Goldman Sachs Group Inc (GS) Financial News - UPDATE 1-Bain no longer pursuing Kinetic Concepts- report
Goldman Sachs Group Inc (GS)
UPDATE 1-Bain no longer pursuing Kinetic Concepts- report
2011-08-17 07:38:10
Quote: In July, Apax had agreed to acquire Kinetic,
giving the company 40 days to seek superior offers. Bain faced difficulties in raising financing for the deal,
Bloomberg said, citing a person with knowledge of the matter. Disagreement over the price was also an issue for Bain
dropping out of the talks, Bloomberg said, citing another
unnamed person. Earlier in the day, Bloomberg had reported that the two
buyout firms were looking for financing for a deal, with an
offer possible as early as next week. The firms could drop the bid plans if they were unable to
obtain financing at attractive rates, the report had said. Avista and Bain were not available to comment. Goldman Sachs Group Inc (GS.N), Deutsche Bank AG
(DBKGn.DE), Citigroup Inc (C.N) and Jefferies Group Inc (JEF.N)
were in talks to arrange the financing for the deal, the report
had said.Kinetic Concepts could not be immediately reached for
comment.(Reporting by Saqib Iqbal Ahmed in Bangalore and Jessica Hall
in Philadelphia, additional reporting by Megan Davies in New
York; Editing by Gary Hill, Bernard Orr)(For more M&A news and our DealZone blog, go to
here)...
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Goldman Sachs Group Inc Stock Summary
The Goldman Sachs Group, Inc. provides investment banking, securities, and investment management services, as well as a range of financial services to corporations, financial institutions, governments and high-net-worth individuals worldwide. Its Investment Banking segment offers financial advisory services, including advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense, risk management, and restructurings and spin-offs; and underwriting activities comprising public offerings and private placements of a range of securities, loans and other financial instruments, and derivative transactions. The company?s Institutional Client Services segment provides client execution services, such as fixed income, currency, and commodities client execution related to making markets in interest rate products, credit products, mortgages, currencies, and commodities; and equities related to making markets in equity products, as well as commissions and fees from executing and clearing institutional client transactions on stock, options, and futures exchanges. This segment also engages in the securities services business providing financing, securities lending, and other prime brokerage services to institutional clients, including hedge funds, mutual funds, pension funds, and foundations; and offers prime brokerage services. Its Investing and Lending segment originates longer-term loans; and invests in debt securities, loans, public and private equity securities, real estate, consolidated investment entities, and power generation facilities. The company?s Investment Management segment provides investment products and services to institutional and individual clients, as well as offers wealth advisory services, including portfolio management and financial counseling, and brokerage and other transaction services to high-net-worth individuals and families. The Goldman Sachs Group, Inc. was founded in 1869 and is headquartered in New York, New York.
