Word: ipos
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Dates: during 2000-2000
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Until very recently, German film companies had money to burn, and most of that found its way to California. Last year 12 relatively unknown German film-distribution and production companies tossed their shares out onto the local stock market and reeled in more than $3 billion in IPO capital. They used that war chest to gobble up strategic chunks of the worldwide filmmaking and distribution industry, and many of those chunks are shriveling rapidly. Companies with names like Intertainment and Helkon Media ran rings around established German players like Kirch Media and Bertelsmann, which, perhaps wisely, stayed...
...results are similar in cases in which a subsidiary is only partly divested. Known as equity carve-outs, these divestitures tend to be IPOs of less than 20% of a business. The parent retains the bulk of the stock--and control--but often later gives that stake to shareholders as a tax-free dividend. Early this year 3Com sold 17% of its white-hot Palm unit in an IPO, then gave the rest to shareholders in July. The average carve-out does well. Palm has doubled since July, although it remains below March's mania levels. But parent companies tend...
...issue at the myriad companies responsible for the American economic boom of the '90s and beyond. What drives people up the wall is the issue of walls themselves, or the lack of them. In the early '90s, when flat organization structures, low salaries and the dream of an IPO captivated everybody, one symbol of the democratic capitalist revolution was the wall-less office, which brought together CEOS and corporate grunts in one big, happy, synergistic family. Andy Grove had--and still has--a cubicle; Jay Chiat didn't even have that. The wall-less office ruled...
America's '80s buyout phase mostly bypassed Europe. The main reason: there were fewer European public companies then. It took the IPO movement of the '90s to make going private possible. But what's happening now is no replay of '80s America, Wright insists. That era was marked by hostile bids and huge, massively leveraged deals often financed with high-risk, low-investment-grade junk bonds. Today's deals are rarely hostile, and debt levels are more manageable. Today's mantra is "buy and build." Once a company has been taken private, the idea is to build...
CANDICE CARPENTER A month after iVillage's IPO in March 1999, the stock price peaked at $130, only to slide to single digits by this summer, when Carpenter bowed out as CEO. WAS WORTH: $ 23 million, Oct. '99 NOW WORTH: $ 1.16 million...