PE Week Wire - Friday 7/9
Summary
Details on the next PE Week Wire contest will be coming next Thursday… – Dan Primack Apollo Management has agreed to acquire Borden Chemical Inc. from Kohlberg Kravis Roberts & Co. (KKR) for approximately $1.2 billion, including the assumption of outstanding debt. A few emails from late last week discussed the Forstmann Little verdict, and were almost uniformly in opposition to Teddy’s statement that liability without damages was a “complete victory.” Zach typified this sentiment, when he wrote: “While it is not pleasant to consider the ramifications of LPs believing they can sue over bad investment performance, we should not lose sight of the big picture. Forstmann did breach his duty… The idea that he understood the telecom market better than experienced public investors was pure hubris, and he should have created a new vehicle to pursue this dream.” Ryan agreed with my critique of the New York Times sidebar: “Connecticut didn’t get any money, but they still won the case. Specifically, folks on both sides of the aisle took me to task for last Monday’s column, which basically argued that the second-half of the film was fascinating, but that the first half was filled with juxtapositions that unfairly linked the Bush family with Saudi-born terrorism (particularly in regards to The Carlyle Group). The inappropriateness of this relationship is further compounded by the defense industry orientation of many Carlyle investments… This isn’t conspiracy theory, it’s just the subversive power of monetary influence that loosens one’s grip on the ability to make solid decisions like that third martini at dinner.
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