posted by Phil Wahba on May 28
According to the Russell Global Index, the United States’ market share for IPOs is plummeting. In a news release today Russell said that the U.S.’s share of IPOs in its index had declined to 13.7 percent for the past nine months, from 39.9 percent in 1998.
But don’t write off the U.S. IPO market yet. The Russell figures look at number of deals, not the dollar volume for the offerings.
So far in 2009, the U.S. is showing its old form again: according to Thomson Reuters data, U.S. IPOs account for 30.6 percent of overall global IPO dollar volume so far in 2009, with $1.6 billion, led by deals, large- by pediatrics nutrition maker Mead Johnson ($828 million) and small OpenTable ($60 million.) But measured in terms of deals, the US’s 7 deals make up only 6.8 percent of the 102 deals worldwide this year so far.
posted by Yahoo! News Search Results for dividends on May 28
SAN DIEGO, CA--(Marketwire - May 28, 2009) - The boards of directors of Southern California Gas Co. (The Gas Company) and San Diego Gas & Electric (SDG&E) have declared regular quarterly dividends for the preferred and preference series stock of the companies as follows: The Gas Company: 6% Preferred Series $0.375 per share 6% Series "A" Preferred $0.375 per share SDG&E: Cumulative Preferred 5% ...
posted by Yahoo! News Search Results for dividends on May 28
CHICAGO----Equity Residential , today announced that the company declared dividends on its common and preferred shares.
posted by Yahoo! News Search Results for dividends on May 28
CHICAGO----Equity Residential , today announced that the company declared dividends on its common and preferred shares.
posted by Yahoo! News Search Results for dividends on May 28
The boards of directors of Southern California Gas Co. and San Diego Gas & Electric have declared regular quarterly dividends for the preferred and preference series stock of the companies as follows:
posted by Phil Wahba on May 28
Banks fell over one another in May trying to raise money to obey Uncle Sam’s capital requirements and plug holes in their finances, leading to the largest month for share issuance ever in the United States, according to Thomson Reuters.
Fueled by enormous shares offerings such as Wells Fargo’s $8.6 billion follow-on the day after the government released its stressed tests, total equity capital issuance in the United States came to $48.8 billion in May. Year to date, the volume of secondary share issues is 40 percent ahead of where it was at this time last year.
For all the talk of a renascent IPO market , May’s three deals (DigitalGlobe, SolarWinds and OpenTable) only totaled a modest combined $490 million, leaving IPO volume in dollar terms down 94 percent from last year.
Here are the largest follow-ons in May in the United States:
Issue Date Proceeds ($bln) Issuer
05/08/09 $8.6 Wells Fargo
05/08/09 $4.7 Morgan Stanley
05/11/09 $2.8 US Bancorp
05/18/09 $2.3 State Street Corp
05/06/09 $2.3 Dow Chemical Co
(PHOTO: REUTERS/Brendan McDermid– New York Stock Exchange, May 26, 2009)
posted by Paritosh Bansal on May 28
The financial crisis appears to be creating some jobs for at least one group of people - former banking executives.
As private equity firms turn their attention to banks, they are seeking out retired chiefs and other senior executives with banking experience to lead their investments and run the banks they buy.
Besides their operational experience, these executives bring to the table a crucial quality that can sometimes make or break a group’s bid to take over a bank - street cred with U.S. banking regulators.
Credible management for the banks they oversee is one of the key concerns of regulators, who worry about the health of the industry and separation of banking and commerce. It becomes all the more crucial in the case of private equity groups that don’t already own banks and so have no recent track record for regulators to rely on.
John Kanas, a veteran of the banking industry and former head of North Fork Bank, made such a comeback with a successful bid for Florida’s BankUnited.
Kanas leads the management team for BankUnited, which was bought by a consortium of private equity investors including WL Ross, Carlyle and Blackstone. He was tapped early last year by Ross to explore just such a possibility.
In another deal expected to be announced Thursday, Fortress Investment, Crestview Partners and Lightyear Capital plan to install Gene Taylor, a former Bank of America executive, as CEO after injecting $800 million into Florida’s First Southern, according to the Financial Times.
As the banking landscape is redrawn, it wouldn’t be a surprise then if other old faces end up in new roles before this crisis is over.
posted by Michael Erman on May 28
Middle-market investment bank Robert W. Baird & Co still finds reason for optimism, despite global M&A volume being down 36 percent this year.
The middle-market is also down this year, with a large fall-off in April, Baird wrote. Middle-market deal activity dropped 33.1 percent and dollar volume was down 54.8 percent in the month.
But Baird still sees a light at the end of the tunnel.
“Although signals are still mixed, continued positive momentum in the credit and equity markets coupled with a sense that the world economies have bottomed could be the catalyst for a revival of M&A activity in Q3 2009,” the firm writes in its monthly M&A report released on Thursday.
The full report is below.
Baird M&A update (May 2009)
posted by Yahoo! News Search Results for dividends on May 28
LIGATT Security International Distributes Dividends Amongst Shareholders During 4th Quarter 2009
posted by Yahoo! News Search Results for dividends on May 28
MONTREAL, QUEBEC--(Marketwire - May 28, 2009) - National Bank of Canada (TSX:NA) today announces amendments to its Dividend Reinvestment and Share Purchase Plan (the "Plan"). The Bank now offers a 2% discount from the average subscription price paid upon the reinvestment in Common Shares issued from treasury of dividends paid on Common Shares and First Preferred Shares in the share capital of ...
