Valuations too high

Friday, September 18, 2009

Three sales canceled, carried over, increased stakes and quick QIPs instead of IPOs, no one’s playing to the basement anymore..Wanted to sell, couldn’t get my price so bought some more. Whacky, emulating personal shopping habits of people more than corporate board tussles of the 1990s.
KKR now owns 80% of Aricent (79), WNS will still have Warburg and Axis bank is happy with $720 million where it could have easily absorbed another tranche of the same amount. And this is in the faster growing market of India that we have these white elephants.
In fact the 2007 majority view of these all private equity investments and tinny tiny private sector banks being as unproductive as the public sector white elephants may still be true. However, all these three companies should have spiffy new management in place soon.
http://rs6.net/tn.jsp?et=1102714697699&s=13990&e=0013V7pnY567XXFVcnRKlHV4iVpnH_MZjesyAk9DruzSWskxV5R4PrlTcKo9nGEYlmyMZpheDKD2jD01UljiU9aoSiQPbnkGqg8gpPUQtU_jONc87GqlwWv08M4yRB9K89WkODPEREkLKA9IDO1d-rfygGlZr7NwxeqTXHSIy0yA-vODRLNWVO0EER3M4PpLty9V5sVDO8s8AtaKkHx72Ps4Q==" target="_blank" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; text-decoration: underline;">KKR, CPP Investment Buy Flextronics’ Pie In Aricent For $255M
- TEAM VCC
Global private equity biggie Kohlberg Kravis Roberts & Co. has increased its investment in Aricent, following the completion of an agreement between KKR and CPP Investment Board with Flextronics to purchase certain securities. The transaction, valued at $255 million, closed on September 16, 2009.
http://rs6.net/tn.jsp?et=1102714697699&s=13990&e=0013V7pnY567XUVvlDhZ2HAsW60dLjLjdWMXZh8KFcqzpNeHS7hXD_ysNd97V6sblpYsQfWQABL9qBIgG7r_CoyDdeRXEU_ZwKI6sgyU-RL__wrzcUCma3CApPLuHrWU4LwprhLjhOjzF7Nxu2Wez-C9Z-rE5lwJjdklfAfDDYsVlfAHnZW-0v9eQ==" target="_blank" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; text-decoration: underline;">WNS Halts Talks On Majority Stake Sale
- MADHAV A CHANCHANI
Outsourcing firm WNS (Holdings) Ltd has said that it will not pursue any further talks regarding the sale of majoity stake in the firm. Private equity major Warburg Pincus, which holds over 50% stake in the NYSE-listed firm, had put its stake on the block and was in discussion with other PE players and outsourcing firms.
http://rs6.net/tn.jsp?et=1102714697699&s=13990&e=0013V7pnY567XXi7_9TFZ9mBNWNBKqWEY9UdtJOCZiPsCD0gFCRouLnS-TAoHXBL74WT7UE2hv10Vi90Hj01z-5jqgrCkhdX5nntzyGHhWTIYkejCyNjwOyt8xyrhgRUu8pc7t1nctcPpYUq3-M9EOLtoel0BkwT7mSDXTp5ZUCroVRxP3dTA7SNA==" target="_blank" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; text-decoration: underline;">Axis Bank Raises $720 Mn Via QIP, GDR
- MADHAV A CHANCHANI
The Indian QIP party, which kicked off with the real estate sector, has now assumed a diverse flavour. Private sector lender Axis Bank has raised $720 million throught its QIP (qualified institutional placement) and GDR (global depository reciepts) issue.

via
via http://www.vccircle.com/500/news/kkr-cpp-investment-buy-flextronics-pie-in-aricent-for-255m" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; text-decoration: underline;">VC Circle

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