Excerpts: “KKR Strikes (Gold) Again.” Legendary leveraged-buyout (LBO) firm Kohlberg Kravis Roberts struck gold on Friday, as a company in which it owns nearly an 80% interest, child-care and preschool operator KinderCare (OTC BB: KDCR.OB), announced it will be acquired by privately held Knowledge Learning in a transaction set to close before the end of […]
John Stevens Sheldon
Excerpts: Kohlberg Kravis Will Buy Kindercare for $467 Million Kohlberg Kravis Roberts & Company said yesterday that it had agreed to buy Kindercare Learning Centers Inc., the nation’s largest preschool and child care company, for approximately $467 million, or $20.25 a share. Kohlberg Kravis made the announcement along with Kindercare and Oaktree Capital Management L.L.C.,
Excerpts: KKR, on Buying Spree, Will Acquire KinderCare Kohlberg Kravis Roberts & Co., continuing its recent spate of acquisitions, said it would acquire KinderCare Learning Centers Inc. for $20.25 a share, or about $470 million, plus the assumption of debt. KinderCare is the nation’s largest provider of child-care services, with 1,148 child-centers in 38 U.S.
Excerpts: “Kemper Agrees To $2 Billion Takeover Led by Zurich Group.” The Kemper Corporation, ending a yearlong effort to sell itself, said yesterday that it had agreed to be acquired by the Zurich Insurance Group and a group of American investors for $2 billion. As an independent company, Kemper failed to produce the profit that
Steve Baronoff updates LSG Advisors
Steve Baronoff: Please be advised that the following language should be added to our standard engagement letter boiler plate after the indemnification paragraph. The Company also agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Company or its security holders or creditors related
Excerpts: “Making a Difference; Ken Miller’s Lodestar Makes Another Global Play.” Once a mergers and acquisitions specialist with Lehman Brothers, White Weld and then Merrill Lynch, Mr. Miller helped develop Merrill Lynch’s merchant banking activities. He struck out on his own with Lodestar in 1988. The deal with Societe Generale is the latest in a
Former Interim Chief To Head KinderCare
Excerpts: “Former Interim Chief To Head KinderCare” KinderCare Learning Centers Inc., the child-care company that got into financial difficulties with investments in “junk bonds,” said yesterday that its president and chief executive had resigned and that Tull Gearreald, an investment banker, was returning to head the company. Mr. Gearreald, 45 years old, is leaving after
KinderCare’s Problem Child: It’s Portfolio
Excerpt: KinderCare’s Problem Child: It’s Portfolio In 1988, Drexel Burnham Lambert ran a rousing television spot that featured KinderCare Inc., a Montgomery, Ala., company that runs the largest day-care chain in the nation. It was all about how Kinder-Care’s new centers were helping working women everywhere juggle their children and careers thanks to $300 million
Excerpts: “The Junk Heap” So the man who many thought cut a deal to avoid the public agony of a trial (and, not incidentally, to spare his brother, Lowell, from the threat of criminal prosecution) went on trial anyway. Milken admitted a measure of guilt in April, saying he engaged in illegal dealings with Boesky
Steve Baronoff updates The Lodestar Group
Excerpts: New Tax Law Proposals Target Merger and Acquisition Transactions Congress is considering several tax changes that could adversely affect merger and acquisition transactions. Some of these proposals are outlined below. Spin-Off Rules Tightened: Buyers and sellers frequently consider spin-off transactions in connection with mergers and acquisitions. In a typical tax-free spin-off, a parent corporation