Business news with words billion+capital+cerberus. 31 news.

UNITED Rentals Inc has agreed to accept a US$100 million breakup fee from Cerberus Capital Management LP, ending a six week battle over whether Cerberus could call off a US$4 billion acquisition of the largest US equipment-rental company. United Rentals rose 4.4 percent in New York trading after a 17 percent decline on December 21, when a Delaware Chancery Court judge ruled that private-equity firm Cerberus had the right to break off the takeover, Bloomberg News reported. United Rentals said it would not appeal and Cerberus said it would pay the fee. Cerberus agreed in July to pay US$34.50 per share for United Rentals' stock and backed out in November. Judge William B. Chandler III ruled last week that United Rentals should have known Cerberus had a right to pull out if it paid the US$100 million fee. "The decision out of Delaware was very clear," said Carl Tobias, a professor with the University of Richmond.

Cerberus Capital Management L.P. agreed Monday to pay United Rentals Inc. a US$100 million (euro69.4 million) breakup fee for dropping its US$4 billion (euro2.78 billion) purchase of the equipment-rental company.

United Rentals Inc. agreed to accept a $100 million breakup fee from Cerberus Capital Management LP, ending a six-week battle over whether Cerberus could call off a $4 billion acquisition of the largest US equipment-rental company. United Rentals...

United Rentals Inc. agreed to accept a $100 million breakup fee from Cerberus Capital Management LP, ending a six-week battle over whether Cerberus could call off a $4 billion acquisition of the largest U.S. equipment-rental company.

Cerberus Capital Management agreed Monday to pay United Rentals a $100 million breakup fee for dropping its $4 billion purchase of the equipment-rental...

Cerberus Capital Management L.P. agreed Monday to pay United Rentals Inc. a $100 million breakup fee for dropping its $4 billion purchase of the equipment-rental company.

United Rentals said on Monday that it will not appeal a Delaware judge’s ruling Friday that Cerberus Capital Management cannot be forced to complete its $4 billion buyout of the rental equipment operator. United Rentals said that it will terminate the deal and ask the private equity firm to pay the $100 million breakup fee stipulated [...]

NEW YORK (Reuters) - Equipment rental group United Rentals Inc said on Monday it terminated its $4 billion takeover by Cerberus Capital Management and asked Cerberus to pay it a $100 million termination fee.

Reuters - Equipment rental group United Rentals Inc said on Monday it terminated its $4 billion takeover by Cerberus Capital Management and asked Cerberus to pay it a $100 million termination fee.

UNITED Rentals Inc, the largest construction-equipment rental company in the United States, lost a bid to force a US$4-billion takeover by Cerberus Capital Management LP when a judge ruled the agreement allowed the buyer to withdraw its offer. Delaware Chancery Court Judge William Chandler ruled on Friday that United Rentals officials should have known that Cerberus executives believed they had a right to pull out of the deal at any time as long as they paid a US$100 million fee. United alleged that Cerberus's RAM Holdings buyout entities agreed in July to pay US$34.50 per share for United Rentals' stock, and reneged on the deal in November amid weakened US credit markets. The stock has been trading in the low-US$20 range. United Rentals fell US$3.69 to US$17.91 on Friday. "The board of directors and management team of United Rentals will consider its alternatives under the circumstances, and they continue to believe strongly in United Rentals' future prospects,"

Hedge fund Cerberus Capital Management, run by secretive billionaire Stephen Feinberg, won a heated lawsuit in a Delaware court yesterday that allows it to walk away from its $7 billion buyout of United Rentals. Delaware Chancery Court Judge...

A Delaware court ruled that United Rentals cannot force Cerberus Capital Management to carry through with a $6.6 billion buyout of the giant construction equipment-rental company.

SAN FRANCISCO (MarketWatch) -- United Rentals Inc. took a blow after a Delaware chancery court ruled that Cerberus Capital Management acted within its rights in pulling out of a $4 billion buyout, The Wall Street Journal reported late Friday. Shares of United Rentals dropped nearly 18% to close at $17.91. In a separate statement, United Rentals said it was disappointed by the decision and would consider its alternatives to operate as a publicly-held business.

A Delaware judge ruled Friday that Cerberus Capital Management could not be forced to complete its $4 billion deal for United Rentals, a rental equipment operator. After a two-day trial this week, William B. Chandler III of Delaware’s Court of Chancery said that the private equity firm need only pay a $100 million breakup fee, as [...]

Stephen Feinberg, the billionaire founder of hedge fund Cerberus Capital Management, yesterday defended his decision to pull out of the $7 billion takeover of United Rentals during the first day of trial in the high-stakes court battle. "The banks...

OLIVANT Advisers Ltd, the investment firm headed by former UBS AG head Luqman Arnold, said it plans to raise as much as 800 million pounds (US$1.6 billion) to rescue Northern Rock Plc and push aside competing bids. Olivant would invest 150 million pounds in cash and arrange a rights offer for as much as 650 million pounds, the London-based company said yesterday in a statement, Bloomberg News reported. Newcastle-based Northern Rock said it had borrowed about 25 billion pounds from the Bank of England since its emergency bailout in September. Northern Rock has backed a bid by Virgin Group Ltd, which would invest about 1.3 billion pounds and repay about 11 billion pounds of Bank of England debt upfront. New York-based buyout firm J.C. Flowers & Co will not revise its offer, the Wall Street Journal reported yesterday, citing an insider. Cerberus Capital Management LP is also bidding. Olivant's plan "looks far more attractive than the Virgin Group proposal" because

H&R Block Inc. said Tuesday that a deal to sell its troubled mortgage lending arm has fallen through, forcing it to scrap most of the $1 billion business. The Kansas City-based tax preparer and Cerberus Capital Management LP said they have terminated their agreement, announced in April, for a Cerberus subsidiary to buy Option One Mortgage Corp. H&R Block is accepting no new mortgage applications and will lay off about 620 employees, close three offices and take a $75 million restructuring charge as it shuts down operations, the company said. The company said it will honor $30 million worth of existing commitments. Most of these will be eligible for sale to government subsidized Fannie Mae or Freddie Mac, H&R Block said, with the rest sold to investors. H&R Block also said it will sell its servicing business, which will result in another asset impairment charge for the quarter ended Oct. 31 of no more than $125 million. The company hired Lazard to handle that sale and said it was determining the unit's value.

H&R Block said Tuesday that a deal to sell its troubled mortgage lending arm has fallen through, forcing it to scrap most of the $1 billion business. The Kansas City-based tax preparer and Cerberus Capital Management LP said that they have terminated their agreement, announced in April, for a Cerberus subsidiary to buy Option One Mortgage Corp.

Chrysler's bankers failed to sell $4 billion of loans that backed the purchase of the automaker by Cerberus Capital Management LP, according to investors briefed on the decision. JPMorgan Chase notified the potential buyers yesterday, said the...

Chrysler’s bankers failed to sell $4 billion of loans that backed the purchase of the automaker by Cerberus Capital Management , according to press reports. Bloomberg News said that JPMorgan Chase notified the potential buyers Tuesday. The underwriting group, which also includes Citigroup, Goldman Sachs, Morgan Stanley and Bear Stearns, had trouble placing the loan as the [...]