In case you missed any of these catchy tunes last week, it's not too late to boogie down. Grab your headphones, CD player, iPod, speakers, guitar, cowbell -- whatever you need. It's time for another rockin' version of the Market Mix Tape.
"Beat It" by Michael Jackson and Blackstone
The Blackstone Group said "beat it" to Vornado
Including assumption of debt, Blackstone's offer valued EOP at $39 billion and put it officially in the books ahead of last summer's buyout of HCA as the largest leveraged buyout deal to date. Shareholders in general obviously benefited from the 25% gain, but institutional investor Dodge & Cox, which held nearly 12% of EOP stock prior to the announcement, and Zell, EOP's chairman who held 1.2% of the outstanding stock between his stock and options, will be collecting some particularly large checks. Other big winners in the transaction are Blackstone, who will collect an acquisition fee of over $200 million just for completing the transaction, and the many hands involved in advising both sides of the deal, including Merrill Lynch
"Please Forgive Me" by Bryan Adams and Wal-Mart
Once a Wall Street darling that saw its shares grow more than tenfold in the '90s, Wal-Mart
Wal-Mart started last week by announcing that same-store sales for January would probably top the company's projection of 1%-2%, breaking a streak of misses that were only turning investors' hearts colder. The company also announced that it's entering the online movie download business. Wal-Mart didn't have much success when it tried copying the model of mail-order movie monster Netflix
"Fly Me to the Moon" by Frank Sinatra and Fortress Investment Group
Investors complied and drove shares of the much-hyped hedge fund Fortress Investment Group
Fortress has been billed as the watershed IPO in putting ownership of hedge funds in the hands of public market investors. Though overseas markets have already seen alternative asset managers such as Man Group and KKR Private Equity Investors, Fortress is the first of its sort in the U.S.
Fortress has undoubtedly done well for itself since its 1998 founding and now manages $30 billion in capital. Its flagship private equity fund, which dates back to 1999, has returned nearly 40% on an annualized basis and accounts for $17.5 billion of Fortress' funds under management. The company noted in its prospectus that there are currently over 7,000 registered hedge funds managing $1.3 trillion in capital, and after the huge opening day for Fortress, I can only imagine how many investment bankers are licking their chops at the prospect of bringing more hedge funds to the market.
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Fool contributor Matt Koppenheffer is currently ranked 5,163 out of 22,443 Fools participating in The Motley Fool's CAPS service, and he encourages everyone to get heard. He owns shares of Goldman Sachs but does not own shares of any of the other companies mentioned. The Fool's disclosure policy is always in tune.