January 24, 1992 |
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?
March 7, 2012 |
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.
June 28, 1988 |
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.
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.
March 8, 2016 |
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.
October 11, 1994 |
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.
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.
September 8, 2011 |
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.
August 25, 2010 |
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.
August 10, 2010 |
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.