Jeffrey Goldfarb is the U.S. Editor of Breakingviews. Based in New York, he coordinates coverage in the region, while frequently writing about Wall Street, private equity, M&A and the media and tech industries. Before becoming a columnist in 2007, he covered banking, mergers, international trade, healthcare and the internet for Reuters and BNA. From London, Jeffrey led the European corporate finance team for Reuters and coverage of the continent's media sector. He has a master's in journalism from Columbia University and a bachelor's degree in finance from The George Washington University. Follow Jeffrey on Twitter @jgfarb
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A $13.7 bln leveraged buyout of the U.S. Spanish-language broadcaster in 2007 ran headlong into an ad bust. A little pluck, in the form of a savvy deal with Televisa, and some luck, thanks to an unexpected source of revenue, turned things around. A decent payday now awaits.
Macerich rejected an unsolicited $22 bln takeover bid from larger rival Simon Property. The suitor’s touted 30 pct premium may really be worth less. Even so, the target’s decision to shield itself by undoing good corporate governance is the more disingenuous haggling move.
The $4 bln acquisition of Life Time Fitness by Leonard Green and TPG probably lards it with debt of about six times EBITDA. That may be why seven banks are limbering up to do the financial lifting. The new owners will have to run hard on the treadmill to make the numbers work.
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