DealBook: The Refrain That Follows Bronfman

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Edited by Andrew Ross Sorkin

TODAY'S TOP HEADLINES | Tuesday, March 4, 2008 M & A: Diebold Rejects Bid as 'Opportunistic' BANKING: Citi Rearranges Its Wealth Management Unit PRIVATE EQUITY: Specialty Funds Continue To Tap Big Money HEDGE FUNDS: Hedge Fund Sues Citigroup and Wachovia OFFERINGS: Market Street SPAC Files for $350 Million I.P.O. VENTURE CAPITAL: Turn Reels In $15 Million in New Round LEGAL: Ambac Said to Abandon Plan to Split Itself TOP STORY The Refrain That Follows Bronfman Just two years ago, Edgar Bronfman Jr. seemed to have found redemption after nearly losing his family's fortune, reinventing himself as a music mogul and helping to lead a remarkable overhaul at Warner Music Group. But, Andrew Ross Sorkin says in his latest DealBook column, this classic comeback story has taken a regrettable twist, as troubles in the music industry have contributed to a sharp decline in Warner's shares. So what to make of Mr. Bronfman? It's a tricky question, Mr. Sorkin writes. In his column, he takes stock of Mr. Bronfman and his latest deal, including the fateful decision not to accept a takeover offer from EMI. Go to Article from The New York Times» Read More Add a comment ADVERTISEMENT Back to Top MERGERS & ACQUISITIONS Diebold said Monday that its board rejected an unsolicited $2.6 billion takeover bid from United Technologies, calling it an "opportunistic" attempt to buy it on the cheap. Go to Article from Reuters via The New York Times» Ohio law could play an important role in the takeover struggle if it turns hostile. Diebold's recent accounting problems could also become a factor. Go to Item from The Deal Professor» Go to Item from DealBook» The Deal Professor singled out an "arb" provision of Ohio law for special attention. Go to Item from The Deal Professor» Read More Add a comment Continental Airlines is "without question" United Airlines' first choice as a merger partner, but any deal is in limbo until it becomes clear whether Delta Air Lines and Northwest Airlines will combine, a top United union official and board member told The Houston Chronicle. Go to Article from The Houston Chronicle» Read More Add a comment Genesco and Finish Line appear to have reached an armistice in their battle over a failed $1.5 billion deal. But the news propelled Genesco's stock down drastically, while it lifted Finish Line's by just as much. Go to Item from DealBook» Go to Genesco Press Release» Read More Add a comment The likely demise of the Genesco-Finish Line merger leaves The Deal Professor wondering which transaction will be next to collapse. He offers his nominee for the deal dead pool. Go to Item from The Deal Professor» Read More Add a comment Porsche and Volkswagen demonstrated on Monday that empire building is alive and well in the European auto industry, as the sports car maker crept closer to taking over Volkswagen, even as VW bought control of a rival truck manufacturer. Go to Article from The New York Times» Read More Add a comment Cablevision Systems's possible investment in concert promoter AEG Live could be a prelude to a series of ill-advised live-concert deals, according to an analyst at Pali Research. Go to Item from DealBook» Read More Add a comment Sears Holdings is apparently not giving up on Restoration Hardware, even though the home furnishings retailer rejected a revised offer from Sears on the last day of Restoration's go-shop period. Go to article form The Deal.com» Read More Add a comment StatoilHydro on Tuesday said it's paying at least $1.8 billion to Anadarko Petroleum for stakes in heavy-oil and deep-water projects in Brazil and the Gulf of Mexico, part of a strategy at the Norwegian firm to compensate for difficulties from gas pipelines closer to home. Go to Article from MarketWatch» Read More Add a comment France's Societe Generale, which holds a controlling stake in Russian bank Rosbank , has offered to buy the stakes of minority shareholders at 194.09 roubles per share, Rosbank said on Tuesday. Go to Article from Reuters via The New York Times» Read More Add a comment Nike said Monday it completed its acquisition of Umbro , and the British soccer company's chief executive officer has decided to leave the company. Go to Article from Reuters via The Globe and Mail» Read More Add a comment Continuing its spending spree, Acer announced Monday it plans to acquire E-Ten for $290 million. Go to Article from CNet New.com» Read More Add a comment Back to Top INVESTMENT BANKING The tweaking of Citigroup -- rather than its breakup -- continued on Monday, as the financial giant said it would reorganize its wealth management unit based on clients' net worth. Read the internal memorandum on DealBook. Go to Item from DealBook» Read More Add a comment Dubai International Capital said on Tuesday it would take "a lot more money" to rescue Citigroup, even after investments from rival sovereign wealth funds in Abu Dhabi and Kuwait. Go to Article from Bloomberg News» Go to Article from Reuters via The New York Times» Read More Add a comment With United Technologies' unsolicited bid for Diebold, Morgan Stanley has now advised three clients that have pursued hostile offers. That has helped the firm move to the top of the merger league tables for the year to date. Go to Item from DealBook» Read More Add a comment As Oliver Sarkozy prepares to move to the Carlyle Group from UBS, the Swiss bank is wasting little time in shifting personnel inside its financial institutions group to fill that gap. Read the internal memorandum on DealBook. Go to Item from DealBook» Read More Add a comment Mining giant BHP Billiton has approached sub-underwriting banks in an effort to secure a record $55 billion loan to back its hostile bid for rival Rio Tinto, according to Reuters. Go to Article from Reuters via The New York Times» Read More Add a comment ICICI Bank, India's second-largest bank, reported $264 million in costs to write down the value of its overseas investments in a sign of how far the subprime mortgage crisis has seeped across the globe, Bloomberg News reported. Go to Article from Bloomberg News» Read More Add a comment The Japanese consumer lender Takefuji said it might lose as much as 30 billion yen, or $290 million, on a structured finance deal arranged by Merrill Lynch, making it the first money lender in the country to be hit by the global credit crisis. Go to Article from Reuters via The International Herald Tribune» Read More Add a comment Back to Top PRIVATE EQUITY Leveraged buyout activity may be down, but that hasn't dampened limited partner appetite for private equity funds -- especially targeted ones. Go to Article from The Deal.com» Go to Article from peHUB» Read More Add a comment Back to Top HEDGE FUNDS Citigroup and Wachovia are facing separate lawsuits filed in a U.S. Federal court in New York by the $58 million VCG Special Opportunities Master Fund, according to The Wall Street Journal. Go to Article from Reuters via The New York Times» Go to Article from The Wall Street Journal (Subscription Required)» Read More Add a comment Well-respected value investor Martin Whitman is going toe-to-toe with another well known value investor, hedge fund manager William Ackman, over the future of the bond insurance industry. Go to Article from Reuters via The New York Times» Go to Article from Blogging Stocks» Go to Third Avenue Funds Letter to Shareholders (PDF)» Read More Add a comment Back to Top I.P.O. / OFFERING Market Street Acquisition, a special purpose acquisition company founded by a former Bear Stearns analyst, said in a filing Tuesday that it is seeking to raise $350 million through the sale of 35 million units. Go to Item from DealBook» Go to Market Street Filing with the Securities and Exchange Commission» Read More Add a comment Back to Top VENTURE CAPITAL Online ad network Turn has raised a $15 million second round funding, Paid Content reported. Go to Item from Paidcontent.org» Go to Item from Silicon Alley Insider» Read More Add a comment Handango said Monday it picked up $9.5 million in a third round of funding from investors interested in its smart phone content distribution. Go to Article from the Red Herring» Read More Add a comment The fight over the future of Scrabulous, the latest bane of office productivity, may come down to a question of how many zeros all the sides can score. Go to Article from Silicon Alley Insider» Go to Previous Article from The New York Times» Read More Add a comment Back to Top LEGAL In an apparent reversal, Ambac Financial Group, the second-largest bond insurer, has decided not to split itself into two as part of a $2 billion to $3 billion recapitalization, The Financial Times reported on Tuesday. Go to Article from The Financial Times» Read More Add a comment As companies begin to pile up bankruptcy protection, Investment Dealers' Digest went to Harvey Miller of Weil Gotshal & Manges, one of the nation's most prominent bankruptcy lawyers, to get his take on what's in store. Go to Article from Investment Dealers' Digest» Read More Add a comment Security Capital Assurance lost more than half its market value on Monday after the bond insurer said it has hired Rothschild as an adviser to consider strategic options and warned of a big loss. Go to Article from MarketWatch» Go to Article from The Associated Press via BusinessWeek» Read More Add a comment The typical American corporation has increased its savings so sharply that it probably has enough cash on hand to completely pay off its debts or start paying out special dividends, according to The New York Times. Go to Article from The New York Times» Read More Add a comment Former press baron Conrad Black surrendered at a Florida prison on Monday to begin serving his 6-and-1/2 year sentence for fraud and obstructing justice. Go to Article from Reuters via The New York Times» Read More Add a comment Adelphia Communications founder John Rigas and his son, Timothy, lost their final appeal Monday of their convictions for fraud that led to the collapse of the nation's fifth-largest cable television company. Go to Article from The Associated Press via CNN Money» Read More Add a comment Get home delivery of The New York Times for as low as $3.15 a week.

