Canceling Harman Deal, Suitors Buy Bonds Instead
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Goldman Sachs and Kohlberg Kravis Roberts agreed to end their $8 billion buyout of Harman International, which makes speakers, and instead buy $400 million of the companyâs bonds.
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Make sure that you think things through before you decide to borrow against your plan.
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Decision to endorse concept of "scheme liability" may prove ultimately unfriendly to shareholders.
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ATTEMPTS by mining house Gold Fields attempts to resist rival Harmony&#39;s hostile takeover bid were dealt a major blow yesterday, after a last-minute switch by Sanlam Asset Managers effectively torpedoed its plan to list its international assets in Canada.
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Moody&#39;s Investors Service on Wednesday said it may cut its bond ratings on HCA Inc. (HCA.N: Quote, Profile, Research) deeper into junk, citing the hospital operator&#39;s plan to buy back about $2.
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After Bernkanke offers to lower rates if needed, investors try to give him cause.
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The $8 billion buyout of audio-equipment maker Harman International Industries collapsed yesterday, the first major private-equity deal to unravel since the current credit turmoil began and a sobering sign for other big takeovers in the works.
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Sallie Maeâs would be buyers say the merger contract allows it to terminate the deal due to recent changes in student lending, which have reduced its potential for future earnings.
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Financier Carl Icahn said on Wednesday he ended his bid for Reckson Associates Realty Corp. , because he ran out of time after his partners dropped out, and investors balked at accepting an offer that included less cash.
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An investor group that worked for more than a year to buy the state&#39;s third largest electric utility threw in the towel Thursday and pulled its approximately $3 billion offer off the table.
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Many regretful or resentful buyers may seek redress from the agents who found them a home and arranged its purchase.
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What happens if a company decides to run roughshod over the contract? Will the courts protect the bondholders?
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Some dealers and collectors are ruing the cancellation of the much-heralded Dumfries House sale, which had been scheduled for Thursday and Friday in London.
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Stockland, Australia&#39;s fourth-biggest property trust, asked that its shares be halted from trading before it makes a proposal involving General Property Trust, which is subject to a takeover offer from Lend Lease Corp.
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Investors may snap up a planned $1 billion debt sale by a unit of MBIA Inc , after the beleaguered bond insurer was forced to ramp up the deal's yield to about 14 percent to attract greater interest, according to investors familiar with the deal on Friday.
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Tumbling global equity markets prompted  millions of American investors to switch stock funds for bond  portfolios, but financial advisers are urging them to stop  hasty sales that might just make a bad situation worse.
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If it was a terrible week for Wall Street, and it was a devastating one for companies that promise to protect investors against bond losses.