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Keyword: apollomanagement

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  • Medco--drug-benefit firm entangled in CalPERS bribery probe--to be sold

    07/23/2011 6:16:12 AM PDT · by DeaconBenjamin · 19 replies
    Sacramento Bee ^ | Friday, Jul. 22, 2011 - 12:00 am | By Dale Kasler
    Wounded by the CalPERS bribery scandal and other problems, a New Jersey pharmaceutical-benefits company is being sold. Medco Health Solutions Inc., one of the giants of the drug-benefit industry, on Thursday agreed to a $29.1 billion takeover by rival Express Scripts Inc. Such a deal would have been unthinkable a few months ago, when Medco was flying high. But the New Jersey company ran into a series of problems that began with its entanglement in the CalPERS bribery case. "This year has been a head-spinner for this (Medco) management team, starting out with the CalPERS issues," said investment analyst Arthur...
  • Dan Walters: At CalPERS, inside deals raise a stench

    10/26/2009 2:30:31 PM PDT · by NormsRevenge · 3 replies · 453+ views
    Sac Bee ^ | 10/26/09 | Dan Walters
    Remember the old saying, "Once burned, twice shy"? It's supposed to mean that when one has a bad experience, one should be more cautious in similarly dangerous circumstances. California got burned in the early 1990s when Leon Black, fresh off a career with the scandal- tainted Drexel Burnham Lambert junk bond shop, set up his own investment firm and persuaded the state's new insurance commissioner, John Garamendi, to seize a supposedly insolvent Executive Life. Executive Life had a fat portfolio of junk bonds that Black had helped assemble, and Garamendi allowed him to broker a deal with some French buyers...
  • Harrah's Gets $15 Billion Buyout Bid

    10/02/2006 11:10:32 AM PDT · by mcg2000 · 2 replies · 401+ views
    AP ^ | October 2, 2006 | Staff
    LAS VEGAS - Harrah's Entertainment Inc., the world's largest casino operator, said Monday it has received a $15.05 billion offer for the company from private-equity firms Apollo Management and Texas Pacific Group. The private-equity firms are offering $81 per share in cash, a 22 percent premium to Harrah's closing stock price on Friday on the New York Stock Exchange. After the news, Harrah's shares surged $9.52, or 14.3 percent, to $75.95 in midday trading on the New York Stock Exchange. Harrah's said it has established a special committee of independent directors to review the offer and has retained UBS Securities...