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Buyout

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BUSINESS
January 24, 1992 | by Becky Batcha, Daily News Staff Writer
Like the maddening loyalists who stay on the job after they win the lottery, Philadelphia's working people won't easily abandon their work ethic for a lump-sum corporate buyout - especially in this economy. When the Daily News asked members of the lunch-hour crowd at Reading Terminal to imagine being handed six months salary to walk away from their jobs, not one of them fantasized about jetting off to the Riviera. Their grandest dreams involved switching careers, and most said they'd rather stay put. PETER COYLE, CONVENTION CENTER PROJECT EXECUTIVE FOR DICK ENTERPRISES "Me?
NEWS
March 7, 2012 | By Marc Levy, Associated Press
HARRISBURG - A bill designed to limit the taxpayer cost of buyouts for public school superintendents and expose their terms to greater public view took a first step in the Pennsylvania Senate on Tuesday in the wake of a couple of heavily criticized payouts. The bill, approved unanimously by the Education Committee, would require severance packages to be detailed in contracts that are public records. It also would impose caps on the value of buyouts negotiated later by school boards and superintendents who agree not to follow the contract.
BUSINESS
June 28, 1988 | By Nancy Hass, Daily News Staff Writer
The management team at York International Corp., a leading manufacturer of air-conditioning and refrigeration units, announced yesterday it will join a group of investors in a $750 million leveraged buyout of the company. The newly formed group, called York Holdings, has entered into an agreement providing for the acquisition of 100 percent of the common stock for $57.50 per share, of which $50.50 will be in cash and $7 will be in the form of a new issue of special debt. It was not clear whether management would have control over the new group, which includes "Citicorp Capital Investors and other private investors.
NEWS
July 14, 2011
Biopharmaceutical maker Cephalon Inc., of Frazer, said Thursday that stockholders approved the company's proposed $6.8 billion acquisition by Teva Pharmaceutical Industries Ltd. Teva, based in Israel but with large operations in the region, in May offered $81.50 a share for Cephalon. At the time, Cephalon was trying to ward off a $73-a-share hostile-takeover attempt by Canadian firm Valeant Pharmaceuticals International. The deal remains under review by the U.S. Federal Trade Commission and the European Commission.
SPORTS
October 11, 1994 | by Bernard Fernandez, Daily News Sports Writer
In a town where the primary industry is gambling, the only sure bet is that someone other than Rollie Massimino will be holding the whistle when the University of Nevada-Las Vegas Runnin' Rebels open basketball practice Saturday. That someone almost certainly is Tim Grgurich, an assistant with the NBA's Seattle SuperSonics and the former top aide to deposed UNLV coach Jerry Tarkanian. Grgurich has an escape clause in his Sonics contract that will be exercised almost immediately after the announcement that Massimino, the former Villanova coach, has accepted a buyout of the remaining five years of his contract with UNLV.
NEWS
September 1, 2011
PHILADELPHIA SCHOOL DISTRICT principals rejected a deal this week that included givebacks to the district. Their union president suggested the district isn't as hard-up financially as it says, and pointed to the recent buyout of Arlene Ackerman, for nearly $1 million, as evidence. This shows that the aftershock - or maybe it's post-storm flooding? - of the Ackerman buyout continues. The anonymous donations to her payout remain a problem. The public has no idea what the donors might expect in return.
NEWS
August 10, 2010 | ASSOCIATED PRESS
NEW YORK - Teva Pharmaceutical has solidified operations further in Europe, announcing today that it completed a $4.95 billion buyout of German drugmaker Ratiopharm. Teva is the world's largest maker of generic drugs, and said it is now the largest generics maker in Europe. Teva, which has U.S. headquarters in North Wales, Montgomery County, said it expects to be able to save at least $400 million a year from the deal. Those savings will take effect within three years, the company said.
NEWS
March 7, 2012 | ASSOCIATED PRESS
HARRISBURG - A bill designed to limit the taxpayer cost of buyouts for public-school superintendents and to expose the terms to greater public view took a first step in the Pennsylvania Senate yesterday in the wake of a couple of heavily criticized payouts. The bill, approved unanimously by the Senate Education Committee, would require severance packages to be detailed upfront in contracts that are public records. It also would impose caps on the value of buyouts that are negotiated later by school boards and superintendents who agree not to follow the contract.
BUSINESS
August 25, 2010 | By Harold Brubaker, Inquirer Staff Writer
Airgas Inc., which is fighting a hostile takeover attempt by Air Products & Chemicals Inc., considered a leveraged buyout in 2007, according to a recent court document. "Everybody was looking at private equity, LBOs back in those times, especially companies with good cash flow," Jay Worley, spokesman for the Radnor firm, said Tuesday. "Nothing developed. " Had Airgas, the nation's largest distributor of industrial gases, consummated a buyout three years ago, when billions of dollars were pouring into deals that took companies private, it likely would have been spared what has become a long and costly fight to continue as a stand-alone company.
NEWS
October 27, 1989 | By Jan Hefler, Special to The Inquirer
The $165,000 severance pay that Palmyra's school board will pay its resigning superintendent is a buyout of his tenure based on two years' salary plus 8.3 percent in raises and benefits, according to several school board members. Superintendent Daniel Mastrobuono, whose resignation is effective Wednesday, was earning nearly $67,000 a year. Three board members who asked to remain anonymous said in interviews this week that Mastrobuono told the board he would not resign unless all its members agreed to keep the details of the resignation and the payment secret.
