO, Tony Spring, plans to execute a turnaround plan independently, which includes closing underperforming stores and investing in the top-performing ones. The decision to call off the talks may eliminate a distraction for Macy's, but the department store sector as a whole is facing challenges. [Extracted from the article]

Macy's Inc. saw a significant drop in its shares after announcing the end of buyout talks with two investors. The company stated that the buyout offer from Arkhouse Management Co. and Brigade Capital Management lacked sufficient financing and was not compelling. Macy's CEO, Tony Spring, plans to execute a turnaround plan independently, which includes closing underperforming stores and expanding the Bluemercury chain. While this decision may eliminate distractions, the department store sector as a whole is facing challenges, with competitors like Nordstrom and Kohl's also experiencing declines in their stock prices. [Extracted from the article]

Macy's Inc. bonds have declined after the company announced that it is ending discussions with Arkhouse Management Co. and Brigade Capital Management regarding a potential buyout. The 5.875% note due 2029 fell 2.5 cents to 95 cents on the dollar, while the 6.9% note due 2029 dropped 1.3 cents to 96.5 cents. The board of Macy's found the most recent bid unconvincing and expressed concerns about the uncertain financing and conditional nature of the offers. [Extracted from the article]

Macy's Inc. has decided to end discussions with Arkhouse Management Co. and Brigade Capital Management regarding their buyout proposal for the department store chain. Despite an increased offer, Macy's found the proposal to lack compelling value and financing certainty. Macy's will now focus on a standalone operating plan to turn the company around, including store closures and the expansion of Bluemercury, a high-end skincare and cosmetics chain. Macy's has faced challenges in the changing retail landscape, exacerbated by the pandemic, inflation, and high interest rates. [Extracted from the article]

(Bloomberg) -- Macy's Inc. has ended talks with Arkhouse Management Co. and Brigade Capital Management on their revised buyout offer for the department store chain.Financing for Arkhouse and Brigade's proposal lacks certainty and does not provide compelling value, the company said Monday in a statement.Shares of Macy's tumbled 12% as of 8:41 a.m. before regular trading in New York.©2024 Bloomberg L.P.By Max ZimmermanReported by Author [Extracted from the article]

Franchise Group Inc. investors have filed a lawsuit against ex-CEO Brian Kahn and investment partner B. Riley Financial Inc., alleging that shareholders were not adequately compensated in a $2.6 billion buyout of the company. The investors claim that the deal undervalued their shares and that the proxy disclosures regarding the buyout were flawed. They also accuse B. Riley of assisting Kahn in deceiving them. This lawsuit adds to the controversy surrounding Kahn, who stepped down as CEO in January after questions arose about his involvement with a collapsed hedge fund. [Extracted from the article]

Banks such as Goldman Sachs and Morgan Stanley are preparing to offer over €6 billion ($6.5 billion) in debt financing for potential buyers of Sanofi's consumer health division. This financing, known as staple financing, highlights banks' willingness to support leveraged buyouts. The sale of Sanofi's $20 billion business is being advised by Goldman Sachs, Morgan Stanley, Bank of America, and BNP Paribas. The financing for the deal may include a payment-in-kind loan worth at least €1.5 billion, which would reduce upfront interest but increase overall debt. The sale of the unit, which sells over-the-counter products, could be one of Europe's largest deals this year. First-round bids are due soon, but the outcome of the French legislative election has made some bidders cautious. Traditional lenders are increasingly willing to fund risky transactions, and if banks secure the lending business for the Sanofi unit, financing is likely to come from both the high-yield bond and syndicated loan markets in both euros and dollars. [Extracted from the article]

Bank of Montreal and a group of underwriters have launched a $2.55 billion loan to support the acquisition of Nuvei Corp, making it the largest buyout deal since April. The loan will help fund the $6.3 billion leveraged buyout of the Canadian payments processor by Advent International, management, Novacap, and CDPQ. The financing is a significant development in the leveraged loan market, which has been dominated by repricings and refinancings. Nuvei, backed by Canadian actor Ryan Reynolds, provides payment processing services to various brands. Founder and CEO Philip Fayer will retain a significant stake in Nuvei after the acquisition. [Extracted from the article]

