PRIVATE EQUITY – UNITED STATES

Three-way fight for ailing Ten

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Original article by Darren Davidson
The Australian – Page: 19 : 4-Dec-14

Competing bids worth between $A510m and $A664m have been prepared for Australian free-to-air TV group Ten Network, which along with adviser Citigroup is seeking at least $A770m. Pay TV provider Foxtel and US-based ally Discovery Communications are one suitor, and interest has also been voiced by private equity firm Saban Capital Group and hedge fund Anchorage Capital Partners. They would need the approval of News Corporation co-chair Lachlan Murdoch, Crown Resorts chair James Packer and WIN Corporation owner Bruce Gordon

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, DISCOVERY COMMUNICATIONS INCORPORATED, SABAN CAPITAL GROUP INCORPORATED, ANCHORAGE CAPITAL PARTNERS PTY LTD, CITIGROUP PTY LTD, ASX LIMITED – ASX ASX, NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, CROWN RESORTS LIMITED – ASX CWN, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED, WALT DISNEY COMPANY, CVC ASIA PACIFIC (AUSTRALIA) PTY LTD, KOHLBERG KRAVIS ROBERTS AND COMPANY, KKR AND COMPANY LP, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN WEST MEDIA LIMITED – ASX SWM

Former Ten chief Grant Blackley linked to US private equity bid

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Original article by Darren Davidson
The Australian – Page: 19 : 11-Nov-14

Ten Network and its advisor, investment banking firm Citi, are holding talks with potential takeover suitors. The free-to-air TV group may be taken private, and there is speculation that a possible bid by US-based private equity firm Hellman & Friedman also involves ex-Ten CEO Grant Blackley. The most likely acquirers however remain Australian pay-TV provider Foxtel and US ally Discovery Communications. Any purchaser of Ten will require the support of current board members and 40% shareholders Lachlan Murdoch, James Packer, Gina Rinehart and Bruce Gordon

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, DISCOVERY COMMUNICATIONS INCORPORATED, FOXTEL MANAGEMENT PTY LTD, NEWS CORPORATION – ASX NWS, NEWS CORP AUSTRALIA PTY LTD, CROWN RESORTS LIMITED – ASX CWN, WIN CORPORATION PTY LTD, CITIGROUP PTY LTD, HELLMAN AND FRIEDMAN CAPITAL PARTNERS, FAIRFAX MEDIA LIMITED – ASX FXJ, TOURANG LIMITED, CONSOLIDATED PRESS HOLDINGS LIMITED, RGM ARTISTS PTY LTD, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, TIME WARNER (AUSTRALIA) PTY LTD, TIME WARNER INCORPORATED

KKR tipped to win Treasury Wine

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Original article by Simon Evans, Sarah Thompson
The Australian Financial Review – Page: 1 & 11 : 29-Sep-14

Competing, revised takeover offers were lodged on 26 September 2014 for Australian-listed Treasury Wine Estates (TWE). It is believed that the directors will now recommend acceptance of the offer received from the consortium of Kohlberg Kravis Roberts (KKR) and Rhone Capital, rather than that of rival US-based private equity firm TPG Capital. The KKR bid is worth around $A5.20 a share. TWE’s earnings are being boosted by the recent decline in the Australian dollar

CORPORATES
TREASURY WINE ESTATES LIMITED – ASX TWE, KKR AND COMPANY LP, KOHLBERG KRAVIS ROBERTS AND COMPANY, RHONE CAPITAL LLC, TPG CAPITAL LP, PENFOLDS WINES PTY LTD, WOLF BLASS WINES PTY LTD, DELOITTE TOUCHE TOHMATSU LIMITED, CITIGROUP PTY LTD, GOLDMAN SACHS AUSTRALIA PTY LTD

Treasury in hunt for US assets

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Original article by Eli Greenblat
The Australian Financial Review – Page: 15 & 20 : 25-Aug-14

Treasury Wine Estates has reduced costs by $A35m since Michael Clarke became CEO earlier in 2014. Clarke says the group’s major shareholders are very supportive of plans to pursue growth via "bolt-on" acquisitions in the US. He adds that both of Treasury’s private equity suitors have also supported his growth strategy. Treasury’s 2013-14 net loss of $A100.9m was primarily due to some $A281m worth of write-downs

CORPORATES
TREASURY WINE ESTATES LIMITED – ASX TWE, KKR AND COMPANY LP, KOHLBERG KRAVIS ROBERTS AND COMPANY, TPG CAPITAL LP, FOSTER’S GROUP LIMITED, BERINGER WINE ESTATES HOLDINGS INCORPORATED, LUCOZADE

Treasury sets the pace for $3.4b offer

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Original article by Simon Evans, Sarah Thompson
The Australian Financial Review – Page: 15 & 20 : 5-Aug-14

Shares in Treasury Wine Estates closed $A0.20 higher at $A5.15 on 4 August 2014, in response to a revised takeover bid. Private equity firms Kohlberg Kravis Roberts (KKR) and Rhone Capital are offering $A5.20 per share, compared with KKR’s initial offer of $A4.70. Treasury has invited the bidders to undertake non-exclusive due diligence, and wants them to conclude the process as quickly as possible

CORPORATES
TREASURY WINE ESTATES LIMITED – ASX TWE, KKR AND COMPANY LP, KOHLBERG KRAVIS ROBERTS AND COMPANY, RHONE CAPITAL LLC, PENFOLDS WINES PTY LTD, WOLF BLASS WINES PTY LTD, LINDEMANS WINES PTY LTD, ROSEMOUNT ESTATES PTY LTD, WYNNS COONAWARRA ESTATE PTY LTD, FOSTER’S GROUP LIMITED

Private equity firms sound out Ten

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Original article by Sarah Thompson, James Chessell
The Australian Financial Review – Page: 3 : 23-Jun-14

Insiders claim struggling Australian free-to-air TV group Ten Network’s board and management are keen to see it delisted. Some four tenths of its issued scrip is already held by just four major investors, in the shape of Lachlan Murdoch, James Packer, Gina Rinehart and Bruce Gordon. There are now rumours that US-based Providence Equity Partners is interested in taking Ten private, and has held talks with it. The media company has recruited law firm Gilbert + Tobin and investment bank City as advisers on any sale plans

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, GILBERT AND TOBIN LAWYERS, CITIGROUP PTY LTD, PROVIDENCE EQUITY PARTNERS INCORPORATED, FOX TELEVISION STATIONS INCORPORATED, 21ST CENTURY FOX INCORPORATED, CBS CORPORATION, CROWN RESORTS LIMITED – ASX CWN, WIN CORPORATION PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CONSOLIDATED MEDIA HOLDINGS LIMITED, NEWS CORPORATION – ASX NWS