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ARTICLES BY DATE
BUSINESS
June 14, 2015 | By Joseph N. DiStefano, Inquirer Staff Writer
Saladworks, the 108-store chain that pioneered vegetable-based restaurant franchising, has been acquired by Centre Lane Partners L.L.C., a New York buyout firm. Centre Lane agreed to pay $16.9 million to the Conshohocken company's owners and creditors to acquire the chain, and to spend an initial $2 million "to help us accelerate growth" and update the stores, Saladworks CEO Paul Steck said. "We will be adding new products - upscale cheeses, organic greens, antibiotic-free poultry, quinoa," and boosting headquarters and field staff to 22 from 15, Steck said.
SPORTS
March 3, 2015 | By Keith Pompey, Inquirer Staff Writer
INDIANAPOLIS - JaVale McGee was able to keep all of his money. The former 76ers big man was opposed to being bought out, because that wouldn't enable him to receive his full salary. So the Sixers agreed to waive the 7-footer Sunday night after a 94-74 setback to the Indiana Pacers at Bankers Life Fieldnouse. He is eligible to join a postseason team once he clear waivers since he was released before the midnight postseason eligibility deadline.  The Sixers (13-46) also have to pay McGee, the salary that he's owned since he didn't take the buyout.
BUSINESS
July 1, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
The buyout industry (members prefer we call it "private equity") has an image problem. Americans tend to admire wealth, success, and investor rescues like Carlyle Group 's 2012 buyout of Sunoco 's aging Philadelphia refinery, followed by a taxpayer-assisted makeover that kept hundreds working. But it's less of a crowd-pleaser when billionaire buyout artists like NBA 76ers owner Joshua Harris and his partners, who control Caesars Entertainment Corp. , do crushing things like telling workers last week that they will shutter Atlantic City's Showboat casino-hotel, ending 2,000 jobs.
BUSINESS
June 15, 2014 | By Harold Brubaker, Inquirer Staff Writer
The Rational Group, which owns the world's largest online poker site and tried to buy the now-closed Atlantic Club in Atlantic City last year to get a foothold in New Jersey's legal online gambling market, has agreed to a $4.9 billion buyout by Amaya Gaming Group Inc. A history of U.S. legal troubles has blocked the Rational Group, which is based on the Isle of Man, from launching its brands, PokerStars and Full-Tilt Poker, in Nevada, Delaware, and...
NEWS
May 11, 2014 | By Kathy Boccella, Inquirer Staff Writer
Seven months after a state official called his retirement package "excessive," the Upper Perkiomen School Board has rehired former superintendent Timothy F. Kirby, this time as interim chief. The school board voted 8-0 Thursday to bring back Kirby from July 1 to Dec. 31 at a salary of $335 a day. If a permanent replacement isn't found by Dec. 31, Kirby then will be paid $735 a day until June 30, 2015. Kirby's contract also calls for extending up to $55,000 in health benefits to his wife.
BUSINESS
April 3, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
SunGard, which built Sunoco's old computer-backup service into a global software conglomerate that stopped growing after it was purchased in 2005 by a group of buyout firms for $11.4 billion, has split into two companies, both still based in Wayne. Sungard Availability Services, or Sungard AS for short, is now an independent, $1.4 billion-in-yearly-sales systems-recovery and cloud-computing services company run by veteran manager Andrew A. Stern and chaired by James H. Greene Jr. of buyout firm KKR & Co. L.P., a SunGard investor.
SPORTS
February 28, 2014 | By Keith Pompey, Inquirer Staff Writer
Danny Granger got his wish. The 76ers negotiated a buyout of what's left of the forward's expiring contract on Wednesday, six days after he was acquired in a trade with the Indiana Pacers. Sixers general manager Sam Hinkie wouldn't disclose the buyout amount. Granger, however, was slated to receive around $4 million for the rest of the season. Assuming he clears waivers by 5 p.m. Friday, the 6-foot-9, 228-pounder can sign with a team of his choice. He is reportedly looking at championship contenders: the Miami Heat, Los Angeles Clippers, Houston Rockets, Chicago Bulls, and San Antonio Spurs.
SPORTS
December 24, 2013 | By Joe Juliano, Inquirer Staff Writer
Representatives of Penn State coach Bill O'Brien have asked university officials to further reduce a contract buyout that had been lowered in June after a renegotiation of O'Brien's contract, ESPN reported Sunday. ESPN cited a source who quoted a Penn State official as saying university officials were approached in an effort to discuss the buyout. O'Brien's agent, Neil Cornrich, could not be reached for comment. A Penn State official said he had "no information" on the report.
NEWS
November 1, 2013 | BY DAVID GAMBACORTA, Daily News Staff Writer gambacd@phillynews.com, 215-854-5994
A FRESH ROUND of volleys was fired yesterday in the ongoing battle between warring factions of Interstate General Media, the parent company of the Daily News , Inquirer and Philly.com. George Norcross III, IGM's co-managing partner, and William Hankowsky, one of the company's managing directors, released a joint statement detailing a $29 million offer to buy out Lewis Katz, the company's other co-managing partner, and chairman H.F. "Gerry" Lenfest. The offer was rejected.
BUSINESS
October 21, 2013 | By Linda Loyd, Inquirer Staff Writer
Shares of ViroPharma Inc., a drugmaker with headquarters in Exton that specializes in medicines for rare diseases, soared after recent reports that the European pharmaceutical companies Sanofi and Shire P.L.C. might be interested in buying the company. ViroPharma stock closed Sept. 17 at a 13-year high of $40.78. Since then, some analysts say, it has become unclear whether the buyout will happen. "A deal would make sense, but it's still speculative," said Akiva Felt, biotechnology analyst with Oppenheimer & Co. in San Francisco.
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