SEARCH DEALBOOK SITE DealBook | E-mail Preferences Help | Advertising Opportunities Schwarzman's School Ties A buyout boss turns up in a Bronx classroom to support a nonprofit fund and discuss the business of education. (29 comments) More» Live From Super Return 2008 Some of the biggest names in private equity gathered in Munich to share strategies for weathering the industry's recent downturn. More» Mergers in a Time of Bears A new study found that deals are most likely to succeed in rough markets -- like the one we are in now. More» Revolving Door The latest hires, promotions and departures at Goldman Sachs, Vanguard, Morgan Stanley and more. More» DealBook Talks Yahoo DealBook's Andrew Ross Sorkin discussed Microsoft's offer for the Internet giant on "Charlie Rose." Watch here. More» Microsoft's Yahoo Bid Full coverage of Microsoft's unsolicited $44.6 billion offer for Yahoo, what it means and how it might play out. More» DealBook for BlackBerry For readers who are BlackBerry addicts, we now offer DealBook for BlackBerry. With one-click access to DealBook -- formatted for your device -- it's easy to check the latest deal news throughout the day. You can install the DealBook shortcut by visiting mobile.nytimes.com/bbinstall directly from your BlackBerry or by sending the text message "bb install" to 698698. More information on DealBook for BlackBerry. The Deal Professor A blog-within-a-blog that looks at mergers, private equity and corporate governance through a legal lens, written by Steven M. Davidoff, a professor at Wayne State University Law School and a former lawyer at Shearman & Sterling. More» News By Industry Airlines / Autos Basic Industries Consumer Goods Energy / Utilities Financial Services Food & Beverage Healthcare Media Real Estate Retail / Leisure Technology Telecom Tools & Resources GET QUOTES Look Up Symbol RESEARCH SUITE Portfolio Company Research U.S. Markets International Markets Mutual Funds SEND A TIP OR FEEDBACK E-mail us at dealbook@nytimes.com Dealboard

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