Clayton Dubilier & Rice and Permira, supported by an investor group, have made a non-binding offer to acquire Exclusive Networks SA, a French cybersecurity company, for approximately €2.2 billion ($2.4 billion). The deal would offer investors €24 per share. Talks are ongoing, and there is no guarantee of a final agreement. This potential acquisition comes at a time when the cybersecurity industry is gaining attention due to high-profile hacks. Exclusive Networks shares rose following the news. The outcome of France's recent election may pose additional challenges to completing the deal. [Extracted from the article]

Clayton Dubilier & Rice and Permira, supported by an investor group, have made a non-binding offer to acquire Exclusive Networks SA, a French cybersecurity company, for approximately €2.2 billion ($2.4 billion). The deal would offer investors €24 per share. Talks are ongoing, and there is no guarantee of a final agreement. The private equity consortium has secured financing for the potential transaction, which aims to buy out minority shareholders. Exclusive Networks' shares have increased by 12% this year, and Permira is currently the company's largest shareholder. The negotiations come after France's recent election, which may introduce additional challenges to completing deals in an uncertain political environment. [Extracted from the article]

Clayton Dubilier & Rice and Permira, supported by an investor group, are in advanced discussions to acquire Exclusive Networks SA, a French cybersecurity company. The private equity consortium has secured financing for the potential transaction and aims to finalize an agreement in the coming days. Exclusive Networks' shares have increased by 12% this year, giving it a market value of €2 billion ($2.2 billion). The outcome of France's recent election, where left-wing parties won the most seats but fell short of a majority, may pose challenges for completing deals in an uncertain political environment. [Extracted from the article]

Bank of Montreal and a group of underwriters have launched a $2.55 billion loan to support the acquisition of Nuvei Corp, making it the largest buyout deal since April. The loan will help fund the $6.3 billion leveraged buyout of the Canadian payments processor by Advent International, management, Novacap, and CDPQ. This financing comes at a time when the leveraged loan market has been dominated by repricings and refinancings, and it is expected to be the biggest deal of its kind since April. Nuvei, backed by Canadian actor Ryan Reynolds, provides payment processing services to various brands. Founder and CEO Philip Fayer will retain a significant stake in Nuvei after the acquisition. [Extracted from the article]

Arkhouse Management Co. and Brigade Capital Management have increased their buyout offer for Macy's Inc. to approximately $6.9 billion. The investors are offering $24.80 per share, up from their previous offer of $24 per share. Macy's shares have declined by 11% this year and closed at $17.93 on Wednesday. The new buyout offer will prompt Macy's board to consider whether the company's ongoing turnaround would be more successful as a private or public entity. Macy's CEO, Tony Spring, has been implementing strategies such as store closures and the expansion of Bluemercury to improve sales. [Extracted from the article]

Keywords: ALLTOP; BNK; BON; BUSINESS; COLUMNS; COS; FIN; INDUSTRIES; MARKETS; WRP; WWTOP EN ALLTOP BNK BON BUSINESS COLUMNS COS FIN INDUSTRIES MARKETS WRP WWTOP More and more, private equity firms looking to finance big leveraged buyouts are cutting out the Wall Street banks, and borrowing money from each other or from direct lenders. Private equity firm Thoma Bravo bypassed banks when getting $2.6 billion of debt financing for its buyout of Stamps.com in July, and for a $2.3 billion loan for the buyout of Calypso Technology Inc. in April. [Extracted from the article]

The Federal Communications Commission (FCC) has proposed new rules to reduce phone and video call rates for incarcerated individuals, which could significantly impact prison telecom providers like ViaPath Technologies and Aventiv Technologies. The proposed rules aim to lower the cost of audio calls, establish new caps on video services, and prohibit providers from making commission payments to jails and prisons. This move comes after bipartisan legislation granted the FCC broader authority to regulate the cost of communication services for inmates. The proposed rules will be voted on by the FCC on July 18. [Extracted from the article]