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Archive for December, 2010

COMMSCOPE SOLD!

CommScope sold for $3.9 billion

A Hickory-based, publicly traded company that makes telecommunications cable has agreed to be taken private in a $3.9 billion buyout.

CommScope announced Wednesday that it agreed to be acquired by the Carlyle Group of Washington for $31.50 a share. That’s about 36 percent more than the stock’s closing price on Friday.

“We are proud to enter into this agreement with Carlyle and believe this transaction is in the best interest of CommScope and our stockholders,” CEO Frank Drendel said in a statement. Senior management, including Drendel, will remain with the company.

No changes are planned at the company “at this point,” CommScope spokesman Rick Aspan said, noting the deal isn’t scheduled to close until the beginning of next year.

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The Carlyle Group

Established in 1987, The Carlyle Group is a private global investment firm that originates, structures and acts as lead equity investor in management-led buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings.

Firm Profile

The Carlyle Group is a global alternative asset manager with more than $97.7 billion under management. With 76 funds across four investment disciplines (buyouts, credit alternatives, growth

apital and real estate), Carlyle combines global vision with local insight, relying on a top-flight team of 400+ investment professionals operating out of offices in 19 countries to uncover superior opportunities in North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. 

While open to opportunities wherever they can be found, Carlyle focuses on sectors in which it has demonstrated expertise: aerospace & defense, automotive & transportation, consumer & retail, energy & power, financial services, healthcare, industrial, infrastructure, real estate, technology & business services and telecommunications & media.

In a world awash with information, insight is often in short supply. Carlyle’s edge is its ability to leverage the local insight of its investment professionals, collaborating across the firms’ investment disciplines from deal sourcing and due diligence through portfolio company development. The result: a broader view of potential investment opportunities and deeper level of expertise, creating value for Carlyle portfolio companies. Since its founding in 1987, the firm has invested $64.7 billion in 1,015 transactions.

Carlyle’s team of investment professionals includes 166 M.B.A.s, 28 J.D.s and 6 Ph.D./M.D.s from many of the world’s most prestigious universities.

More than 1,300 investors from 73 countries entrust Carlyle with their capital and their reputations. As one means of aligning its own interests with those of its Limited Partner investors, Carlyle has committed more than $4.1 billion of its own capital to its funds.

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FROM OUR MAILBOX


Riyadh, Dec 29 (DPA) A beauty competition for goats began Wednesday in Saudi Arabia, as part of an auction bringing together traders and herders in the holy Muslim city of Mecca.

Auction supervisor Fawzi al-Subhi said that over 170 animals are competing for the coveted title ‘most beautiful goat’. He expects the winner to be sold for at least $18,000.

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CARTOON OF THE WEEK

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Commenter,  Tbird has inquired about the case.  According to a post at http://badbadteacher.com/

“The case was continued because they didn’t get to him that day. The next court date is set for January.”

We searched the Docket but could not find the date for the trial.  These Dockets are set several months in advance.  It may be updated after Jan. 1.  We’ll keep check.

Sorry it took so long to get back to you, Tbird.

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§ GS 143-318.11.  Closed sessions.

(a)        Permitted Purposes. – It is the policy of this State that closed sessions shall be held only when required to permit a public body to act in the public interest as permitted in this section. A public body may hold a closed session and exclude the public only when a closed session is required:

(3) To consult with an attorney employed or retained by the public body in order to preserve the attorney-client privilege between the attorney and the public body, which privilege is hereby acknowledged. General policy matters may not be discussed in a closed session and nothing herein shall be construed to permit a public body to close a meeting that otherwise would be open merely because an attorney employed or retained by the public body is a participant. The public body may consider and give instructions to an attorney concerning the handling or settlement of a claim, judicial action, mediation, arbitration, or administrative procedure. If the public body has approved or considered a settlement, other than a malpractice settlement by or on behalf of a hospital, in closed session, the terms of that settlement shall be reported to the public body and entered into its minutes as soon as possible within a reasonable time after the settlement is concluded.

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