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luke
Joined: 11 Feb 2007
Location: by the sea
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 Posted: Mon Jul 02, 2007 9:34 pm Post subject: Carlyle Group stalks Virgin Media |
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| Quote: | Carlyle makes Virgin Media bid
Stephen Brook
Monday July 2, 2007
MediaGuardian.co.uk
Private equity firm Carlyle Group has made a preliminary offer for cable TV company Virgin Media, in a deal that could reach around $20bn (£9.95bn), according to reports from the US overnight.
Carlyle is in the early stages of talks with Virgin Media, the New York Times and Washington Post reported today, quoting sources familiar with the negotiations.
The $19.6bn valuation the New York Times put on the Carlyle approach would include debt, but the NYT added that according to its source the talks with Virgin Media may not lead to a bid.
Carlyle's initial offer is thought to have been pitched at between $30 and $35 per share, valuing Virgin Media at a minimum of around $10bn (£5bn), according to UK media reports today. However, this valuation excludes the cable company's debt.
The approach from Carlyle has prompted the Virgin Media board to ask its advisor, Goldman Sachs, to review options for taking the company private, several UK papers reported today.
Virgin shares, listed on the US Nasdaq rather than in London, closed on Friday at $24.37 per share.
Carlyle will have to negotiate with Sir Richard Branson, Virgin Media's largest shareholder with a 10.5% stake for its bid to succeed. Sir Richard reportedly wants to retain a stake in the business.
Virgin Media, which has 9m customers and a £4bn annual turnover, has asked its investment bankers, Goldman Sachs, to conduct an auction of the business.
The company is locked in a bitter fight with BSkyB after it failed to agree a price for Sky channels to appear on its cable service. Virgin is taking BSkyB to the high court.". |
heres a bit of info on the carlyle group ...
| Quote: | The collection of influential characters who now work, have worked, or have invested in the group would make the most convinced conspiracy theorists incredulous. They include among others, John Major, former British Prime Minister; Fidel Ramos, former Philippines President; Park Tae Joon, former South Korean Prime Minister; Saudi Prince Al-Walid; Colin Powell, former Secretary of State; James Baker III, former Secretary of State; Caspar Weinberger, former Defense Secretary; Richard Darman, former White House Budget Director; the billionaire George Soros, and even some bin Laden family members. You can add Alice Albright, daughter of Madeleine Albright, former Secretary of State; Arthur Lewitt, former SEC head; William Kennard, former head of the FCC, to this list. Finally, add in the Europeans: Karl Otto Poehl, former Bundesbank president; the now-deceased Henri Martre, who was president of Aerospatiale; and Etienne Davignon, former president of the Belgian Generale Holding Company.
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Hoover's Online describes the Carlyle Group as a military-industrial complex. The Carlyle Group, Hoover's continues, takes part in management-led buyouts (MBOs), acquires minority stakes, and provides other investment capital for companies. It is particularly hawkish on the aerospace and defense industries, putting to good use the experience of its chairman emeritus Frank Carlucci, a former Secretary of Defense. Firms in this arena make up a significant share of the portfolio at Carlyle, one of the world's largest private equity firms. The company has also engineered MBOs and other capital deals for firms in such industries as consumer products, energy, health care, information technology, real estate, beverages, and telecommunications. Carlyle's directorship reads like George Walker Bush's inaugural ball invite list. Reagan Secretary of the Treasury James Baker serves as a senior counselor, and Richard G. Darman, former director of the Office of Management and Budget under George Herbert Walker Bush, is a managing director. Former President George Bush has served with Carlyle and Colin L. Powell, before becoming Secretary of State, made an appearance on behalf of the firm. |
http://www.sourcewatch.org/index.php?title=Carlyle_Group |
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faceless
admin
Joined: 25 Apr 2006
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| Posted: Mon Jul 02, 2007 9:50 pm Post subject: |
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I heard about this on the news earlier - nice to know that people with their hands all over the government/military being able to get their hands on customers' personal info...
Then again they might get Sky back on cable and that will make it all worthwhile. |
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