German retailer pays $104 million in Spiegel case

Article Abstract:

German Billionaire Michael Otto who controlled 89 percent of the shares of American Spiegel Inc. is being charged with $104 million in reparations. The United States Securities and Exchange Commission investigation concerned witholding financial information and the bankruptcy of Spiegel Inc. The United States Securities and Exchange Commission is considering whether to proceed with criminal charges against Mr. Otto.

Financial management, Mail Order Houses, Electronic Shopping and Mail-Order Houses, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Catalog and mail-order houses, Legal/Government Regulation, Reporting & Disclosure, Financial Regulation & Reporting, Company legal issue, Finance, Investigations, Discipline, Mail-order industry, Mail order business, United States. Securities and Exchange Commission, Spiegel Inc., Company financing, Financial disclosure, Retail mail order management software, Otto, Michael

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Warburg Pincus offers to buy final 40% of Knoll for $375 million

Article Abstract:

Warburg Pincus & Co. has made a $25 per share bid to acquire the 40% of Knoll Inc. that it does not already own. The total offered price is $375 million. Warburg is dealing with a depressed share price for Knoll, a manufacturer of office furniture. Warburg is a merchant bank based in New York. In 1996, Warburg acquired Knoll from Westinghouse for $565 million.

Comment:

Warburg Pincus makes $25 per share bid to acquire 40% of Knoll that it does not already own

Asset sales & divestitures, Securities Dealers, Investment Banking and Securities Dealing, Acquisitions & mergers, Wood Office Furniture Manufacturing, Security brokers and dealers, Wood office furniture, Office equipment and supplies industry, Office equipment industry, Mergers, acquisitions and divestments, Securities industry, Furniture industry, Warburg Pincus L.L.C., Knoll Inc., KNL

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Cendant reaches early accord in suit

Article Abstract:

Cendant Corp. has reached an agreement on a preliminary settlement in a stockholder lawsuit. Cendant will pay up to $2.83 billion (2.77 billion euros) in cash. The class-action suit accused Cendant of fraud involving a 1998 accounting scandal.

Professional, Scientific, and Technical Services, Business Services, Services industry, Service industries, Avis Budget Group Inc.

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