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From the Blogosphere
An interesting metric at Goldman…
Yesterday, Goldman Sachs (GS) reported third quarter profits of $3.19 billion on revenues of $12.37 billion, which prompted stories like this one in the New York Times about Goldman’s public relations problems over giving high bonuses.
While the release didn’t talk about the controversial bonuses directly, it did have this to say on pg. 3: <><>Compensation and benefits expenses (including salaries, estimated year-end discretionary compensation, amortization of equity awards and other items such as payroll taxes, severance costs and benefits) were $5.35 billion, which was higher than the third>>...
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Hedge fund goes public . . . through the backdoor
Filed under: Deals, Private equity Since early 2007, it's been rough for the shareholders of Cowen Group Inc (NASDAQ: COWN), a mid-tier investment bank. The company's stock price has gone from $20 to low of $3.54.
But lately, Cowen's stock price has perked up, primarily because of takeover overtures. For example, there was an offer from Rodman & Renshaw at $7 per share.
However, this was rebuffed. Instead, yesterday Cowen agreed to a so-called "reverse merger" with hedge fund Ramius LLC, which will own 71% of the new entity. On the news, Cowen's shares increased 37%.<><>Continue reading <>Hedge fund>>>...
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Notable Mergers and Acquisitions of the Day 12/08: RODM/COWN, AFFX, COHU
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<>Rodman & Renshaw Capital Group, Inc (NASDAQ: RODM) sent a letter to the Board of Directors of Cowen Group, Inc. (NASDAQ: COWN) proposing a merger transaction in which Cowen shareholders would receive $7.00 per share consisting of 50% cash and 50% Rodman common stock.
The offer represents approximately a 20% premium over the closing price of Cowen’s common stock of $5.60 on December 1, 2008.
Since the initial announcement, Cowen has come out rejecting the unsolicited bid from Rodman & Renshaw.
<>Affymetrix (Nasdaq: AFFX) announced the completion of its acquisition of Panomics, Inc., >>...
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Analyst calls: BIIB, ALU, LYG, MAR, HOT, JCP, MYL, CBS ...
Analyst calls: BIIB, ALU, LYG, MAR, HOT, JCP, MYL, CBS ...
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