Posts filed under “M&A”
I’ll have more on the brokers later today, but this is simply an enormous whack:
Lehman Brothers to post $3 bln loss; sets $6 bln stock sale
Marketwatch, June 9, 2008
Charlie Gasparino on CNBC is reporting that he does not expect Lehman to exist as an independent company 6 months from now.
Einhorn comment: "Lehman is raising capital it said it didn’t need to replace losses it said it didn’t have."
LEH is expected to open 10% lower . . .
UPDATE 2: June 9, 2008 8:48am
Here are the details (via CNBC) of the Lehman offering:
$6 Billion secondary is priced at $28.00 common stock.
Convertible offering carries a 8.75% coupon
%18 conversion premium
UPDATE: June 9, 2008 8:02am
Moody’s (MCO) ever timely and precisely accurate, lowers the rating outlook on Lehman Brothers to negative from stable. Moodys: "Concerns over risk management decisions that resulted in elevated real estate exposures and the subsequent ineffectiveness of hedges to mitigate these exposures in the recent quarter."
Dirty Tricks at Lehman? (June 2008)
Huge, nearly an hour long Buffett video, via Bloomberg:
Billionaire Warren Buffett speaks at a news conference in Frankfurt at the start of a four-city European tour about his investment strategy and plans to add European companies to the portfolio of his investment and holding company Berkshire Hathaway Inc. Eitan Wertheimer, president of Israel’s Iscar Metalworking Cos., also speaks.
Buffett Sees ‘Plenty’ of European Acquisition Targets: Video
Bloomberg, May 19 2008