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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.
NEWS
March 8, 2016 | By Claudia Vargas, Staff Writer
City Controller Alan Butkovitz thinks he has a solution for Philadelphia's staggeringly underfunded pension fund: buyouts. Butkovitz is proposing that the city offer up-front cash payments to retirees, who, if they took the option, would surrender their lifelong pensions. The payments would represent only a portion - say, 50 percent - of what a retiree could expect to receive over a lifetime. Still, a fair number of retirees might be enticed by the prospect of a cash windfall they could invest on their own, Butkovitz said.
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
September 8, 2011 | BY DAFNEY TALES, talesd@phillynews.com 215-854-5084
THE ARLENE Ackerman saga came to its official conclusion yesterday as the district cut her a $905,000 buyout check, but not before one more twist of the screw into taxpayers. You're now on the hook for the whole thing. The school district shelled out the total cost of the agreement after public pressure to reveal the identities of anonymous donors who had pledged $405,000 led "almost all" to pull out, according to a statement from the School Reform Commission. Officials delivered the shocking news on the last day to pay Ackerman under the agreement.
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
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.
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ARTICLES BY DATE
NEWS
September 9, 2016 | By Colt Shaw, Staff Writer
ANGLING TO reconcile budgetary constraints with a high payroll, Penn State University is offering voluntary retirement packages or buyouts to more than 1,200 faculty and staff members. The university said 340 of the targeted employees work on campuses other than the main one in State College, and 590 are academic faculty. Those choosing to accept the buyout must do so by Sept. 30. The plan, outlined in a letter sent to staff last week, will help the school community become "active in addressing budgetary and ongoing workforce challenges," president Eric Barron said in a statement.
NEWS
July 2, 2016 | By Bob Fernandez, Staff Writer
The Hershey Co. candy giant Thursday rejected a takeover bid from Oreo-maker Mondelez International Inc. that would have kept the combined firm's chocolate operations in Hershey, Pa. But even as the Hershey board was unanimously rejecting the offer, its stock was rising. Hershey shares closed up $16.35 on Thursday - or almost 17 percent - to $113.49. Shares retreated slightly after hours but stayed in that range as analysts speculated that the move on the iconic chocolate company may yet attract more offers.
SPORTS
June 27, 2016 | By Keith Pompey, STAFF WRITER
The immediate NBA future of 76ers draftee Furkan Korkmaz is unclear. The guard from Turkey didn't expect to be chosen with the 26th pick in the NBA draft Thursday. "I'm still in shock," Korkmaz told the Turkish Basketball Federation website. The 6-foot-8, 170-pounder was hoping to be among the top 20 players selected. He added that things turned a little bit upside down for him. "I kind of took some risk," Korkmaz said of staying in the draft. "I was drafted by a team that I never expected.
NEWS
April 9, 2016 | By Tricia L. Nadolny, Staff Writer
City Council will take a closer look at a proposal to save the city's underfunded pension fund with buyouts, an idea recently raised by City Controller Alan Butkovitz. "I think we need to be creative," said Councilman Derek Green, who called for the hearing Thursday. "We have a very challenging pension situation right now. . . . We need to put everything on the table. " The city's pension fund is $5.7 billion short of its $11 billion obligation. Butkovitz has proposed that the city offer cash buyouts to retirees who would then surrender their lifelong pensions.
NEWS
March 11, 2016
ISSUE | PHILA. PENSIONS Buyouts - a start City Controller Alan Butkovitz's proposal to offer pension buyouts could help stabilize the pension fund ("Buyouts a possible pension solution," Monday). Businesses have tried to stabilize their struggling pension plans by offering pension buyouts. But this shifting of risk and responsibility can have dire consequences for the retiree. I suspect that most city retirees, myself included, lack the financial skills to prudently manage a large sum of money over a lifetime.
NEWS
March 8, 2016 | By Claudia Vargas, Staff Writer
City Controller Alan Butkovitz thinks he has a solution for Philadelphia's staggeringly underfunded pension fund: buyouts. Butkovitz is proposing that the city offer up-front cash payments to retirees, who, if they took the option, would surrender their lifelong pensions. The payments would represent only a portion - say, 50 percent - of what a retiree could expect to receive over a lifetime. Still, a fair number of retirees might be enticed by the prospect of a cash windfall they could invest on their own, Butkovitz said.
NEWS
January 11, 2016
Mark J. Warshawsky is a senior research fellow with the Mercatus Center at George Mason University, where he cowrote, with Ross Marchand, "The Extent and Nature of State and Local Government Pension Problems and a Solution" When it comes to severe fiscal difficulties spurred by public pension mismanagement, Illinois and New Jersey receive the most attention. These two states, however, are hardly alone: According to an authoritative study by professors Robert Novy-Marx and Joshua D. Rauh published in the Journal of Finance, pensions in 21 states were funded below 40 percent in 2009.
SPORTS
November 5, 2015 | By Jake Kaplan, Inquirer Staff Writer
The Cliff Lee era of Phillies baseball came to a quiet end Tuesday with the team confirming that it declined the pitcher's $27.5 million option for next season. The 37-year-old lefthander will receive a $12.5 million buyout of his contract for 2016. The roster move was long considered merely a formality, as Lee has not started a major-league game since July 2014. A torn elbow tendon soured the final two seasons of Lee's tenure with the Phillies. The former Cy Young Award winner did not make it out of spring training this season and was limited to only 13 starts in 2014.
BUSINESS
October 23, 2015 | By Andrew Maykuth, Inquirer Staff Writer
Pennsylvania American Water, a subsidiary of American Water Works Co. of Voorhees, closed acquisitions of five water and wastewater systems in Clarion, Northumberland and Butler counties for $3.8 million. In Clarion County, the company acquired the Shippenville Borough Wastewater System and the Paint Township Water System, which combined serve about 700 residents. In Northumberland County, it bought the water and wastewater assets of the McEwensville Municipal Authority, which serves about 400 residents.
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